Can I Discharge Michigan Driver’s Responsibility Fees with Bankruptcy?

Yes You Can Michigan driver’s responsibility fees are generally dischargeable in Chapter 7 bankruptcy. Criminal penalties are not dischargeable in bankruptcy. However, Michigan driver’s responsibility fees are not “criminal penalties.” They are administrative fines levied by the Secretary of State’s office, not as a sentencing judgment or criminal statutory penalty by a criminal court conviction. Therefore, they should not fall under the “criminal penalty” non-dischargeability exception to the list of debts dischargeable under the US Bankruptcy Code as traffic tickets, parking tickets, and other fines may. Thus, the filing of a Chapter 7…Read more

Can I keep my 401(k) if I File for Bankruptcy?

Can I keep my 401(k) if I file for bankruptcy? Yes When you file for bankruptcy you are given exemptions that you may use to protect your property. Some exemptions are limited, such as those used to protect your automobile and household goods, and some are unlimited, such as the exemptions you receive to protect any qualified retirement. 401(k)’s, 403(b)’s, pensions and the vast majority of IRA’s are considered to be qualified retirement plans.Read more