Livonia Michigan Bankruptcy - Michigan Bankruptcy Blog

Livonia Michigan Bankruptcy

Michigan Bankruptcy Blog

Archive for May, 2012

“Q” is for Qualified Retirement Accounts:

One of the first questions a new prospective client has is if they can keep their retirement accounts if they file bankruptcy.  The answer is that Qualified Retirement Accounts are completely protected in bankruptcy by the exemptions that are available in your case.

Qualified retirement accounts consist of your work 401k, or work 403b.  They may also be called a qualified retirement annuity, or Individual Retirement Account (IRA).  If you’re not sure if you retirement account is a “Qualified Account”, make an appointment for a free consultation where I will review it and let you know. 

That being said one of the worse things you can do is cash out your IRA, or take a loan out on your 401K or 403B to pay off credit card debt.  I have seen clients drain over $300,000 of their retirement accounts and only come to me to file bankruptcy after they ran out of retirement funds to pay their payments.  Sadly, once the money is gone, they still ended up having to file for bankruptcy and now have no funds available for retirement.

If you’re having difficulty paying your mortgage, credit card debt, or other loans then please take advantage of the free consultation I offer before borrowing or removing any money from your qualified retirement accounts. 

 

Peter Behrmann is a Livonia Bankruptcy Attorney.  From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy, and Foreclosure Prevention.

Photo Credit: TooFarNorth

 

Other Bankruptcy Attorneys Blogging on the Letter “Q”

  • Quality Bankruptcy Attorney – Omaha Nebraska Bankruptcy Attorney, Ryan D. Caldwell               
  • Quiet – New York Bankruptcy Lawyer, Jay S. Fleischman               
  • Quick  – Jacksonville, Florida Bankruptcy Attorney, J. Dinkins G. Grange 
  • Qualifying – Colorado Springs Bankruptcy Lawyer Bob Doig  
  • Qualified Retirements – Kauai Bankrutpcy Attorney, Stuart T. Ing              
  • Quitclaim – Cleveland Bankruptcy Attorney, Bill Balena         
  • Questions –  Bay Area Bankruptcy Attorney Cathy Moran      
  • Qualified Written Request – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
  • Questions About Bankruptcy – Allen Park, MI Bankruptcy Attorney, Christopher McAvoy
  • Quit Living on Credit – Wisconsin Bankruptcy Lawyer, Bret Nason          
  • Qualified Written Request – Northern California Bankruptcy Lawyer, Catherine Eranthe

“P” is for Personal Bankruptcy

Posted by Peter Behrmann, Esq. On May 18th

“P” is for Personal Bankruptcy

Personal Bankruptcy is an option that many people have had to consider the past few years as the economy has been struggling.  Because of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 a lot of people initially thought that bankruptcy was no longer an option; however, personal bankruptcy is still available to help consumers like you!

If you’re looking to file Personal Bankruptcy you have several options:

 

Chapter 7 Bankruptcy – is a fresh start bankruptcy.  It is over fairly quickly; however, you have to make below the Median Income for your family size to file a Chapter 7 personal Bankruptcy.  In a Chapter 7 bankruptcy in Michigan, you are allowed to keep whatever property that can be exempted in your bankruptcy.  Any property you may have that cannot be protected by an exemption will be forfeited to your Chapter 7 Bankruptcy trustee in turn for your debts being forgiven.  As a practicable standpoint almost 95% of cases filed do not have any assets that are turned over to a Chapter 7 Trustee, and the exemptions available protect all of your assets. 

 

Chapter 13 Bankruptcy – is a repayment plan bankruptcy.  This bankruptcy can last between 3 and 5 years and is available to people who have a reliable source of income.  One of the many benefits of a Chapter 13 bankruptcy is that you can use the bankruptcy to get caught up on a mortgage or car payment you are behind on.  A Chapter 13 personal bankruptcy is also what you will file if your income is above the limits making Chapter 7 not an option for you. 

Peter Behrmann is a Livonia Bankruptcy Attorney.  From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy.

Photo Credit: arrow9studio

 

Other Bankruptcy Attorneys Blogging on the letter “P”

  • Pay Advice – New York Bankruptcy Lawyer, Jay S. Fleischman
  • Phone Call – Cleveland Bankruptcy Attorney, Bill Balena 
  • Plan – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell 
  • Preference –  Maui Bankruptcy Attorney, BankruptcyHI.com 
  • Preferences – Colorado Springs Bankruptcy Attorney Bob Doig 
  • Pride – Southgate, Michigan Bankruptcy Lawyer, Christopher McAvoy 
  • Property of the Estate – Wisconsin Bankruptcy Lawyer, Bret Nason 
  • Property of the Estate – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr 
  • Privacy – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein 
  • Payment – Jacksonville Bankruptcy Attorney, J. Dinkins G. Grange 
  • Preference – Marin County Bankruptcy Attorney, Catherine Eranthe 
  • Planning – Los Angeles Bankruptcy Attorney, Mark J. Markus 
  • Priority – Bay Area Bankruptcy Lawyer Cathy Moran 

“O” is for Objection to Confirmation in Chapter 13 Bankruptcy

Posted by Peter Behrmann, Esq. On May 7th

“O” is for Objection to Confirmation in Chapter 13 Bankruptcy

In a Chapter 13 Bankruptcy, your Bankruptcy Trustee and Creditors each have the option to file “Objections to Confirmation.”  Probably 95% of the Chapter 13 bankruptcies have at least one or two objections to confirmation filed in their case.  In Detroit, the Chapter 13 Trustees put at the bottom of the objection that the Trustee prays this Honorable Court deny confirmation, and dismiss your bankruptcy.  This does not mean your case is denied or dismissed.  These are usually just minor issues that need to be addressed with your case in order for the Trustee to sign off their approval on the case.  

In Detroit, we have three separate Chapter 13 Trustees and five separate Bankruptcy Judges.  Each Chapter 13 bankruptcy Trustee and each judge have certain things they want done certain ways.  The job of your Chapter 13 bankruptcy attorney is to know what is allowed under the bankruptcy code, know the individual policies or each judge, and the individual polices of each Trustee to get your case approved with the most favorable outcome for you. 

At my office, I always tell each of my clients that they will get objections, and that my job as your attorney is to resolve the objections on your behalf.  Make sure you have a Chapter 13 attorney willing to do this for you!

Peter Behrmann is a Livonia Bankruptcy Attorney.  From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy.

 

Photo Credit: TooFarNorth

 

Other Bankruptcy Attorneys Blogging on the letter “O”

  • Objection – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell 
  • Objection to Discharge – Hilo Bankruptcy Attorney, Stuart T. Ing 
  • Obligations – Colorado Springs Bankruptcy Attorney Bob Doig 
  • Old – Cleveland Bankruptcy Attorney Bill Balena 
  • Omitted – Bay Area Bankruptcy Lawyer Cathy Moran 
  • Omitted creditor – St. Clair Shores MI bankruptcy attorney Kurt OKeefe 
  • OOPS – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein 
  • Options to Bankruptcy – Suburban Philly Bankruptcy Lawyer, Chris Carr 
  • Own – New York Bankruptcy Lawyer, Jay S. Fleischman 
  • Objections by Creditor – Southgate, Michigan Bankruptcy Attorney, Chris McAvoy 
  • Offer in Compromise – San Mateo Bankruptcy Attorney, Jeff Curl 
  • Orders – Wisconsin Bankruptcy Lawyer, Bret Nason 
  • Organize  – Marin County Bankrupttcy Lawyer, Cate Eranthe 
  • Organization in Bankruptcy  – Los Angeles Bankruptcy Attorney, Mark J. Markus