Nov 24, 2011 11:31 PM
Home Foreclosure or Voluntary Home Surrender - What Happens Next?
First off, are you using the Federal Exemptions, or that Michigan Exemptions? You must choose one set together with cannot mix and coordinate. Also, how much are generally your assets worth? Property, car, bank accounts, carries, bonds, personal items, etc. all come into play here in deciding which set to use. Make sure you speak with an attorney to uncover which set would be beneficial to you before you archive. If not, you risk losing your assets.
This federal exemption, under 11 Oughout. S. C 522 (d) (8)?? (which is adjusted every three many years) allows an exemption associated with $11, 525. 00 with the cash value. So when your cash value is only $10, 000. 00, after that you can exempt your whole life insurance coverage. Then your creditors and also the Trustee can't take them. You can also deduct the amount of the loan you have against the cash value when finding out the exemption amount. Considering have a $25, 000. 00 bucks value, but have credit of $15, 000. oo next to it, then you need only exempt $10, 000. The course focuses on reducing credit card debt and improving credit while providing court protection through the process.
.
The answer is: maybe, maybe not. If you seek bankruptcy relief protection under either Section 7 or Chapter 13 in the Bankruptcy Code, you are granted certain immediate protections from creditors, including protection from various types of collection activities. This immediate protection is referred to as an "automatic stay. "
It is provided for in department 362(a) of the Bankruptcy Code. Its purpose is we could "a breathing spell" with creditors, "stopping all selection efforts, all harassment, together with all foreclosure actions. " Consequently, the it prohibits creditors from pursuing most categories of collection activities while ones bankruptcy case is impending, including disconnecting your utilities and/or making harassing calls. It does not, however, provide protection against just about all creditor actions. Eviction attempts are one such action that may or definitely isn't protected against under your automatic stay.
When a court has already ruled providing your landlord or lessor to re-possess your property, an eviction has ended up approved and the automatic stay cannot help you. If, however, there has not yet been any court action regarding your eviction at the time you file your bankruptcy petition, the automatic stay may be able to postpone and/or stop ones eviction.
Nevertheless, it is worth noting which it can only help you if your primary landlord is attempting to evict you for nonpayment with rent. If you are being evicted for some some other reason, such as the illegal use of controlled substances or endangerment on the property, an automatic stay do not affect the proceeding.
.
The means test was implemented in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Take action (BAPCPA). It looks at the gross income from all sources that you've obtained over the last six months. It then compares that figure to your median average income to get a household of the same size in your state. Starting November 1, 2011, these numbers in Michigan are as follows:
One earner : $43, 611
Two people - $52, 620
A few people - $61, 737
Several people - $74, 824
Four+ people - $74, 824 + $6, 900/person
http://www.law4less.org/bankruptcy-michigan
This federal exemption, under 11 Oughout. S. C 522 (d) (8)?? (which is adjusted every three many years) allows an exemption associated with $11, 525. 00 with the cash value. So when your cash value is only $10, 000. 00, after that you can exempt your whole life insurance coverage. Then your creditors and also the Trustee can't take them. You can also deduct the amount of the loan you have against the cash value when finding out the exemption amount. Considering have a $25, 000. 00 bucks value, but have credit of $15, 000. oo next to it, then you need only exempt $10, 000. The course focuses on reducing credit card debt and improving credit while providing court protection through the process.
.
The answer is: maybe, maybe not. If you seek bankruptcy relief protection under either Section 7 or Chapter 13 in the Bankruptcy Code, you are granted certain immediate protections from creditors, including protection from various types of collection activities. This immediate protection is referred to as an "automatic stay. "
It is provided for in department 362(a) of the Bankruptcy Code. Its purpose is we could "a breathing spell" with creditors, "stopping all selection efforts, all harassment, together with all foreclosure actions. " Consequently, the it prohibits creditors from pursuing most categories of collection activities while ones bankruptcy case is impending, including disconnecting your utilities and/or making harassing calls. It does not, however, provide protection against just about all creditor actions. Eviction attempts are one such action that may or definitely isn't protected against under your automatic stay.
When a court has already ruled providing your landlord or lessor to re-possess your property, an eviction has ended up approved and the automatic stay cannot help you. If, however, there has not yet been any court action regarding your eviction at the time you file your bankruptcy petition, the automatic stay may be able to postpone and/or stop ones eviction.
Nevertheless, it is worth noting which it can only help you if your primary landlord is attempting to evict you for nonpayment with rent. If you are being evicted for some some other reason, such as the illegal use of controlled substances or endangerment on the property, an automatic stay do not affect the proceeding.
.
The means test was implemented in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Take action (BAPCPA). It looks at the gross income from all sources that you've obtained over the last six months. It then compares that figure to your median average income to get a household of the same size in your state. Starting November 1, 2011, these numbers in Michigan are as follows:
One earner : $43, 611
Two people - $52, 620
A few people - $61, 737
Several people - $74, 824
Four+ people - $74, 824 + $6, 900/person
http://www.law4less.org/bankruptcy-michigan
Posted by
jimsweet1229
| Nov 24, 2011 11:31 PM |
Add a comment