Finance Q&A

Bankruptcy law in Michigan

Edwards Finance > Loans

Q. Is there any *significant* difference between filing for bankruptcy in the state of Michigan or the State of Illinois? I have a friend who is investigating filing bankruptcy in Michigan, but is moving to Illinois to get a job. She has a lawyer in Michigan already, and after the move it's going to be a long-distance-call thing to go ahead with the filing. Also, how long must you be a resident of Illinois in order to file for bankruptcy under the state laws?

A. Each state has its own exemptions, and therefore the property you can keep will be different between the two states. As to time, you can file in the district where you have lived more of the last 180 days than any other district; therefore, he could not file in the new state until he had lived there 91 days. If he moved, he could file in his former state for 90 days.

 


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