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Archives for December 2009

Under what circumstances can a confirmed Chapter 13 bankruptcy plan be modified?

A confirmed Chapter 13 bankruptcy plan can be modified in the following instances: Decrease/increase in income; Interruption of income; Change in marital/dependent status; Unexpected medical expenses; Unexpected home or auto repair expenses; Refinance of a mortgage; Mortgage loan modification; Purchase or lease of a vehicle; Missed plan payment; Need to keep income tax refunds; Purchase…

How do I know if filing Bankruptcy in Michigan is the right thing for me to do?

You want to carefully consider your options before you make a decision to file a Bankruptcy in Michigan. You will want to review the free reports that we provide and check out posts on our blog and watch some of the instructional videos. If you have any questions about Bankruptcy in Michigan, call Attorney Mike…

What happens when I file for Bankruptcy in Michigan?

When you file your bankruptcy petition in Michigan, an “automatic stay” goes into effect. The “automatic stay” prohibits and stops any action against you to collect any debt, to foreclose on any real estate mortgage or repossess any vehicle. The “automatic stay” also stops creditor harassment, IRS and Michigan Department of Treasury collections, utility shut…

Do I have to give up my house and all of my other assets if I file for bankruptcy in Michigan?

NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions:  Homestead: 522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may…

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