One of the duties of bankruptcy judges in Michigan and around the country is evaluating the repayment plans submitted by Chapter 13 petitioners. Individuals or couples who file Chapter 13 bankruptcies are expected to use most of what they earn to pay down their outstanding debts over a period of three to five years, and judges may reject proposals that devote large amounts of their disposable income elsewhere. Exceptions may be made to allow debtors to continue to fund their retirement accounts, but this does not mean that they will be able to save as much as they once did.
Retirement savings in Chapter 13 bankruptcy plans
Incarcerated man denied Chapter 13 bankruptcy protection
Michigan residents may have heard about a recent Illinois bankruptcy court ruling involving a man who wanted to file for chapter 13 bankruptcy while in jail. The court ruled that a debtor's own income must be used when determining whether that person is eligible to file for chapter 13. The fact that the man's parents were willing to contribute to the repayment plan was not enough to avoid a dismissal in the case.
Dealing with collection accounts
Collection accounts happen when creditors determines they will be unable to collect payment by standard means and transfer the debt to a collection agency. This agency will then pursue a debtor in attempt to collect payment. Collection accounts are a problem that many Michigan residents face, but it can help to know more about how these accounts affect credit and the best ways to deal with them.
Can I keep my home after filing for bankruptcy?
If you are struggling to pay your bills in Michigan each month and can barely afford to keep the roof over your head, you may be considering filing for bankruptcy. Although this offers you the opportunity to put an end to the stress and frustrations you are experiencing from not keeping current on your mortgage, it is not a one-size fix for everyone. Both Chapter 7 and 13 bankruptcies make it possible for you to keep your home. Before you file for bankruptcy, you should learn more about them.
Dealing with children's emotions during a divorce
Michigan parents who are ending their marriage should try to talk to thei children together when they tell them about the divorce. The right timing may make the process less difficult. March and August are the most popular times to file for divorce. The former month allows parents to deal with many aspects of the divorce while the children are in school while the latter month may give parents the opportunity to spend more time with their children.
Understanding the Deadbeat Parents Punishment Act
Michigan residents may have heard about the Deadbeat Parents Punishment Act. It was created in 1998 to penalize those who travel to another state in an effort to willfully avoid paying child support. Parents may be punished if they cross state lines for the purposes of avoiding support payments, fail to make payments for more than a year and owe more than $5,000.
