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Re: What happens if you stop paying your cc's but don't file for bankrupcy?
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Posted by Why Chat on February 26, 2002 at 20:02:19:
In Reply to: Re: What happens if you stop paying your cc's but don't file for bankrupcy? posted by Desperate on February 26, 2002 at 14:24:23:
Michigan's BK laws are not what applies,check te site linked below for the FEDERAL BK rules which supercede Mich.Unless your land is worth more than $15,000.(when figuring values for bk you figure the "distress price" or wholesale blue book on vehicles) You had not figured that a husband and wfe were EACH entitled to the allowable exemptions,and you were unaware that Mich. is a State whose rules for BK are less than the Fed. so Fed rules apply. If you get a judgement against you, they can put liens on your property,seize them have a sheriffs sale and garnish your wages.You are MUCH better off in BK. As I sid before, looking up a piece of information on BK doesn't do much good if you don't know the law. See a lawyer.
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