Todd M. Gers's Answers

Can I file for bankruptsy if I have money in a 401K or will I have to use the money in my 401K to pay off my current debt?

In Michigan 401k funds are generally exempt if the attorney utilizes the federal bankruptcy exemptions.

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I co signed for a freinds student loan can i get the money iam paying because she wont pay it back

While you are still liable to the lender under the loan as a cosigner, you can absolutely sue the primary borrower. Unfortunately, as stated earlier you can only sue for what you actually paid to date and the entire amount of the loan.

In a Ch.7, if I am surrendering my house, do I include the mortae on schedule J?

Generally, if you are not paying your mortgage I would not list that as an expense. That being said you will need to pay rent or a mortgage sometime in the future and that expected payment should be included in Schedule J. You need to speak with your attorney about listing rent/mortgage expenses in Schedule J.

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If you are going to file a chapter 7 can you transfer a piece of land?

By transfering real property within 6-months of filing a bankruptcy is an invitation for close scrutiny by the panel Trustee if not the U.S. Trustee's office. When I have come upon this situatiuon in my practice I generally recommend to hold off on filing bankruptcy or not to sell the land. This combination is playing with fire.