Bankruptcy Attorney in Royal Oak, Michigan<\/span><\/h2><\/h2><\/span><\/div><\/div><\/div>Before filing for Chapter 13 bankruptcy in Michigan, it is crucial to know how it works. That includes determining the exemptions available to you as a debtor. These exemptions will help you ensure that you can keep your essential properties while having the necessary means to have a fresh start and restructure your finances. This may sound complicated initially, but hiring a <\/span>credible bankruptcy attorney<\/span><\/a> can help you.\u00a0<\/span><\/p>\nHammerschmidt Stickradt & Associates, a bankruptcy law firm with a firm commitment to providing excellent compassion to its clients, can assist you in understanding and evaluating your bankruptcy exemptions. With more than 20 years of experience practicing bankruptcy law, we can help you get out of debt. If you require assistance, set up a <\/span>free legal consultation<\/span><\/a> today!<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>Seeking Financial Freedom?<\/h2><\/div>How would you like to wake up not worrying about your creditors or loan balances? Our Michigan Bankruptcy<\/a> Attorneys can help you attain new financial freedom! Worried about the cost? We offer payment plans for all budgets and a free credit rebuilding program!<\/h6><\/div><\/div><\/div><\/div>Get Yours Today!<\/span><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>Why Do I Need a Bankruptcy Attorney in Michigan?<\/span><\/h2>\n![\"exemptions](\"https:\/\/hsapclaw.com\/wp-content\/uploads\/2022\/11\/chapter-13.webp\" "\\"exemptions")
Undoubtedly, the bankruptcy process is challenging. It is challenging to represent yourself in a Chapter 13 bankruptcy. Like anyone else, you could enormously benefit from hiring the right bankruptcy lawyer<\/a>. But the question is, what makes a good bankruptcy lawyer<\/a>? Before selecting, consider the following qualities:<\/span><\/p>\n\n- Understanding – <\/b>Your financial hardship is inevitable, and you should not be blamed for being frustrated. When choosing a bankruptcy attorney, look for someone who knows how to put themselves in your situation. Several people filing for bankruptcy have difficulty expressing their circumstances and what they intend to accomplish. Your concerns deserve care and attention, so look for a compassionate attorney.\u00a0<\/span><\/li>\n
- Competent – <\/b>As previously stated, the bankruptcy rules and applicable laws are complicated. Regardless of how experienced a lawyer is, there are specific laws and practices that a lawyer does not regularly perform regarding bankruptcy. If your lawyer misinterprets a rule, the consequences are severe. Check the law firm’s ratings, reviews, client feedback, and reputation in your state.<\/span><\/li>\n
- Affordable Fees – <\/b>You deserve a bankruptcy firm that cares for your financial health. Expensive filing fees do not automatically equate to excellent legal help. Look for someone willing to negotiate with you about the price.<\/span><\/li>\n<\/ul>\n
Hammerschmidt Stickradt & Associates cares about your financial health and understands your reason for filing. Other than having extensive years of experience, Marguerite Hammerschmidt and Timothy P. Stickradt are involved in various professional associations, including but not limited to the American Bankruptcy Institute, Consumer Bankruptcy Association, Contributor to (ICLE) Institute of Continuing Education, and a lot more. Our competence enabled us to establish a solid reputation in the state of Michigan. If you need assistance, consult our bankruptcy attorneys for a free consultation!<\/span><\/p>\nWhat are Exemptions in Michigan?<\/span><\/h2>\nThere are certain exemptions available when filing for bankruptcy. You can exempt assets, preventing creditors from selling or taking them away. Every state has federal exemptions, which enumerate the types of property you can legally claim as you declare bankruptcy. In Chapter 13, you can keep all your assets while paying off your debts in full or in part through your repayment plan. The plan will typically last three to five years. Your exemptions are subtracted from the value of the bankruptcy estate under this chapter, which can lower the amount you are required to repay under the plan.<\/span><\/p>\nUsing these available options, consumers can obtain a fresh start by utilizing bankruptcy exemptions in Michigan as their advantage:<\/span><\/p>\n\n- Homestead Exemption<\/span><\/li>\n
- Wages<\/span><\/li>\n
- Motor Vehicles<\/span><\/li>\n
- Pension and Retirement Accounts<\/span><\/li>\n
- Household Goods and Personal Property<\/span><\/li>\n
- Tools Of Your Trade<\/span><\/li>\n
- Public Benefits<\/span><\/li>\n<\/ul>\n
Homestead Exemption<\/b><\/h3>\n
One of the fundamental exemptions you can use is the homestead exemption<\/a>. In Michigan, debtors can exempt property granted the total equity is less than $40,475. The exemption can be increased to $60,725 if you are currently disabled or older than 65 years old. Your surviving spouse, as a homeowner, can also take advantage of this exemption.<\/span><\/p>\nWages<\/b><\/h3>\n
You can claim an exemption if you earn a living. You can exempt up to 60% of your unpaid wages under the applicable bankruptcy laws. You can also claim $15 weekly, while your dependents can claim $2 weekly. Everyone else is eligible for $10 per week or 40%.<\/span><\/p>\nMotor Vehicles<\/b><\/h3>\n
Michigan residents can also claim a motor vehicle exemption. This type of exemption permits an individual to claim not less than $3,725 on a vehicle they own. This exemption is imperative for anyone trying to prevent giving up or selling their valuable vehicles to have debt relief<\/a> under Chapter 7.<\/span><\/p>\nPension and Retirement Accounts<\/b><\/h3>\n
In Michigan, most retirement and pension accounts are legally protected. Personal annuities and retirement accounts have bankruptcy protection. You can safeguard your profit-sharing plans and stock bonuses so long as they are contributed within 120 days of filing the bankruptcy petition. Retirement plans and IRA accounts, such as 401(k)s, can also be protected up to a certain amount.<\/span><\/p>\nHousehold Goods and Personal Property<\/b><\/h3>\n
Furniture, books, utensils, jewelry, and appliances are examples of household goods and personal property. You can exempt all your household goods so long as their value does not exceed $4,050. There are certain limits imposed on items such as crops, clothing, electronics, and pets when claiming an exemption. The accepted total value to claim for clothing is $700, and $2,700 for farm animals.<\/span><\/p>\nTools Of Your Trade<\/b><\/h3>\n
If you work in a trade such as construction or plumbing, you can exempt up to $2,700 worth of materials, tools, or other valuable items related to your work or business.<\/span><\/p>\nPublic Benefits<\/b><\/h3>\n
In Michigan, you are also allowed to exempt public benefits. This includes compensation for crime victims, unemployment compensation, worker’s compensation, welfare benefits, and veterans’ benefits.\u00a0<\/span><\/p>\nCall our Bankruptcy Attorney Now!<\/span><\/h2>\nMaybe several things are still left unclear after learning about the exemptions in Chapter 13 bankruptcy. Declaring bankruptcy is a huge decision; thus, each bankruptcy case requires careful diligence and attention. If you intend to file a Chapter 13 bankruptcy, you must consult with an experienced bankruptcy attorney in Michigan.<\/span><\/p>\nFor over 20 years, Hammerschmidt Stickradt & Associates has continued to help individuals requiring assistance in Michigan. Besides helping you with Chapter 13 bankruptcy, we also handle concerns about <\/span>Chapter 7<\/span><\/a>, <\/span>abusive creditors<\/span><\/a>, <\/span>the automatic stay,<\/span><\/a> foreclosure<\/span><\/a>, and <\/span>wage garnishment<\/span><\/a>. We will thoroughly evaluate your circumstances and provide affordable legal services because we care more about your financial health than we do. Having questions about Chapter 13? Request a free consultation now!\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":3649,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646"}],"collection":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/comments?post=3646"}],"version-history":[{"count":11,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646\/revisions"}],"predecessor-version":[{"id":4126,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646\/revisions\/4126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media\/3649"}],"wp:attachment":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media?parent=3646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Before filing for Chapter 13 bankruptcy in Michigan, it is crucial to know how it works. That includes determining the exemptions available to you as a debtor. These exemptions will help you ensure that you can keep your essential properties while having the necessary means to have a fresh start and restructure your finances. This may sound complicated initially, but hiring a <\/span>credible bankruptcy attorney<\/span><\/a> can help you.\u00a0<\/span><\/p>\n Hammerschmidt Stickradt & Associates, a bankruptcy law firm with a firm commitment to providing excellent compassion to its clients, can assist you in understanding and evaluating your bankruptcy exemptions. With more than 20 years of experience practicing bankruptcy law, we can help you get out of debt. If you require assistance, set up a <\/span>free legal consultation<\/span><\/a> today!<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div> Hammerschmidt Stickradt & Associates cares about your financial health and understands your reason for filing. Other than having extensive years of experience, Marguerite Hammerschmidt and Timothy P. Stickradt are involved in various professional associations, including but not limited to the American Bankruptcy Institute, Consumer Bankruptcy Association, Contributor to (ICLE) Institute of Continuing Education, and a lot more. Our competence enabled us to establish a solid reputation in the state of Michigan. If you need assistance, consult our bankruptcy attorneys for a free consultation!<\/span><\/p>\n There are certain exemptions available when filing for bankruptcy. You can exempt assets, preventing creditors from selling or taking them away. Every state has federal exemptions, which enumerate the types of property you can legally claim as you declare bankruptcy. In Chapter 13, you can keep all your assets while paying off your debts in full or in part through your repayment plan. The plan will typically last three to five years. Your exemptions are subtracted from the value of the bankruptcy estate under this chapter, which can lower the amount you are required to repay under the plan.<\/span><\/p>\n Using these available options, consumers can obtain a fresh start by utilizing bankruptcy exemptions in Michigan as their advantage:<\/span><\/p>\n One of the fundamental exemptions you can use is the homestead exemption<\/a>. In Michigan, debtors can exempt property granted the total equity is less than $40,475. The exemption can be increased to $60,725 if you are currently disabled or older than 65 years old. Your surviving spouse, as a homeowner, can also take advantage of this exemption.<\/span><\/p>\n You can claim an exemption if you earn a living. You can exempt up to 60% of your unpaid wages under the applicable bankruptcy laws. You can also claim $15 weekly, while your dependents can claim $2 weekly. Everyone else is eligible for $10 per week or 40%.<\/span><\/p>\n Michigan residents can also claim a motor vehicle exemption. This type of exemption permits an individual to claim not less than $3,725 on a vehicle they own. This exemption is imperative for anyone trying to prevent giving up or selling their valuable vehicles to have debt relief<\/a> under Chapter 7.<\/span><\/p>\n In Michigan, most retirement and pension accounts are legally protected. Personal annuities and retirement accounts have bankruptcy protection. You can safeguard your profit-sharing plans and stock bonuses so long as they are contributed within 120 days of filing the bankruptcy petition. Retirement plans and IRA accounts, such as 401(k)s, can also be protected up to a certain amount.<\/span><\/p>\n Furniture, books, utensils, jewelry, and appliances are examples of household goods and personal property. You can exempt all your household goods so long as their value does not exceed $4,050. There are certain limits imposed on items such as crops, clothing, electronics, and pets when claiming an exemption. The accepted total value to claim for clothing is $700, and $2,700 for farm animals.<\/span><\/p>\n If you work in a trade such as construction or plumbing, you can exempt up to $2,700 worth of materials, tools, or other valuable items related to your work or business.<\/span><\/p>\n In Michigan, you are also allowed to exempt public benefits. This includes compensation for crime victims, unemployment compensation, worker’s compensation, welfare benefits, and veterans’ benefits.\u00a0<\/span><\/p>\n Maybe several things are still left unclear after learning about the exemptions in Chapter 13 bankruptcy. Declaring bankruptcy is a huge decision; thus, each bankruptcy case requires careful diligence and attention. If you intend to file a Chapter 13 bankruptcy, you must consult with an experienced bankruptcy attorney in Michigan.<\/span><\/p>\n For over 20 years, Hammerschmidt Stickradt & Associates has continued to help individuals requiring assistance in Michigan. Besides helping you with Chapter 13 bankruptcy, we also handle concerns about <\/span>Chapter 7<\/span><\/a>, <\/span>abusive creditors<\/span><\/a>, <\/span>the automatic stay,<\/span><\/a> foreclosure<\/span><\/a>, and <\/span>wage garnishment<\/span><\/a>. We will thoroughly evaluate your circumstances and provide affordable legal services because we care more about your financial health than we do. Having questions about Chapter 13? Request a free consultation now!\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":3649,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646"}],"collection":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/comments?post=3646"}],"version-history":[{"count":11,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646\/revisions"}],"predecessor-version":[{"id":4126,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3646\/revisions\/4126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media\/3649"}],"wp:attachment":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media?parent=3646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Seeking Financial Freedom?<\/h2><\/div>
How would you like to wake up not worrying about your creditors or loan balances? Our Michigan Bankruptcy<\/a> Attorneys can help you attain new financial freedom! Worried about the cost? We offer payment plans for all budgets and a free credit rebuilding program!<\/h6><\/div>
Why Do I Need a Bankruptcy Attorney in Michigan?<\/span><\/h2>\n
Undoubtedly, the bankruptcy process is challenging. It is challenging to represent yourself in a Chapter 13 bankruptcy. Like anyone else, you could enormously benefit from hiring the right bankruptcy lawyer<\/a>. But the question is, what makes a good bankruptcy lawyer<\/a>? Before selecting, consider the following qualities:<\/span><\/p>\n\n
What are Exemptions in Michigan?<\/span><\/h2>\n
\n
Homestead Exemption<\/b><\/h3>\n
Wages<\/b><\/h3>\n
Motor Vehicles<\/b><\/h3>\n
Pension and Retirement Accounts<\/b><\/h3>\n
Household Goods and Personal Property<\/b><\/h3>\n
Tools Of Your Trade<\/b><\/h3>\n
Public Benefits<\/b><\/h3>\n
Call our Bankruptcy Attorney Now!<\/span><\/h2>\n