One of the big concerns of consumers who are considering bankruptcy is that they will lose all of their property. In fact, the “I can’t file for bankruptcy because I will lose everything I own” myth is one of the biggest misconceptions out there about the bankruptcy process. Rather than automatically losing all of your property, the bankruptcy court compares your assets against the applicable exemptions for your state to determine whether there is anything to distribute to creditors. The majority of people who file for personal bankruptcy are able to utilize exemption laws to retain all of their property through the process. Exemption laws vary greatly by state, so it’s usually a good idea to meet with a local bankruptcy attorney to discuss how your property will be affected.
Chapter 7 Bankruptcy in Michigan: What You Need To Know
Last updated July 31, 2017. When you think of Michigan, you probably think about cars, or Detroit. That’s because Detroit is the car capital of the world. It’s home to the first air-conditioned car, manufactured in 1939 by the Packard Motor Company. University of Michigan is also the first university to be established by any…Read more
Chapter 7 Bankruptcy in Arizona: What You Need to Know
Home to Grand Canyon National Park, Arizona is known for its copper-mining towns, 11 species of rattlesnakes, and designated Native American lands. Arizona’s economy also is finding a second wind in recent years, though some residents may still be struggling with debt. One way to get out of debt is by filing bankruptcy. Most of…Read more
How Much Does It Cost to File Bankruptcy?
Everyone preparing to file for bankruptcy wants to know the cost. After all, bankruptcy usually comes at a time when money is tight. Below, we’ll talk about filing fees, attorney fees, the cost of filing on your own versus filing with an attorney, and what your expected total bankruptcy cost might be. Filing Fees and…Read more
What is a Fraudulent Transfer in Bankruptcy?
Last updated Jan. 30, 2018. A fraudulent transfer can basically be defined as transferring property out of your name to delay or defraud a creditor. If you “sell” a home worth $1 million to your Uncle Joe for just $1 dollar because a creditor is breathing down your neck, you’ve likely triggered state and federal…Read more
Bankruptcy Attorneys Need To Know
Tell Your Bankruptcy Attorney Everything! Have you ever used the expression ‘on a need to know basis’? Well as a bankruptcy attorney, I am on a need to know…………everything basis. Clients come to my office for help with financial problems. They are understandably very open about their debts and how they were incurred. What debtors…Read more
What Documents Do I Need to Bring When I First Meet with My Bankruptcy Attorney?
Last updated Feb. 28, 2018. Filing for bankruptcy isn’t always easy. One of the biggest burdens under the “new” bankruptcy law that was forced upon debtors and their attorneys in 2005 was the requirement to produce volumes and volumes of documents. In addition to the formal schedules and statement of affairs, you’ll need to get together…Read more