Do I qualify for Chapter 7 Bankruptcy? One of the main factors in determining whether or not an individual qualifies for a Chapter 7 bankruptcy, is whether your household income is under the median family income amount. For cases filed on or after November 1, 2017 in Michigan, the following are the median incomes by…
Continue reading ›Even though bankruptcy discharges your personal obligation to pay a secured debt, the lien on your property will remain. Any amount of a debt that is secured by property, will remain. Any amount that is not secured by the property, will be discharged. For example, if you your purchased a tv on credit, if you…
Continue reading ›Once your divorce is final with the Court, there are several things you should do to wrap up any lose ends. Below is a checklist of some post-divorce issues you may encounter: 1.) Look after your credit. Cancel joint credit cards, and ensure that you are aware of all of your old and new obligations.…
Continue reading ›Getting divorced at any age creates profound stress and uncertainty. However, this is even more so for older individuals. There are several considerations to help prepare yourself from financial pitfalls. 1.) Create an inventory of all assets, before meeting with your attorney. You should know how each asset is titled (jointly or individually). 2.) Be…
Continue reading ›There are three main options that you have, when deciding where you are going to live after your divorce: 1.) Stay in the home; 2.) Purchase a new home; or 3.) Rent a new property Some factors to consider when deciding which option is best for you, are as follows: 1.) Is the location convenient…
Continue reading ›We handle numerous probate and trust administration cases, where siblings do not get along. It is better to work through issues with your siblings, prior to your parents’ passing away, as there is less stress and emotion. There are several questions to ask your adult siblings, which may help repair and strengthen your relationships. 1.)…
Continue reading ›What does your auto insurance policy get you? Many people buy auto insurance because they have to, not because they want it. However, knowing what you are paying for is important to understanding if what you have actually meets your needs. It is important that you understand that portion of your policy that is no-fault…
Continue reading ›How to reconcile the valuation of a business, its potential equity distribution, and support obligations. If you are a business owner, you want to ensure that your spouse is not able to “double dip” in receiving part of the business, and spousal support based upon your income. This would allow your spouse to receive double…
Continue reading ›The Hawaii Supreme Court is listening to arguments in a significant LGBTQ case, involving legal parenthood. The case involves a lesbian couple, where one of the women sought out a sperm donor and became pregnant while the other woman was deployed in the military. Upon returning from deployment, the non-pregnant spouse filed for divorce. The…
Continue reading ›The new tax overhaul will remove a 75-year-old tax deduction for alimony payments. The new rule will not affect anyone who divorces prior to 2019; however, it will certainly change divorce negotiations. What’s changing? Currently, the spouse paying alimony can deduct it from their taxes and the spouse receiving the alimony pays taxes on it.…
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