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 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, […]
What Are Bankruptcy Exemptions in the State of Michigan?
Bankruptcy is an option for Michigan residents facing overwhelming debt, but many have concerns about losing assets during the process. There are protections for a filer’s property, so what are bankruptcy exemptions in the State of Michigan?
What Does Non-Exempt in Bankruptcy Mean in Michigan?
In Michigan, non-exempt property in bankruptcy refers to assets that are not protected under state or federal exemption laws. Non-exempt property may be sold in Chapter 7 bankruptcy to repay creditors, while in Chapter 13, you may need to account for its value in your repayment plan.