posted on January 27, 2016 by Russell Law Firm, P.C.
Bankruptcy: Gave an automobile away to a family member or friend?
We often have potential clients come to our office, and after going through their circumstances we come to realize they transfer an automobile to a family member. At the time of the transfer there were no intentions of committing a future bankruptcy fraud, however nonetheless we have a situation that needs to be dealt with.
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posted on March 1, 2015 by Russell Law Firm, P.C.
Meeting of Creditors (341-Hearing)
About 4-5 days after your bankruptcy petition as been filed, you (and the creditors you list in your bankruptcy papers) will receive a notification that a “meeting of creditors” has been set. The assigned bankruptcy trustee leads the hearing and, after swearing you in, will ask you questions about your assets, debts, monthly budget and other transactions that may have occurred in the past 1-5 years.
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posted on January 21, 2015 by Russell Law Firm, P.C.
Get Rid of Your Second Mortgage
A Chapter 13 Bankruptcy (also known as Repayment Plan) can remove a second mortgage from your home. If the first mortgage is more than the value of your home, a Chapter 13 Repayment Plan will let you pay your second mortgage or home equity loans the same as your credit card debt.
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posted on by Russell Law Firm, P.C.
Does my Bankruptcy become Public?
Although when you file for Bankruptcy it is a “public record,” it is not published in the local paper. Unlike a foreclosure, which would be published in the Grand Rapids or other local newspaper, this does not happen in a Bankruptcy. For that reason, if you file a Chapter 7 or Chapter 13 Repayment Plan, your neighbors will not see it in the paper.
Read More posted on September 11, 2014 by Russell Law Firm, P.C.
Get Your Car Back With A Bankruptcy
In a ruling that agrees with most other courts, the U.S. Court of Appeals for the Second Circuit held that a creditor who repossesses a car or truck must return it if the owner files chapter 13 before it is sold. If you car was seized, you may have your car returned through a chapter 7 or chapter 13.
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posted on August 14, 2014 by Russell Law Firm, P.C.
Chapter 13 Plan Payment
Pursuant to the bankruptcy code, the debtor must commence making payments pursuant to their plan within 30 days after their petition is filed. Payments to the trustee must be retained by the trustee until the plan is confirmed or denied
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posted on by Russell Law Firm, P.C.
Retaining Nonexempt Property in Chapter 7 Cases
In consumer chapter 7 bankruptcies, although the trustee pretty clearly has a right to take possession of totally nonexempt property prior to the 341 meeting of creditors, this rarely occurs. These non-exempt issues can be resolved in one of three fashions.
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posted on April 12, 2013 by Russell Law Firm, P.C.
Can I keep my 401(k) if I file for bankruptcy? Yes.
When you file for bankruptcy you are given exemptions that you may use to protect your property. Some exemptions are limited, such as those used to protect your automobile and household goods, and some are unlimited, such as the exemptions you receive to protect any qualified retirement.
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posted on February 1, 2013 by Russell Law Firm, P.C.
Can I Discharge Michigan Driver’s Responsibility Fees with Bankruptcy? Yes.
In this attorney’s opinion, driver’s responsibility fees only compounds our economic problems and do not “encourage” drivers to drive more responsibly.
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posted on November 27, 2012 by Russell Law Firm, P.C.
How To Rebuild Your Credit
Looking to build or rebuild your credit? You should consider a Secured-CD Loan.
Here is how it works: Bank gives you a loan for $1,000.00. That $1,000.00 immediately goes into a CD. That loan is then secured by the CD. You pay $85.00 a month of 12 months ($1,020 total). At the end of the 12 months, you will receive the CD (now worth approx $1,005).