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Bankruptcy - Relief from Financially Crippling Medical Bills PDF Print
High health care costs can cripple you financially. In fact, according to a article by Theresa Tamkins (June 4, 2009), more than 60% of U.S. bankruptcies are caused by medical bills.

If you are one of the many Americans struggling under the weight of unpaid medical debt, you may be feeling overwhelmed and hopeless.

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The Bankruptcy Automatic Stay - Stopping all Collection Efforts PDF Print

As soon as you file for bankruptcy, the "automatic stay" goes into effect.  An automatic stay is provided for in section 362(a) of the Bankruptcy Code. The purpose of this court order is to give the debtor "a breathing spell from his creditors, stopping all collection efforts, all harassment, and all foreclosure actions." As such, most collection activity temporarily stops. Below is a sample list of some of actions the automatic stay may temporarily stop upon filing for bankruptcy.

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How Bankruptcy Can Help Foreclosure in Michigan PDF Print

When you file a Chapter 13 or Chapter 7 bankruptcy in Michigan, the court automatically issues an Order for Relief that includes an "automatic stay." The automatic stay requires all your creditors to immediately stop trying to collect form you. If your home is scheduled for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending--typically for three to four months. However, if the lender makes a motion to lift the stay, and they generally do, the creditor usually obtains the bankruptcy court's permission to proceed with the sale. You probably will not get the full three to four months but the sale will be postponed by perhaps two months, or even more if the lender is slow in pursuing the motion to lift the automatic stay.

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What can I keep if I file Bankruptcy in Michigan? PDF Print

Ann Arbor / Ypsilanti Bankruptcy Attorney Lander McLoyd discusses what you can keep if you file for bankruptcy in Michigan.

"Exemption" is the bankruptcy term that describes what you keep when filing for bankruptcy. You are allowed to exempt (keep) the basic assets that allow you to continue with a "fresh start." The bankruptcy code does not require you to sell off everything you have and live in destitution. You will still need a place to live, transportation and relief from debt so you can start over. For instance, bankruptcy may allow you to avoid foreclosure on your home. Your home would be your "exempt property."  In filling out the forms to file bankruptcy the debtor (you) claims property as exempt. If no objections are filed to the exemptions, they become final 30 days after the first meeting of creditors. Exempt property is then no longer property of the bankruptcy estate.

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Michigan Bankruptcy and Senior Citizens PDF Print

The economy, increased healthcare costs, and the threat of foreclosure cause seniors to consider Bankruptcy as part of their retirement plan.

Once you are retired and on a fixed income it may not make sense for you to take money from your retirement account to pay off large amounts of medical or credit card debt. That plan will spend down your nest egg and your withdrawal will be taxed as income.

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