The Michigan Attorney General Bill Schuette stated that he will file an appearance in Bankruptcy Court on behalf of pensioners in the City of Detroit’s bankruptcy case. The Attorney General will argue that the Michigan Constitution does not allow adjustment of City pensions. “Michigan’s constitution, Article 9, Section 24, is crystal clear in stating that […]
City of Detroit Files for Chapter 9
Well, it finally came down to it. The city of Detroit filed for bankruptcy protection under a massive amount of debt. It seems as if the emergency manager just wasn’t able to accomplish what he sought out to do. Take a minute to read the article below. The real question is how will this effect […]
Bankruptcy Court Rules in Favor of Exempting Inherited IRA
On June 28th, Ardelean & Dunne argued in front of the Bankruptcy Court for the Eastern District of Michigan, Detroit Division, on the issue of exemptions (protection from liquidation under the bankruptcy code) claimed to protect an Individual Retirement Account that was inherited from the bankruptcy filer’s father. The bankruptcy Trustee brought an action forth […]
How is a Non-Filing Spouse Affected by Bankruptcy?
Just about every single one of our married bankruptcy clients filing individually ask us how the bankruptcy will affect a non-filing spouse. In Michigan, the answer is generally not at all. The spouse of a bankruptcy filer will have to do some leg work, account for income and expenses, provide pay stubs for the seven […]
Sixth Circuit Rules IRA with Cross-Collateralization Provision Still Exempt Under Bankruptcy Code
Yesterday, the Sixth Circuit Court of Appeals made a favorable ruling for bankruptcy debtors in the case of Daley v. Mostoller. Generally speaking, the assets in an individual retirement account are off limits from tax collectors and creditors in bankruptcy. Yet if the owner of a retirement account uses it in a prohibited way, the […]
