Legal Question in Bankruptcy in Michigan

Please help

I am going thru BK and have filed the papers as of today. I was told that my home could be sold by the trustie...But my question is.....If sold will I get any of the proceeds? while on a bk forum I was told that I will receieve the exemption amount..Is this true? I will really receive 17k (exemption) or are there other exemption amount that apply in this case? I know after the sale my leins are paid as well but will I recieve this exemption....


Asked on 8/13/02, 6:08 pm

1 Answer from Attorneys
Timothy Trichler Timothy R. Trichler - Attorney and Counselor at Law

Re: Please help

Greetings; It is possible that you will receive some of the proceeds, but very unlikely. The liens, and associated late fees must all be paid in full first. Then the trustee must be paid in full. If anything is left over it goes to you up to your exemption amount. If the home had that much equity, and given any common sense at all, you would have sold it yourself at a discount before filing bankruptcy. This question should have been answered and discussed in detail by your attorney before you filed. Good luck. Atty. Trichler; www.trichler.com

Read more
Answered on 8/13/02, 7:31 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Michigan