Bankruptcy Lawyer Locator

Foley Law Office
17199 Laurel Park
Livonia, MI 48125

Phone: 734-462-7500
Fax: 734-464-3538

Foley Law Office's Websites:
www.foleylawoffices.net

Counties Served:

Wayne

Areas of Practice:
Bankruptcy

Raymond I. Foley, II owns an exceptional trial record, having litigated a wide range of commercial and negligence cases. He also has extensive experience in representing the needs of closely held corporations in the areas of business formation, planning, acquisition, real estate development and litigation.

A magna cum laude graduate of Alma College, where he earned a B.S. in History, Raymond went on to earn his J.D. from Wayne State University. He was admitted to the State Bar of Michigan in 1982.

Raymond is active in numerous legal, civic and community organizations and serves as a Court Appointed Mediator.

Livonia Bankruptcy Lawyer

Many people in Livonia, Michigan struggle to pay their bills. They may lose hope that they'll ever be able to cover their debt. One option they may turn to is bankruptcy.

There's no magic formula for deciding when bankruptcy is the right choice. It's an option you might consider if you:

• Are paying only minimum amounts on your bills
• Can't budget yourself out of debt within five years
• Are getting notices that your mortgage or loans are being foreclosed
• Have had a severe financial setback, such as losing your job or a major client, a divorce or a costly illness

Bankruptcy does not get rid of all debts. You're still responsible for:

• Alimony
• Child support
• Most recent back taxes
• Most student loans
• Recent large purchases of more than $550 for luxury goods bought within 90 days of filing
• Fines or penalties of government agencies
• Fraudulent debts
• Cash advances of $825 within 70 days of filing

As a Livonia, Michigan consumer, you can file for bankruptcy in Michigan under either:

• Chapter 7 (Straight Bankruptcy) to wipe out all debts except those listed and get an immediate fresh start or
• Chapter 13 (Wage Earner Bankruptcy) to set up a repayment plan to pay back your debts over several years' time.

Bankruptcy Abuse Prevention and Consumer Protection Act

On April 20, 2005, the President signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act, which limits individual access to US bankruptcy courts. Some of the changes, which were effective October 17, 2005, included:

• New bans on Chapter 7
• Increased Chapter 13 payments
• New presumptions against debtors with increased penalties
• The reduction of judicial discretion to balance competing interests

What Can I Keep?

"Exempt" property is property that you are allowed to keep. What property is exempt is determined by state law. The items and amounts in this section may change in the future. Updated information can be found in the state code.

In Michigan, you may take state exemptions and exemptions provided by federal bankruptcy laws.

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Creditors are subject to state law provisions incorporated into bankruptcy cases. If a bankruptcy court lifts the automatic stay and permits a specific creditor to seize and liquidate property subject to a lien, creditors must obey all state law limitations on collection practices. For more information, see legal assistance for debtors. Also, all statutory provisions depend on conformity with the prohibition against fraudulent conversions creating exempt property.