Articles from Second Chance Legal Services

Bankruptcy Court Asserts Sole Jurisdiction

Judge RhodesJudge Steven Rhodes

Common Exemptions

exempt2When an individual files for Chapter 7 Bankruptcy one of the most important aspects of the case are the exemptions used to protect the individual’s property.  This is because a Chapter 7 Bankruptcy is actually a liquidation of assets.   The court appoints a Trustee to review your case and determine if you own any assets that are unprotected by

Cut Rate Attorneys = Danger to Debtors

Bad attorney

Bankruptcies that helped shape our nation.

Model T

Oakland Press

news paper
For those who missed it, our firm was featured in the Oakland Press last year.  You can read the article by following the link here:

Stop Foreclosure

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Taxation of Forgiven Debt

tax day
Many individuals are unaware that when a creditor forgives a debt that the individual owes, the forgiven debt is considered income for purposes of their tax returns.  The IRS and the State of Michigan both tax the forgiven debt, often creating large liabilities on the part of the tax payer.

Assets and Liabilities

 
When an individual files for bankruptcy protection they are required by law to disclose all of their assets and all of their liabilities.  What exactly does that mean?
Broken Car

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