Showing 2 posts from January 2021.
Are Funds Received as the Beneficiary of an IRA Property of the Estate in Bankruptcy?
When an individual files a Chapter 7 bankruptcy case, the debtor’s non-exempt assets become property of the estate that is used to pay creditors. “Property of the estate” is a defined term under the Bankruptcy Code, so a disputed question in many cases is: What assets are, in fact, available to creditors? Read More ›
Categories: Chapter 7, Eastern District of Michigan, Estate Planning
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Michigan Updates and Expands its Receivership Act
A new amendment was recently enacted in Michigan which expands the scope of receivership proceedings, which are a liquidation alternative to bankruptcy. Previously, the receivership statute in Michigan applied only to receiverships over commercial real estate. Now it is applicable to all operating businesses in Michigan, and commercial and industrial loans irrespective of whether real estate collateral is involved. Read More ›
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