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.
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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.
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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.
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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.
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posted on May 6, 2012 by Russell Law Firm, P.C.
Exemptions
Many people considering bankruptcy live with the fear of losing all of their property. However, that is not the case. And more often than not, they will not lose anything at all. This is all due to “exemptions.” Think of an exemption as a credit you can use to buy back your property. If you have a loan or lien on a piece of property, then you only need to use your credits to buy back you ‘equity’ in the property (Equity = Value – Loan Amount).
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posted on March 4, 2012 by Russell Law Firm, P.C.
Experienced Grand Rapids Bankruptcy Lawyer
We understand that our clients come to us in a time of need. Many suffer from financial hardship, emotional distress and difficulties in their lives that affect their families.
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