Tag: Grand Rapids Bankruptcy Lawyer

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… Continue Reading “Can I keep my 401(k) if I file for bankruptcy? Yes.”

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. Fortunately, Michigan driver’s responsibility fees are generally dischargeable in Chapter 7 bankruptcy, as well as Chapter 13 bankruptcy. Criminal penalties are not dischargeable in bankruptcy. However,… Continue Reading “Can I Discharge Michigan Driver’s Responsibility Fees with Bankruptcy? Yes.”

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… Continue Reading “How To Rebuild Your Credit”

Means Test – Chapter 7 Qualification

To qualify for a Chapter 7 Bankruptcy, you must past the “means test.” To determine whether one passes the means test, and therefore qualifies for a Chapter 7, their household income must first be calculated. To calculate, you must take the previous 6 full months… Continue Reading “Means Test – Chapter 7 Qualification”

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… Continue Reading “Paying Preferred Creditors”

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… Continue Reading “Secured v. Unsecured Debt”

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.  The protection… Continue Reading “Automatic Stay: What does it do?”

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… Continue Reading “Garnishments: Will they stop and can I get my money back?”


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… Continue Reading “Exemptions”

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. Mr. Russell has years of extensive experience in bankruptcy, family law and estate planning where… Continue Reading “Experienced Grand Rapids Bankruptcy Lawyer”

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