Subpoenas Are Rare In Bankruptcy Subpoenas issued in consumer related bankruptcy cases are rare. They are usually issued by the United States Trustee pursuant to an investigation as to dischargeability. Although ordinary creditors do have the right to conduct 2004 examinations with court approval and subpoena documents, they often will not undergo the process because+ Read More

ASSET
EXEMPTION DESCRIPTION
LAW
IMPORTANT CASES & NOTES

Homestead
$60,000 of home equity. No more than 2 lots in City or Village, 160 acres farmland. Sales proceeds protected for 6 months.
§40-101, 40-111, 40-113
Must reside in the home on the date the bankruptcy is filed to claim exemption.

Acclaim Legal Services is proud to announce that long-time firm colleague, Attorney Kevin Carr, has joined our practice.  Attorney Carr is a seasoned veteran of debt resolution law.  He has over 35 years of experience and previously ran his own bankruptcy practice, Carr & Associates.  Attorney Carr will primarily manage Acclaim Legal Service’s (ALS) Dearborn […]

Original Plan When a chapter 13 bankruptcy case is filed, an original plan is also filed with the court. The original plan is put forward to notify creditors, the trustee, and the court as to how the debtor proposes to repay creditors over a three to five-year period. The original plan is not likely to+ Read More

Chapter 13 bankruptcy is often used to save a person's home or investment property  from foreclosure.

Chapter 13 bankruptcy is often used to save a person's home or investment property  from foreclosure.

Summary

Summary

American consumer debt increased steadily in April as credit-card use surged. At the same time,  education and vehicle debt grew at the slowest pace since July 2012.   While economists typically see a pickup in consumer debt as a strong indicator of consumer confidence; however, the growth could also be a sign that money is scarce for many households and that consumer debt is the only option left on the table.

The bankruptcy code requires a chapter 13 debtor to file a chapter 13 plan. The chapter 13 debtor has the exclusive right to file a plan as chapter 13 is a voluntary proceeding. If the debtor fails to file a plan, the case may be dismissed or converted to chapter 7.