What Are The Benefits of Bankruptcy?

What Are The Benefits of Bankruptcy?

There are four primary benefits to filing for bankruptcy. They include: Automatic Stay Once you file for bankruptcy, your creditors are barred from taking any further collection action against you, including phone calls, letters, lawsuits, repossessions or mortgage foreclosures. Debt Discharge Once your bankruptcy is complete, most or all of your debts will be resolved. Even if you have ineligible debts left over, you will likely be in a better position to address them than you were before bankruptcy. Catching Up On Past Due Payments If you file for Chapter 13, you will…Read more

Qualified Domestic Relations Order (QDRO)

A qualified domestic relations order (QDRO) is a judgment, decree, or order included in a divorce judgment dealing with pension funds and/or an employee benefit plan. A QDRO or a similar legal order is used to split and change the ownership of retirement funds, making sure the employee’s divorcing spouse receives their fair share of assets. Qualified domestic relations orders are complex legal documents, and an incomplete or incorrect one can put your future financial security at risk. Watt Law Firm has helped people with complex transactional needs like these, and we have…Read more

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

A Civil Judgment

A civil judgment is good for ten years.  The month of October is the month to file income tax garnishments.  It takes about thirty days for it to get through the court system and then another twenty days to have it filed with the State of Michigan.  This is a good way to collect monies.  You probably got the civil judgment and then didn’t know what to do with it.  Now is the time to do that.  It is a simply process.  If the judgment is getting close to being ten years old,…Read more

How Much Time Does It Take to Complete a Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy begins upon filing a bankruptcy petition. Once the petition is filed, the court will issue a case number and an automatic stay is invoked. The automatic stay prohibits creditors from collection activity. This affords the Debtor relief from phone calls, foreclosure, repossessions, garnishment or other collection activity. Approximately thirty days after filing the petition, a meeting is scheduled called the First Meeting of creditors. At this meeting, creditors may attend to ask questions about the case. The meeting is conducted by a Trustee who is appointed by the court.…Read more

Are you driving on a suspended license or do you need your driver’s license reinstated?

Defense to Driving on a Suspended License In Michigan, the penalties for driving with a suspended license are severe. They range from a doubling of the length of the initial suspension, fines and driver’s responsibility fees, all the way to substantial incarceration. Still, some people drive on a suspended or revoked license-sometimes because they feel they have no other choice. With Watt Law Firm, P.C. at your side, you can have other options. Rather than taking the risk of jail time or other serious consequences, if your driver’s license has been suspended or…Read more

Start The Year Off Right! Protect Your Family With A Comprehensive Estate Plan

START THE YEAR OFF RIGHT! PROTECT YOUR FAMILY WITH A COMPREHENSIVE ESTATE PLAN Start this year off right and resolve to take care of yourself and your family.  A fresh first step is to have Watt Law Firm, P.C. create your comprehensive estate plan. A comprehensive estate plan should including the following documents:  will, financial and medical powers of attorney, and a living will.  If you already have an estate plan, consider having Watt Law Firm, P.C. review your documents to ensure that they still accurately convey your wishes and encompass all your…Read more


Bankruptcy questions? Step One: Schedule a no-cost, no-obligation consultation. Your first consultation is free, and you will meet with the attorney personally. The attorney will help you determine your best option available and answer all your questions. Bankruptcy Step two: Complete your online credit counseling course and submit your documents. After your first meeting with Watt Law Firm, you will be provided with a questionnaire and a list of required documents. Bankruptcy Step Three: Attend the meeting of creditors. Shortly after your case is filed, Watt Law Firm will accompany you to the 341 hearing, also known…Read more
When Obtaining An Attorney

When Obtaining An Attorney

When an attorney is admitted to the State Bar of Michigan, that allows the attorney to practice anywhere in Michigan.  In the United States everything is based on states law and states licensing and regulation.  Obviously, there are certain federal things but those are different.  The majority of divorces, law suits, everything that occurs within a certain state are authorized by that state. So, once an attorney is admitted to the State Bar of Michigan, the attorney can practice anywhere in Michigan.  Geographically and economically, sometimes it doesn’t make sense to travel to…Read more