Legal Question in Bankruptcy in Michigan

bankruptcy?

We are over $35,000 in credit card debt.I have 4 cards in credit counseling and 2 have gone to collections.

We have a 10 year old boat,a 10 year old ATV and a truck that is not half paid for.We own a cabin we are not living in,we are buying it from relative,its in our name,and fixing it up for retirement home.We own no other home.All of our furniture except refrigerator is at least 10 years old,frig is new.What would we lose if we filed bankruptcy?


Asked on 1/29/04, 6:48 am

1 Answer from Attorneys
Janet Ziulkowski Ziulkowski & Associates, P.L.C.

Re: bankruptcy?

Federal law allows certain exemptions to a debtor when they file bankruptcy. What this means is that generally, a debtor can keep up $17,425 in equity in his/her home ($34,850.00 if the debtor files jointly with a spouse) and much of thier personal property such as a car, boat etc. up to certain limits.

Often times people who sign up for debt counseling wind up paying more than they can afford and fees to the counseling service.

I think I can help you. I offer free bankruptcy evaluations and consultations. Call me at 586-979-7302 and we can discuss your situtaion in more detail.

Janet M. Ziulkowski

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Answered on 1/30/04, 9:43 am


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