Bankruptcy fraud is no laughing matter, even though certain celebrities have lately treated the court's rules like a joke -- at least until they were caught. The latest celebrity to land in jail over the issue is Abby Lee Miller, the owner of the dance school featured in TV's Dance Moms.
Why do people ultimately betray their country?
Employers are prohibited by federal law from discriminating against you for filing for bankruptcy protection. However, that may not end your concerns about your employer's reaction to the news.
Once you've filed for bankruptcy, the court issues something known as an "automatic stay." This bars your creditors from taking further action against you unless the bankruptcy court specifically allows it. That doesn't always stop the harassment immediately, however.
The final outcome of a case that went all the way to the Supreme Court of the United States certainly isn't a cause for celebration by General Motors (GM).
Many people don't realize this, but from the moment that you file your bankruptcy, the trustee assigned to your case has the status and power of a creditor -- but not just any ordinary creditor.
Bankruptcy is as much about asset protection as it is debt relief. In Michigan, debtors who file for Chapter 7 bankruptcy protection are entitled to choose between the federal exemptions or the state system of exemptions.
Tax season can collide with post-holiday bankruptcies in some unusual ways. If you intend to file a Chapter 7 or Chapter 13 bankruptcy soon, it's important to understand what you can and can't do with any tax refund that you receive.
Most bankruptcies go forward fairly smoothly—unless a debtor receives notice that he or she is facing an adversary proceeding, which means a creditor wants the bankruptcy judge to deny the discharge of a debt and force the debtor to pay up.
Sometimes it seems like old debts just won't die. These "zombie debts" may be past the statutory point where the creditor can sue for breach of contract (which, in Michigan, is 6 years), and they may even be from before you received a bankruptcy discharge, but that won't stop some collectors from trying to get you to pay.