Month: February 2017

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An explanation of the bankruptcy means test

Michigan consumers who are considering filing for bankruptcy must first pass a means test. This examines their income and financial obligations and determines whether they are eligible to file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy allows a person to have...

Bankruptcy and car loans

When a Michigan resident purchases a new car but then has difficulty making the monthly payments, giving up the car could still leave money that must be paid on the loan. If the lender sells it after a repossession for less than the loan balance, the remainder is...

Possible exemption for vehicle during bankruptcy

When Michigan residents file for bankruptcy, the court will review every aspect of their debts, income and assets. Allowances might be made for a vehicle, even if it was bought a short time before the petition was filed. Because cash in a bank account could be...