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.
Read More
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
Read More
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.
Read More
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.
Read More
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.
Read More
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).
posted on July 25, 2012 by Russell Law Firm, P.C.
Paying Preferred Creditors
Clients may wish to delay a bankruptcy until after they have paid creditors whose claims they do not want to see discharged, for example friends or grantors of credit cards they hope to keep. Such payments, if over $600 and within the applicable preference period could be set aside by the bankruptcy trustee.
Read More
posted on June 12, 2012 by Russell Law Firm, P.C.
Secured v. Unsecured Debt
Debt is typically separated into one of two categories — secured or unsecured. The main difference is that a secured loan contains collateral as a form of security for the creditor. If you do not pay off your debt, the creditor can take the collateral.
Read More
posted on by Russell Law Firm, P.C.
Automatic Stay: What does it do?
The automatic stay is an injunction against against the continuance of any legal action against a debtor or the debtor’s property. 11 U.S.C. 362. The automatic stay protects a debtor from harassing collection calls, evictions, repossessions, foreclosure sales, and garnishment of wages.
Read More
posted on June 10, 2012 by Russell Law Firm, P.C.
Garnishments: Will they stop and can I get my money back?
When a person files for bankruptcy, they are immediately extended a number of protections designed to protect them from further actions by creditors. The very minute a bankruptcy has been filed, creditors can no longer to seek collection of the debts. This means any garnishments currently occurring must be terminated.
Read More