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 […]
Avoid Debt Settlement and Credit Counseling Companies
As bankruptcy and debt relief attorneys, our advice is to stay away from Credit Counseling and/or Debt Settlement companies. Just a note to everyone out there that is looking into the Debt Settlement/Credit Counseling route. Stay away as best you can. These companies are nothing but scams to take your money. The Filing of a […]
When Should I Tell My Creditors I am Filing for Bankruptcy?
If you have already retained a bankruptcy attorney, you should discuss how his/her particular office handles contact with creditors prior to the filing of a bankruptcy. There may be specific reasons for disclosing or not disclosing this information depending on the type of debt and the time-frame for filing your bankruptcy case. For most run-of-the […]
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