NEED ATTORNEY IN FLINT FOR BANKRUPTCY? CALL BANKRUPTCY LAWYER TERRY BANKERT 810- 235-1970
DID YOU KNOW-11 USC 109 sets forth the types of entities eligible to file for bankruptcy. Only a person, as that term is defined in 11 USC 109, may file a bankruptcy. Individuals, corporations, and partnerships are included in the definition of person. Further, to file a bankruptcy, an individual must, within the 180-day period preceding the date of filing, receive an individual or group briefing outlining the opportunities for available credit counseling and assisting the individual to prepare a budget analysis. This briefing must be received from an approved nonprofit budget and credit counseling agency. See 11 USC 109(h).
As of July 2010, to file a Chapter 13 case, an individual must have less than $336,900 in unsecured debt and less than $1,010,650 in secured debt. (Dollar amounts are adjusted April 1 every three years with the last adjustment occurring on April 1, 2010.) See 11 USC 109(e). To file a Chapter 12 case, an individual must meet the definition of family farmer and have regular annual income. See 11 USC 109(f). An individual’s ability to file a bankruptcy case or obtain the benefit of the automatic stay may also be limited by previous bankruptcy cases.
For help-Flint Michigan, Terry Bankert 810-235-1970 Flint Lawyer Attorney practicing in Family Law and Bankruptcy
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Michigan Family Law ch 17 (Hon. Marilyn J. Kelly et al eds, ICLE 7th ed 2011), at http://www.icle.org/modules/books/chapter.aspx/?lib=family&book=2011553510&chapter=17 (last updated 09/30/2011
