Recent Posts in Chapter 7 Bankruptcy Category


    || 1-May-2014

    Last month the United States Bankruptcy Court announced that it would be increasing the filing fees for Chapter 7 & Chapter 13 Bankruptcy cases effective JUNE 1, 2014. The Chapter 7 filing fee will be raised from $306 to $335. The Chapter 13 filing fee will be raised from $281 to $310.
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  • What to Expect When Filing for Chapter 7 Bankruptcy

    || 21-Aug-2013

    Are you drowning in debt? If so, you may significantly benefit from Chapter 7 bankruptcy. Unlike Chapter 13 bankruptcy, which could take anywhere from 3 to 5 years, this process would allow you to get out from underneath your debt in a matter of months. Since you would be required to liquidate certain non-exempt assets and use the proceeds to repay your creditors, you could expect to find relief ...
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  • Five of the Most Common Myths about Bankruptcy

    || 9-Aug-2013

    If you have considered filing for bankruptcy, you may have found it difficult to separate the facts from the widely popularized misconceptions. For this reason, the Michigan bankruptcy lawyer at Hensel Law Office, PLLC encourages you to seek out the truth about this valuable debt relief process. While the most effective way to do so would be to discuss your case with the knowledgeable legal team ...
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  • M is for Mortgage

    || 21-Feb-2013

    Do you have a Mortgage? Do you have more than one Mortgage? Is your Mortgage being foreclosed ? Are you trying to modify your Mortgage? Bankruptcy can do many things when it comes to dealing with your Mortgage issue. Chapter 7 bankruptcy can eliminate your personal liability on the Mortgage Note. This can come in handy if you're letting your house go or if you think you may decide to let it go ...
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  • L is for Lien Strip

    || 6-Feb-2013

    " Lien strip " has become a very popular bankruptcy term over the past 5 years or so – largely due to the dramatic decline in the value of real estate. Here's how it works: say you happen to own a home with a first mortgage with a balance of approximately $150,000. Say you also have a second mortgage or home equity loan with a balance of approximately $30,000 - that was taken ...
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  • K is for Knowledge

    || 27-Jan-2013

    Just about every client I've met has some preconceived notion about bankruptcy. Some think they have to have zero income to file. Some think they'll lose all or most of their property. Some think they'll never be able to obtain credit again in the future. Some believe since a creditor has a Judgment against them that it's too late to do anything. After an initial consultation - ...
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  • J is for Judgment

    || 13-Jan-2013

    When a creditor files a collection lawsuit against you (i.e. credit card debt, medical bill, deficiency balance on a car, etc.), the goal that they have is to obtain a Judgment against you. A Judgment is a very powerful piece of paper in the State of Michigan. It gives this creditor certain powers to collect a debt. These powers include: Garnishment of wages, bank accounts or State tax refunds. ...
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  • Hensel Law Office, PLLC Announces Move to New Office Location

    || 8-Jan-2013

    At the Hensel Law Office, PLLC, we are a Michigan bankruptcy law firm that is 100% dedicated to assisting the residents of Madison Heights, Royal Oak, Sterling Heights, Clinton Township, Warren, Brighton, South Lyon, and Howell in their bankruptcy needs. We provide up to the minute information on the state and federal bankruptcy exemptions, as well as the bankruptcy do's and don'ts, ...
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  • I is for Income

    || 6-Jan-2013

    Income is one of the most important factors to examine when determining bankruptcy options. Income determines if you'll be eligible under Chapter 7. In the context of Chapter 13, it will dictate how long your Plan must last for – as well as how much money you may have to pay back to your creditors. Since I've been practicing bankruptcy law, I've had clients who have had incomes ...
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  • Eligibility for a Chapter 7 Bankruptcy

    || 20-Dec-2012

    A lot of people would choose filing a Chapter 7 bankruptcy over a Chapter 13 if they were given the choice. However, not everyone has the ability to choose between a Chapter 7 and a Chapter 13 bankruptcy. What sets the two bankruptcies apart? With a Chapter 7 bankruptcy, the bankruptcy trustee cancels all or the majority of your debts, meaning they are literally wiped out and you are no longer ...
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  • H is for Hensel Law Office

    || 11-Dec-2012

    Okay it's time for a little shameless self-promotion! My name is Thomas Hensel and I'm a Consumer Bankruptcy Attorney. I've been practicing for a little more than 13 years now. I opened my firm – Hensel Law Office, PLLC - in 2008. My practice is 100% dedicated to representing Debtors in Chapter 7 and Chapter 13 bankruptcy proceedings. Prior to opening my firm I spent considerable ...
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  • G is for Garnishment

    || 4-Dec-2012

    Garnishment is one of the most powerful weapons that a judgment creditor can wield. It can take many forms – wage garnishment, bank account garnishment, tax refund garnishment. Any or all of these may be utilized in order to collect on a judgment. In the state of Michigan, a judgment creditor can seize up to 25% of your wages via a wage garnishment – this may continue until the debt is ...
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  • Understanding the Automatic Stay in Bankruptcy

    || 4-Dec-2012

    Once a debtor files for bankruptcy, they typically notice the immediate benefits of what is called the "automatic stay." What is the automatic stay and how does it affect you directly? The automatic stay is automatic injunction (a legal order) that immediately halts creditors from collecting on debts from a debtor who has filed bankruptcy. Under 11 USC §362 – Automatic Stay, ...
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  • F is for First Meeting

    || 28-Nov-2012

    In both types of consumer bankruptcy cases - Chapter 7 or Chapter 13 - you will be required to appear at your " first meeting " or " first meeting of the creditors " or " 341 hearing " (341 being the section of the Bankruptcy Code that sets out the details of this hearing). This is your initial Court date. In Chapter 7 cases, it should be your only Court date. Many of ...
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  • E is for Exemptions

    || 20-Nov-2012

    When you file a bankruptcy petition ALL of your property becomes property of your 'bankruptcy estate'. Exemptions are what the bankruptcy code allows you use in order to KEEP or PROTECT certain property. In the context of a Chapter 7 bankruptcy, any non-exempt property is subject to liquidation by a Chapter 7 Trustee (the party who appointed by the Court to convert all non-exempt property ...
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  • D is for Discharge

    || 13-Nov-2012

    Obtaining a Discharge is the goal in every individual Chapter 7 case and it's also the goal in about 99% of Chapter 13 cases too. It's the final Order of the Court indicating that your case has completed successfully and you are legally 'Discharged' of all of your debts....with certain exceptions. It's a piece of paper that's symbolic of your 'fresh start '. In a ...
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  • B is for Bank Accounts

    || 29-Oct-2012

    One of the most common assets that a Chapter 7 or Chapter 13 bankruptcy Debtor (the person filng bankruptcy) has is a bank account. What types of bank accounts must be listed as assets? Any account that the Debtor's name is on (or the Debtor's spouse is on in a joint case) in any capacity. This includes bank accounts that a Debtor may be on that are actually for his children. This also ...
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  • Chapter 7 vs. Chapter 13 Bankruptcy

    || 8-Aug-2012

    In today's economy, it is no surprise that countless people have been severely impacted by uncontrollable debt. Whether a family is upside down on their mortgage or creditors won't stop harassing someone that owes a large amount of debt, a great number of people have decided to explore their options for relief. One of the most effective ways that a person may do so is to file for ...
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