Chapter 7 BR, Filing in Michigan under California Laws
Howdy:
My name is Zeke. I restarted my search today regarding my bankruptcy, after thinking that I had finally reached 180 days residence in my new state...
As you all know, these laws are tough to figure out. I lived in CA for almost 15 years... I've almost always had a good job, GREAT credit....
I was getting tired of CA, high cost of living and missing my family.... The last year (2012/2013) I partnered with a friend in his business, unofficially. Yep, I did what they say you should never do. But we all feel we know our friends right?
He had his working credit reduced due to a mortgage mod, and there was a short-term boom about to happen and as I was already helping him with the business (helping in the shop for rent and discounts), we naturally came to the conclusion that if I were to extend my untapped credit in exchange for 50% of the profits, we could both make a lot of money.
Well, we did make a lot of money. Problem is, my friends day job (equip operator) sat him home for 5 months beginning of 2013, and so the money we made was spent on his mortgage, car payment, child support, etc, instead of repaying my debts and paying me my portion of the profits.
I could write 10 pages about what's happening with that, but suffice it to say, that's how this started.
A few months into partnership, I was laid off from my job as well, and as I was extended I started having trouble paying the credit card bills after a few short months.
I sorta decided at this point, that I was ready for a change and decided to move back to Michigan..
BANKRUPTCY
So, when it was evident, I was either going to file BR or spend several more years slaving in the silicon valley to pay my friends debt, I started looking a little bit about filing. I found out in NOV 2013 after I was already back in Michigan that I would need to wait 6 months of residency in MI before I could file here.
So, I impatiently waited all winter for May to come along, so that I could finally get on with it.
Today I resumed my research, and found that the laws have changed!!!!
What!!?
Now, it seems, I didn't need to wait 6 months, But I have to use the California filing laws. Last I checked the MI laws looked better, but seems that isn't the case now.
I have so many questions....
I have done my research and have searched here, haven't found a thread with similar circumstances...
I intend to hire a lawyer, unless you all can convince me to file pro se, but I want to be educated and know what to expect.
First thing's first: Do I have the filing process correct, that I'll be filing IN Michigan but utilizing California's laws for exemptions?
I can do so using a Michigan Attorney, correct?
I also have questions regarding the exemptions, but I suppose I should start a thread there with my questions.
Thanks for this great resource
My name is Zeke. I restarted my search today regarding my bankruptcy, after thinking that I had finally reached 180 days residence in my new state...
As you all know, these laws are tough to figure out. I lived in CA for almost 15 years... I've almost always had a good job, GREAT credit....
I was getting tired of CA, high cost of living and missing my family.... The last year (2012/2013) I partnered with a friend in his business, unofficially. Yep, I did what they say you should never do. But we all feel we know our friends right?
He had his working credit reduced due to a mortgage mod, and there was a short-term boom about to happen and as I was already helping him with the business (helping in the shop for rent and discounts), we naturally came to the conclusion that if I were to extend my untapped credit in exchange for 50% of the profits, we could both make a lot of money.
Well, we did make a lot of money. Problem is, my friends day job (equip operator) sat him home for 5 months beginning of 2013, and so the money we made was spent on his mortgage, car payment, child support, etc, instead of repaying my debts and paying me my portion of the profits.
I could write 10 pages about what's happening with that, but suffice it to say, that's how this started.
A few months into partnership, I was laid off from my job as well, and as I was extended I started having trouble paying the credit card bills after a few short months.
I sorta decided at this point, that I was ready for a change and decided to move back to Michigan..
BANKRUPTCY
So, when it was evident, I was either going to file BR or spend several more years slaving in the silicon valley to pay my friends debt, I started looking a little bit about filing. I found out in NOV 2013 after I was already back in Michigan that I would need to wait 6 months of residency in MI before I could file here.
So, I impatiently waited all winter for May to come along, so that I could finally get on with it.
Today I resumed my research, and found that the laws have changed!!!!
What!!?
Now, it seems, I didn't need to wait 6 months, But I have to use the California filing laws. Last I checked the MI laws looked better, but seems that isn't the case now.
I have so many questions....
I have done my research and have searched here, haven't found a thread with similar circumstances...
I intend to hire a lawyer, unless you all can convince me to file pro se, but I want to be educated and know what to expect.
First thing's first: Do I have the filing process correct, that I'll be filing IN Michigan but utilizing California's laws for exemptions?
I can do so using a Michigan Attorney, correct?
I also have questions regarding the exemptions, but I suppose I should start a thread there with my questions.
Thanks for this great resource
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