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Are Pay Day Loans Dischargable in Bankruptcy? PDF Print

Debtors may be Eligible for Relief from Payday Loans in Bankruptcy

For those who are struggling to pay their bills and who are falling behind on monthly payments, payday loans may seem like an appealing option.  Payday loans, also known as cash advances, check advances, or paycheck advances, are short-term loans offered at a high interest rate.  They are designed to help the borrower meet his or her financial burden until the next pay day.

When people who are already struggling to keep up on monthly payments begin relying to heavily on payday loans as a source of instant cash, their financial situation can become dire very quickly.  It is not uncommon for borrowers to begin by making use of payday loans and wind up filing for bankruptcy.

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Tax Returns and Filing for Bankruptcy PDF Print
Protect your Tax Return in Bankruptcy through Careful Planning

Worrying about what will happen to your tax refund is a valid concern for people who are in bankruptcy or who are contemplating bankruptcy.  The vast majority of people in Michigan who file for bankruptcy are entitled to a tax return, which may be hundreds if not thousands of dollars.  For an individual or family who is struggling to gain control of their financial situation, this money is critical.

What happens to my tax refund if I file for bankruptcy?

Whether or not and the extent to which your tax refund will be affected by a bankruptcy proceeding depends on many factors.  First of all, it is important to note that each state, and even different districts within a state, have their own rules and may apply the same rules in a slightly different manner.  Most importantly, however, whether or not you will get to keep your tax return depends on the chapter that you file under.
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The Means Test Used in Determining Bankruptcy Eligibility PDF Print
Filing Bankruptcy in Michigan – Chapter 13 and the Means Test

The means test is used for more than determining Chapter 7 eligibility; it is also used in Chapter 13 bankruptcy cases. Most debtors prefer to file Chapter 7 bankruptcy as it eliminates the need for repayment. However, when you have been deemed ineligible to file Chapter 7 due to the means test, Chapter 13 bankruptcy may be your only option.

When applying the means test to filing bankruptcy in Michigan under Chapter 13, the procedure is slightly different.
Along with the other deductions, it permits you to include deductions from pension contributions, pension repayments, and administrative expenses.
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The Means Test Used in Determining Bankruptcy Eligibility (Part A) PDF Print
After you decide you need to begin the process of filing bankruptcy in Michigan, you will likely be subjected to a Means Test, a tool to evaluate whether you are eligible to file based on your income. The United States adopted this method of eligibility testing with the Bankruptcy Reform Act of 2005.

Filing Bankruptcy in Michigan – Chapter 7 and the Means Test

When filing bankruptcy in Michigan under Chapter 7 the means test backtracks and evaluates the 6-month period before you file to eliminate certain debts. In the means test, two variables are compared are your income versus the median household income in your county (relative to your family size). Your eligibility for filing bankruptcy in Michigan depends on whether your income falls above or below that median household income.
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Is Bankruptcy in Michigan the Right Choice for Me? PDF Print
Filing for Michigan bankruptcy may be the right choice for you if you are faced with mounting debts that you cannot conceivably repay without suffering undue financial hardship or further damage to your credit score. Like any important life decision, filing bankruptcy in Michigan is not a choice to be made in haste.

An experienced Ann Arbor bankruptcy attorney can work with you to examine your current financial situation, your eligibility for bankruptcy, how this decision will impact you for years to come, as well as explain any viable alternatives to filing bankruptcy.
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