FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970 or http://www.attorneybankert.com

FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970

Did you know that On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Pub L No 109-8, 119 Stat 23 (2005), extensively revised the Bankruptcy Code. Among the changes were the following:

• the creation of a means test for Chapter 7 individual Flint or Genesee County debtors with mainly consumer debt, creating a presumption of abuse if the Flint or Genesee County debtor’s net monthly income after qualifying expenses exceeds certain levels (the amended act eliminates the presumption that the Flint or Genesee County debtor is entitled to relief unless there is a finding of “substantial abuse”)
• new duties for Flint or Genesee County debtor’s counsel, including a certification that a Chapter 7 Flint or Genesee County debtor meets the means test
• stricter rules regarding a Flint or Genesee County debtor’s notice to creditors, including the requirement that the Flint or Genesee County debtor include account numbers
• new priority rules for domestic support obligations
• a tightening of requirements for Flint or Genesee County debtor reaffirmation of specific debts
• a strict mandate that Flint or Genesee County debtors provide to the trustee their tax returns and other documents within a certain period or have their petitions dismissed
• a requirement that individuals filing for relief under Chapter 7 or Chapter 13 of the Code undergo credit counseling and Flint or Genesee County debtor education
• limitations on the length of the automatic stay if the Flint or Genesee County debtor has filed previous Genesee County Bankruptcy petitions
• an exception from the automatic stay for certain leased residential real estate
• an extension of the period between a Flint or Genesee County debtor’s discharges to prevent serial filings
• a limiting definition of “household goods” for the purpose of lien avoidance
• a lowering of the dollar threshold for the presumption that credit card debt for “luxury goods” or cash advances is fraudulently incurred and therefore nondischargeable, from $1,350 to $ and $875 for cash advances
• an expansion of the time period in which credit card charges for “luxury goods” or cash advances on credit cards may be aggregated to meet the lower dollar threshold
• an expansion of the general rule that student loans are nondischargeable, to include private lender loans
• a requirement that Chapter 7 Flint or Genesee County debtors file a statement of intention regarding secured property within 30 days of the petition date
• limitations on a Chapter 7 Flint or Genesee County debtor’s retaining possession of secured personal property if the obligation is not reaffirmed; failure to reaffirm the debt within 30 days of the creditors’ meeting results in termination of the automatic stay
• the creation of a requirement of 730 days (2 years) of residency in a state before that state’s exemptions apply
• the exclusion from a state homestead exemption of any value in excess of $146,450 that is added to a homestead during the 1,215 days (3 years, 4 months) preceding the Genesee County Bankruptcy filing
• the right of the trustee to avoid any transfer by a Flint or Genesee County debtor to a Flint or Genesee County debtor-created trust or other entity made within the 10 years before the petition date if made with the intent to hinder or defraud a creditor
• the exclusion of employee contributions to ERISA-qualified retirement plans from being considered property of the bankrupt estate
• a requirement to file with the court payment advices (pay stubs) received from an employer within 60 days before the filing of the petition

.
FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970 or http://www.attorneybankert.com

Sphere: Related Content

FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970

FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970

Genesee County Bankruptcy cases in Michigan are governed by the U.S Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and detailed local rules. Cases are adjudicated by Genesee County Bankruptcy judges appointed in each district court. Genesee County Bankruptcy judges may hear and decide all core proceedings, i.e., those that are integral to the core Genesee County Bankruptcy function of restructuring Flint or Genesee County debtor-creditor rights. However, in noncore proceedings, the Genesee County Bankruptcy judge may only submit proposed findings of fact and conclusions of law to the district court. Appeals from final orders and judgments of Genesee County Bankruptcy courts are heard by federal district courts or Genesee County Bankruptcy appellate panels (BAPs).

For additional information contvat Bankruptcy Lawyer Terry Bankert http://www.attorneybankert.com


A Genesee County Bankruptcy case is commenced when a Flint or Genesee County debtor files a voluntary petition or is forced into Genesee County Bankruptcy by an involuntary petition.

When you seek Genesee County Bankruptcy relief, we must select the chapter best suited to your needs. In most cases involving individuals, that will be either Chapter 7 or Chapter 13, unless you are a family farmer or family fisherman eligible for relief under Chapter 12. Involuntary petitions may be filed under Chapters 7 and 11; there is no such thing as an involuntary Chapter 12 or 13 petition. Farmers and charitable corporations may not be forced into involuntary Genesee County Bankruptcy.


Once a Genesee County Bankruptcy petition is filed and the case is commenced, a new entity called the estate is created. The estate consists of all of the Flint or Genesee County debtor’s interests in real and personal property as of the date the petition is filed. The Flint or Genesee County debtor, his or her trustee, and their attorneys are the persons primarily responsible for administering this estate.


The Flint or Genesee County debtor must cooperate with the trustee in the execution of the trustee’s statutory duties, file certain documents, and attend and submit to examination under oath at the creditors’ meeting. In Chapter 7, 12, and 13 cases, the U.S. trustee appoints a trustee to administer the assets of the Flint or Genesee County debtor for the benefit of creditors.


The Chapter 7 trustee’s primary duty is to reduce all nonexempt property to cash as quickly as possible and distribute the money to creditors. Chapter 12 and 13 trustees are primarily responsible for analyzing proposed payment plans and ensuring that Flint or Genesee County debtors comply with the terms of their confirmed plans, especially the payment provisions.

Exempt property is not subject to distribution by the trustee; it forms the basis of the individual Flint or Genesee County debtor’s fresh start.

Once the Genesee County Bankruptcy petition is filed, the Flint or Genesee County debtor’s exempt property, and property of the estate are all protected by automatic stay provisions.

This protection gives the Flint or Genesee County debtor a breathing spell from his or her creditors by stopping all collection efforts, harassment, and foreclosure actions. However, criminal proceedings and actions taken by governmental units to enforce their police or regulatory power may continue.


Once the trustee or Flint or Genesee County debtor-in-possession collects and liquidates the nonexempt property of the estate, the resulting proceeds are distributed to holders of claims.

Claims are classified as secured, unsecured, or priority. A secured claim is one that has a valid and perfected lien or a security interest in property of the estate as collateral. Unsecured claims are those not collateralized by any property of the estate or resulting from the undersecured status of a secured creditor.

The aim of a Chapter 7 Genesee County Bankruptcy case is to give the honest Flint or Genesee County debtor a fresh start in life by discharging most of his or her debts and allowing the Flint or Genesee County debtor to retain his or her exempt property. The entry of a discharge order relieves the Flint or Genesee County debtor of all personal liability on any debts dischargeable under the Bankruptcy Code and acts as an injunction against creditors’ actions to collect discharged debts.

FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970

Sphere: Related Content