Michigan Bankruptcy Definitions and Tips:
A few of the more common words and phrases used by the Michigan bankruptcy courts are included in following list. Be aware of variations between common usage, as compared to legal definitions derived from statutes, case interpretations, and local customs.
Broad sweeping reform bills have flourished in the U.S. Congress since 1994. With few exceptions, most Abuse Prevention schemes have been proposed by lobbies representing commercial lenders, banks, and financial institutions. In general, most proposed amendments reduce or eliminate the availability of discharge for individuals, while creating new creditor rights.
NOTICE OF AMENDED FORMS AND AUTOMATIC ADJUSTMENTS TO DOLLAR AMOUNTS: On April 1, 2004, automatic adjustments to the dollar amounts stated in various provisions of the Code will become effective in Michigan Bankruptcy Courts. The new dollar amounts will apply to cases filed after the effective date. These amended dollar amounts will affect the eligibility of a debtor to file under Chapter 13 of the Code, certain maximum values of property that a debtor may claim as exempt, the maximum amount of certain claims entitled to priority, the minimum aggregate value of claims needed to commence an involuntary petition, and the value of luxury foods and services deemed to be nondischargeable. The Michigan Bankruptcy Courts will adopt new forms to incorporate these changes beginning April 1, 2004.
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