The Bankruptcy Code imposes certain limitations on the Chapter 13 Plans. Those limitations relate to the amount of debt you can have and still file a Chapter 13 Bankruptcy. If your debts exceed these limitations, then you would have to consider filing a Chapter 11 Bankruptcy. Here are the debt limitations: 1. You cannot have [...]
Bankruptcy in Michigan
Category Archives: Chapter 13
Are most debt consolidation plans a rip off?
Most debt consolidation programs in Michigan are a rip off.
Michigan Median Income Levels Change on November 1, 2010
The ”New” Bankruptcy law from 2005 establishes a median income to determine whether you can file a Chapter 7 or whether you have to consider filing a Chapter 13. The median income is calculated on a State by State basis and is further determined by household size–just think of “heads on the beds.” As you may [...]
The Bankruptcy Checklist
Bankruptcy is a planning process which requires the disclosure of any and all documents and other information relating to your financial situation. Here is a checklist of documents and other information that I have put together to assist you in getting organized. I hope that you find it helpful. BANKRUPTCY CHECKLIST [ ] Drivers License [...]
The Top 3 Reasons Why Clients Declare Bankruptcy
1. Divorce. Divorce has a devastating impact on most people. It is one of the factors that led to my own bankruptcy. In my case, I had to assume the entire income tax liability for the year that I got divorced. I also had to assume all of the credit card and overdraft debt that [...]
Is Bankruptcy Confidential? Who will find out about my bankruptcy?
I get this question a lot. My answer is that most people in your day to day life won’t know that you filed for bankruptcy unless you tell them. The only people that get notice of your bankruptcy filing are your creditors. If you don’t owe anybody money – they won’t get notice of your [...]
What are the Top 10 Warning Signs of Bankruptcy?
1. No health insurance or inadequate health insurance coverage. Medical and doctor bills are a huge factor in most bankruptcies. 2. Dependence on credit cards for everything. If you use your credit cards to get cash advances to make minimum payments on other credit cards you are headed for disaster. Credit card debt is the [...]