Wednesday, April 13, 2011

GARNISHMENTS: Flint Bankruptcy ( 810-235-1970)or Bay City ,Owosso, Lapeer, Livingston and Michigan Bankruptcy

GARNISHMENTS: Flint Bankruptcy ( 810-235-1970)or Bay City Owosso Lapeer Livingston and Michigan Bankruptcy have two objective to give you the debtor a fresh start and to treat creditors in a just manner. Your Attorney for Bankruptcy will explain no preferences to be shown between creditors. Just treatment of creditors means you treat them all equally unless the Law puts them in a priority class.




BANKRUTPCY LAW AND GARNISHMENTS



BANKRUPTCY QUESTION can a Bankruptcy trustee get back the money I repaid my mom a month before I filed for bankruptcy? YES!



WAGE GARNISHMENTS: Bankruptcy Trustees will look at your filing and their extensive data base or otherwise discovered information and determine if you have made any payments to creditors within 90 days of filing your bankruptcy or within a year if it was made to a relative.



Some debtor think that is a good strategy to pay off one creditor before filing bankruptcy to continue the credit relationship after bankruptcy or possibly to pay off a loan from a family member.



Trustees will call that a preference payment if made within 90 days of filing.



Debtors when you file how you spend your money until bankruptcy discharge will be looked at by a trustees, U.S. Attorney and possibly a Federal bankruptcy Judge.



Debtors preference payments after you become insolvent can be forced to be returned from your creditor to a trustee. Here are the rules you should follow.

1. Individual debtors with everyday consumer debt cannot pay any one debtor more than 600 within 90 days of filing.

2. You cannot pay a relative or business associate more than $600 within one year of filing.



DO NOT USE YOUR TAX REFUND TO PAY A RELATIVE THEN FILE FOR BANKRUPTCY.



It gets worse if you have a joint debtor who is a relative because they may have to pay the trustees these preference payments.



To be fair or just to the creditor you should not be allowed to single out certain creditors for special payments just before you file.



THE TRUSTEE CAN TAKE THAT MONEY BACK FROM YOUR CREDITOR AND DIVIDE IT EQUALLY AMOUNG YOUR UNSECURED CREDITORS.



IF YOU REFIANANCE YOUR HOME MAKE SURE THAT YOU WAIT AT LEAST 90 DAYS AFTER REFINANCING YOUR HOME OR PAYING DOWN AN EQUITY LINE OF CREDIT BEFORE YOU FILE FOR BANKRUPTCY.



The trustee can sue your relative or other preferred creditor to get the money or property back. Its just easier to go after your joint debtor. it’s a fraudulent transfer when you give away real property to a relative before filing for bankruptcy. The look back period for real property is two years.



Did you know that fraudulent transfer allow the trustee the ability to grab the real property sell it keep part and distribute the rest of the proceeds to your creditors. This could also cause your bankruptcy to be dismissed and your creditors could start harassing you again.



ITS NOT SMART TO PAY OFF A CREDIT CARD JUST BEFORE YOU FILE BANKRUPTCY.

If you have question Contact Attorney Terry Bankert who helps you file bankruptcy and get debt relief at 810-235-1970 of through his informative site http://www.nojokebeingbroke.com/








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