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The bankruptcy paperwork looks simple at face value and many Michiganders are tempted to do it themselves because they may feel that they cannot afford an experienced and compassionate bankruptcy lawyer or that they don’t have anything to lose anyway. This is unfortunate because a person may lose a lot more and an attorney can make [...]
The economy in Michigan, increased healthcare costs and reduced medical benefits from a declining automotive industry, and the threat of foreclosure may cause senior citizens to consider Bankruptcy during their retirement years. Many senior citizens do not want to lean on thier children during these tough economic times – because their children are having financial [...]
The thought of filing Bankruptcy may seem like the end to your financial life. While in fact, the exact opposite may be true. The purpose of filing bankruptcy is to help you to come out from under your debt to create a new future. It’s not prospect that should be taken lightly, but many people [...]
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of emotional and or physical stress.
Many people filing for bankruptcy have experienced unexpected financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.
Filing for bankruptcy can be [...]
According to the RealtyTrac U.S. Foreclosure Market Report for August 2009, the nation’s foreclosure activity decreased fractionally from July but was still 18% above the level reported for August 2008. One in every 357 U.S. housing units received a foreclosure filing during August.ÂÂ
If you are reading this, you may be affected. With these unfortunate statistics, [...]
Declining home values in Michigan have caused home values to depreciate or go “underwater,†which means below the amount that some homeowners owe. Now there is a new form of relief available in Michigan Bankruptcy Court.
For homeowners with second mortgages, if the value of your home has declined to less than the total value of [...]
Not everyone is required to take the means test. One major exception to excuse the means test is if the debts are not primarily consumer debts. If a person debts are primarily business related, they are excused from taking the means test. There are also exceptions for military personnel in some circumstances.
The means test is [...]
The Means Test was part of the Bankruptcy Reform Act of 2005. Its purpose was to devise an income test to determine eligibility to file a Chapter 7 bankruptcy. The means test is a backward looking test which averages the Debtor’s income over the six month period prior to filing the case.ÂÂ
It compares that income [...]
We just saw an advertisement for a debt solutions center that promises to settle your debts for pennies on the dollar. Many of these agencies are hogwash!
What they do is have you pay in hundreds of dollars a month, charge huge fees, and then occasionally get a creditor to accept a lump some payment for [...]
Let’s face it, no matter what our political leaders are saying – the economy doesn’t seem to be getting much better in Michigan.
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For many, making sense of their financial issues and deciding on how to solve them is confusing.
Not only are we facing layoffs, reduced wages and escalating gas prices. These [...]
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