Madison Heights Bankruptcy Lawyer, Michigan

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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

Thomas M. Hensel

Foreclosure, Workout, Consumer Bankruptcy, Bankruptcy
Status:  In Good Standing           

FREE CONSULTATION 

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Jennifer S. Bidwell

Landlord-Tenant, Real Estate, Banking & Finance, Bankruptcy
Status:  In Good Standing           

FREE CONSULTATION 

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David E. Tovarez

Real Estate, Dispute Resolution, Business Organization, Bankruptcy
Status:  In Good Standing           

FREE CONSULTATION 

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Stacey L. Sanford

Commercial Real Estate, Estate Planning, Employment, Bankruptcy
Status:  In Good Standing           

Darryl J. Chimko

Real Estate, Bankruptcy, Business, Lawsuit & Dispute
Status:  In Good Standing           Licensed:  45 Years

Aric K. Melder

Litigation, Adoption, Criminal, Collection, Bankruptcy
Status:  In Good Standing           Licensed:  28 Years

Sanford J. Melder

Adoption, Corporate, Collection, Bankruptcy
Status:  In Good Standing           Licensed:  51 Years

Daniel S. Singer

Real Estate, Estate, Bankruptcy
Status:  In Good Standing           Licensed:  25 Years

Christopher Eugene Frank

Credit & Debt, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  22 Years

Christopher E. Frank

Credit & Debt, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  22 Years

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Free Help: Use This Form or Call 800-943-8690

Member Representative

Call me for fastest results!
800-943-8690

Free Help: Use This Form or Call 800-943-8690

By submitting this lawyer request, I confirm I have read and agree to the Consent to Receive Messages from all messaging and voice technologies including Email, Text, Phone, Terms of Use, and Privacy Policy. Information provided is not privileged or confidential.

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LEGAL TERMS

FCBA

See Fair Credit Billing Act.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)
Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)
A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)
A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)
A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)
A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

SAMPLE LEGAL CASES

RDM Holdings, Ltd. v. Continental Plastics Co.

... II. REVIEW OF THE CHAPTER 7 BANKRUPTCY PROCEEDINGS. ... 109, 121, 597 NW2d 817 (1999). V. ANALYSIS—RES JUDICATA AND BANKRUPTCY PROCEEDINGS. A. GOVERNING PRINCIPLES. Our starting point is to determine the applicable res judicata test. ...

Gulf Underwriters Ins. Co. v. McCLAIN INDUSTRIES, INC.

... See MCL 500.402b(a); MCL 500.1904. The policy here includes language similar to the required "bankruptcy provision" for contracts controlled by the code. MCL 500.3006. However, Gulf Underwriters has not indicated that ...

MICHIGAN COMMERCE BANK v. PALMS INVESTMENTS, LLC

... Plaintiff first argues that a guarantor's liability is not extinguished when a debt is discharged in bankruptcy. Here, plaintiff's obligor, Palms Investments, LLC, defaulted on its debt to plaintiff and filed a petition for bankruptcy. During ...