How Much Does Chapter 13 Bankruptcy Cost in Michigan?
Because you’re already facing financial challenges when considering bankruptcy, it’s understandable that you’ll have concerns about expenses. Many filers ask the question: How much does Chapter 13 bankruptcy cost in Michigan? Filing for Chapter 13 bankruptcy in Michigan costs $313 in court fees. Additional expenses include credit counseling fees, typically $20-$50, and attorney fees, which […]
Can Personal Loans Be Relieved in a Michigan Bankruptcy?
The bankruptcy process aims to discharge certain types of debts, so there’s one common question for may debtors: Can personal loans be relieved in a Michigan bankruptcy? Yes, personal loans can be relieved in a Michigan bankruptcy if they are unsecured. Chapter 7 bankruptcy often discharges personal loans entirely, while Chapter 13 allows repayment over […]
What is Cramdown in Chapter 13 Bankruptcy in Michigan?
Terminology in the legal world can sometimes seem odd, and a Chapter 13 bankruptcy cram down certainly qualifies. So, what is cramdown in Chapter 13 bankruptcy in Michigan? In a Michigan Chapter 13 bankruptcy, a “cramdown” allows you to reduce the balance of a secured debt (like a car loan or investment property mortgage) to the […]
Can I Sell My House in Michigan if I Didn’t Reaffirm My Mortgage?
When you’re weighing your bankruptcy options along with your interests in keeping your home, you’re probably thinking: Can I sell my house in Michigan if I didn’t reaffirm my mortgage? Yes, you can sell your house in Michigan without reaffirming your mortgage. The mortgage lien remains, so proceeds must first pay the lender. Any remaining […]
Can I File Bankruptcy While in the Military?
If you’re serving in the armed forces and facing financial difficulties, you may be wondering: Can I file for bankruptcy while in the military? Yes, military personnel can file for bankruptcy just like civilians. However, service members should consider unique factors such as potential impacts on security clearances and military career standing before proceeding.
What Happens When a Married Couple Files for Bankruptcy in California?
If you and your spouse are struggling with debt, you may be wondering: What happens when a married couple files for bankruptcy in California? When a married couple in California files for bankruptcy, all community property—assets and debts acquired during the marriage—becomes part of the bankruptcy estate. In most cases, eligible debts are discharged, offering […]
How Does Bankruptcy Affect My Credit Score in California?
If there is one aspect of bankruptcy that many debtors focus on when considering their options, it is the hit to their credit report that seems the most daunting. Many people believe that filing Chapter 7 or Chapter 13 bankruptcy will be devastating to their credit, ruining any chances for a financial future. You may […]
What Does Non-Exempt Mean in a Michigan Bankruptcy?
If you’re a debtor looking into bankruptcy options, you’re certainly concerned about losing assets. For people who want to protect property, a primary question will be: What does non-exempt mean in a Michigan bankruptcy? Non-exempt property in a Michigan bankruptcy includes assets not protected under state or federal exemptions, such as luxury items, second homes, […]
Will I Have to Go to Court for Bankruptcy in California?
If you’re considering filing for bankruptcy, you might be wondering: Will I have to go to court for bankruptcy in California? Yes, most bankruptcy filers in California must attend a “341 meeting” (meeting of creditors), but formal hearings before a judge are uncommon unless there are disputes or objections in the case.
What Happens to Your Home After Bankruptcy in California?
If you’re considering bankruptcy, you may be wondering: What happens to your home after bankruptcy in California? In California, you can often keep your home after bankruptcy, particularly through Chapter 13, by continuing mortgage payments and following the repayment plan. In Chapter 7, protecting your home depends on using the homestead exemption and staying current […]