Gold, Lange & Majoros, P.C.
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Gold, Lange & Majoros, P.C.
24901 Northwestern Highway, Suite 444
Southfield, Michigan 48075
Telephone: 248-350-8220
Fax: 248-350-0519
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Bankruptcy Principles
When you file for bankruptcy, most of your property becomes subject to administration by the bankruptcy court, referred to as your "bankruptcy estate". However, just because something is part of the bankruptcy estate does not mean that you have to give it up. The bankruptcy court's representative, the "bankruptcy trustee" will not take any of your property which is "exempt". Our attorneys at Gold, Lange & Majoros, P.C. can help you determine what property you may be able to keep if you file for bankruptcy.

Property given away shortly before filing may still be property of your bankruptcy estate, and the trustee has the legal authority to recover the property. If you have already given property away, the property still needs to be listed in the bankruptcy. It is always better to deal with asset problems straightfowardly than to hide or attempt to hide assets in bankruptcy. We can advise you about the effects of any such transfers on your decision to file for bankruptcy.

Retirement accounts are often not considered part of the bankruptcy estate because you will one day need this money to survive. Property outside the bankruptcy estate is not subject to administration by the trustee. We can identify whether your retirement accounts will be subject to administration.

Generous exemptions are available under Michigan and federal law to allow you to keep certain amounts of real estate and personal property when you file for bankruptcy. The applicability of exemptions available for property can vary greatly between cases. We can identify what exemptions are available for your property to maximize the property you will get to keep.