by Walter Metzen | Dec 21, 2020 | cosigners and bankruptcy, Uncategorized
CO-SIGNERS AND CO-BORROWERS: AN INITIAL DISTINCTION An individual Chapter 7 or Chapter 13 bankruptcy can be filed by either you alone or jointly with your spouse. In either case, you may have loans that were co-signed for you by your spouse or others, or...
by Walter Metzen | Dec 16, 2020 | Michigan Bankruptcy Attorney
ATTORNEY FEES: UNSECURED BY ANY OTHER NAME … Debt owed to an attorney for fees owed at the time of the filing of a Chapter 7 or Chapter 13 bankruptcy case is not treated any differently than any other sort of unsecured debt, such as a credit card balance or a...
by Walter Metzen | Dec 10, 2020 | Bankruptcy means test
INTRODUCTION: WHAT IS THE CHAPTER 7 BANKRUPTCY MEANS TEST? The Chapter 7 bankruptcy “Means Test” is the mathematical formula that determines whether or not an individual is eligible to file for bankruptcy under Chapter 7 rather than under Chapter 13. ...
by Walter Metzen | Dec 2, 2020 | Inheritance and Bankruptcy
THE CHAPTER 7 AND CHAPTER 13 BANKRUPTCY ESTATE & INHERITANCE The filing of a Chapter 7 or Chapter 13 bankruptcy triggers the creation of a legal construct known as the Bankruptcy Estate. As with its better-known cousin, the Probate Estate, the...
by Walter Metzen | Nov 20, 2020 | Bankruptcy Attorney, Hardship Discharge in Chapter 13 Bankruptcy
When the Unexpected Prevents You from Completing your Chapter 13 Bankruptcy Payment Plan A Chapter 13 bankruptcy is a “payment plan” bankruptcy requiring to pay what you can afford to pay (after household expenses are considered) to your creditors...
by Walter Metzen | Nov 16, 2020 | Chapter 13 Bankruptcy
Home Equity in Chapter 13 Bankruptcy: You Won’t Lose Your House in a Chapter 13—But You May Pay More Increasing home equity with rising real estate prices in many areas of Metro Detroit is one thing that many are thankful for this Thanksgiving holiday. However,...
by Walter Metzen | Nov 12, 2020 | Personal loans in Bankruptcy
It is not a good idea to repay personal loans prior to filing bankruptcy. “Personal loans” are, simply, amounts of money borrowed for personal and not commercial use from lenders which require fixed installment payments at some agreed-upon interest rate. However, to...
by Walter Metzen | Nov 9, 2020 | Converting Chapter 13 to Chapter 7 Bankrutpcy
CONVERSION TO CHAPTER 7: WHEN LIFE CHANGES, YOUR CHAPTER 13 CAN, TOO Chapter 13 bankruptcy may appear to be an inescapable, 5-year prison term at first glance. It is a form of consumer bankruptcy, after all, in which a debtor makes an agreed upon monthly...
by Walter Metzen | Nov 2, 2020 | Trust Assets in Michigan Bankruptcy
Placing assets into a trust prior to filing a Chapter 7 or Chapter 13 bankruptcy may effectively shield the asset from inclusion in what is known as “the bankruptcy estate,” or it may deliver the property straight into the hands of a Chapter 7 Trustee. The bankruptcy...
by Walter Metzen | Oct 27, 2020 | Filing Bankruptcy in Michigan if you live overseas
US BANKRUPTCY FOR EXPATRIATES & MILITARY PERSONNEL: GET YOUR FRESH START EVEN WHEN ABROAD The US Chapter 7 and Chapter 13 bankruptcy process is available to Americans or those with American debts and assets even when that person is living abroad. An...
