Michigan Bankruptcy Attorney/Lawyer Question

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To a Michigan Bankuptcy attorney at www.alllegalmatters.com and Canu Torrice Law>>>

If I file Bankruptcy does the Bankruptcy Court in Michigan consider the equity of my house in what it used to be worth or do they consider what it is worth today? I have read some research on the means test and if my house in Shelby Township is what is used to be worth than I have like $45,000.00 in equity, but in today’s market I have like $0.00>>>I am trying to figure out if Bankruptcy is for me. Please let me know. I am single but divorced with 2 kids and after having my hours cut back I make like $40,000 a year, but I have like $19,000.00 in cedit card debt. Do you think Bankuptcy is fo me?

Comments

  1. Peter on May 16, 2009 at 11:01 am said:

    Thank you for asking your Michigan Bankruptcy law question on http://WWW.ALLLEGALMATTERS.COM I am sure that I can help since I am the lead bankruptcy attorney at Canu Torrice Law

    The Bankruptcy court will consider the equity in your home as to what that asset is worth today. The reason why is because in bankruptcy the trustee is looking to liquidate assets to satisfy debt. Since the “asset” can’t be sold then there is nothing the trustee can get.

    Making 40k a year you should qualify. You also have to consider the child support that you get, if you get any. 19k in credit card debt is substantial and would probably take you 30 years to pay off making minimum payments. Credit card interest rates are insane and they hit you with fees every chance they get. Call me for a free consultation on bankruptcy. 586-285-1700

    Peter A. Torrice
    Canu Torrice Law
    (586) 285-1700
    http://www.alllegalmatters.com

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