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“Bankruptcy, Death, and Probate”

“Bankruptcy, Death, and Probate”

BANKRUPTCY, DEATH, AND PROBATE In a Chapter 7 (liquidating) bankruptcy proceeding, it is often said the creditors are fighting over a corpse. On occasion, however, a person will be in the midst of a bankruptcy proceeding and suddenly pass away. The question then...
“Bankruptcy Preferences: Claims and Defenses (Part I)”

“Bankruptcy Preferences: Claims and Defenses (Part I)”

Bankruptcy Preferences:  Claims and Defenses (Part I)  Quite often in a Chapter 7 bankruptcy case (often called a “straight” bankruptcy or a “liquidating” proceeding), or occasionally in a Chapter 11 or 13 proceeding, certain creditors may receive a demand letter...
“Three Things Not To Do Before Filing Bankruptcy”

“Three Things Not To Do Before Filing Bankruptcy”

THREE THINGS NOT TO DO BEFORE FILING BANKRUPTCY Many times when I first meet with clients about a potential bankruptcy filing, I learn about various property transfers made and transactions they have recently engaged in.   While, in most cases, the transfers or...
“Bankruptcy Exemptions (Michigan) What Are They?

“Bankruptcy Exemptions (Michigan) What Are They?

  BANKRUPTCY EXEMPTIONS  (MICHIGAN):  WHAT ARE THEY? In my prior Blog, I briefly described what bankruptcy exemptions are, how they are claimed, and then went into detail on the numerous, available, “federal” exemptions.  Since Michigan has not “opted out” of the...
“Bankruptcy Exemptions (Federal) What Are They?”

“Bankruptcy Exemptions (Federal) What Are They?”

  BANKRUPTCY EXEMPTIONS (FEDERAL) WHAT ARE THEY? When an individual files for bankruptcy relief, they are principally interested in getting a discharge of most, if not all, of their debts.  (For more on the scope of the Bankruptcy Discharge, please check out my other...