I have questions about Bankruptcy in Michigan

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Q. I have questions about Bankruptcy in Michigan. What can you keep? Transfering of property before Bankruptcy. Time limits, and so on.

A. While the general federal rule is one-year (on avoidability of transfers), Michigan has a full body of state law that imposes no time limits on transfers of property which were made to avoid creditors. That means that a bankruptcy trustee can sue transferees to recover property (assuming, of course, that the trustee finds out about it). A general rule is that economic activity affec ting a debtor for a two-year period must be disclosed to the trustee. You should consult a Michigan lawyer who can explain the detailed lists of exemptions available to debtors, and to what extent non-exempt property can be converted to exempt property. (Note, as to the first point, see, for example, Dunn v. Minnema (a 1952 case, I think) allowing a trustee to go back 20 years to avoid an allegedly fraudul- ent transfer).

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