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 [...]
Bankruptcy in Michigan
Category Archives: Chapter 7
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 [...]
What should you tell your kids about bankruptcy?
In real simple terms – how about telling them the truth? Job loss, cut backs, health problems, divorce, overspending, not budgeting – the list goes on and on. Reinforce the concept that the bankruptcy laws are Constitutionally mandated to help good people who have fallen on hard times. Just because you file for bankruptcy does [...]
Michigan Bankruptcy Exemptions Updated
Effective April 1, 2010, the federal exemptions that you can use in your Michigan bankruptcy have changed. Exemptions are dollar allowances for real and personal property that you can keep when you file for bankruptcy in Michigan. The exemptions provide the basis for your fresh start. Here are the new exemption amounts: Homestead: 522(d)(1) Real [...]
Personal Michigan Bankruptcy Stories: Bankruptcy Client
This is a story I received from a client who retained my services for a Michigan chapter 7 bankruptcy. I don’t usually post personal stories of people who filed bankruptcy, but he not only gave me permission, he encouraged it. Again this perspective on filing a chapter 7 is his, and not my own, and [...]