Legal Question in Bankruptcy in Michigan

Bankruptcy chapter 7 questions

Hi,

I am considering filing for chapter 7 bankruptcy and have a few questions about filing in Michigan.

I have a house that I am trying to keep. What is the maximum value that the house can be and how much equity am I allowed to have in this house to keep it from being sold by the trustee?

Also, what is the max median family income allowed to file for BK chapter 7 for a family of five... Is this number the AGI reported on my tax form schedule 1040 or is the the gross income I make from my job?

Finally, I have a car that I would like to keep. What is the max amount of equity I would be allowed in the car to avoid having it sold by the trustee?

Thanks you very much for your help!

Keith


Asked on 12/01/07, 7:47 pm

1 Answer from Attorneys
Peter Torrice Canu, Torrice & Zalewski, PLLC

Re: Bankruptcy chapter 7 questions

There are many considerations with the "exemptions" that you are allowed. For example, are you filing as and individual or jointly? Are you filing using the Michigan exemptions or the Federal exemptions? This is also applied to a car. How is the car owned? Jointly or individually? The income that would be considered for the "means test" is based off of an average of your last 6 months of income. Call me for questions 5862851700

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Answered on 12/01/07, 9:51 pm


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