Michigan Bankruptcy Attorney - Chimko » Bankruptcy News http://chimkolaw.com/blog Helping you choose the right options. Thu, 04 Mar 2010 23:10:48 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Bankruptcies Hit Michigan Retirement Communities http://chimkolaw.com/blog/2009/12/bankruptcies-hit-michigan-retirement-communities.html http://chimkolaw.com/blog/2009/12/bankruptcies-hit-michigan-retirement-communities.html#comments Mon, 07 Dec 2009 17:08:38 +0000 admin http://chimkolaw.com/blog/?p=64 Recently, the questions we get regarding filing bankruptcy after retirement has escalated.  Newsweek ran an article  – http://www.newsweek.com/id/224154 that may be worth reading if you are contemplating bankruptcy and you are retired.

If you are a senior citizen contemplating bankruptcy or if a loved one of yours needs help from large medical or credit card debt, the sooner you understand your options and decide on the best course of action, the better chance we have of preserving your cash and assets and stopping harassing phone calls, foreclosure and repossession.

Don’t delay until the situation becomes unbearable, eats into relationships or causes undue stress.

]]> http://chimkolaw.com/blog/2009/12/bankruptcies-hit-michigan-retirement-communities.html/feed 0 New Michigan Foreclosure Law – July 5th, 2009 http://chimkolaw.com/blog/2009/07/new-michigan-foreclosure-law-july-5th-2009.html http://chimkolaw.com/blog/2009/07/new-michigan-foreclosure-law-july-5th-2009.html#comments Sun, 05 Jul 2009 04:43:46 +0000 admin http://chimkolaw.com/blog/?p=29 Governor Jennifer Granholm signed a new Michigan law modifying foreclosure and loan modification rights (2009-PA-0029, 2009-PA-0030, 2009-PA-0031) to help financially distressed homeowners on May 21, 2009. The new foreclosure law takes effect today, July 5, 2009. We have posted a copy of the new Michigan foreclosure law.

Visit our new Squidoo lenses!  http://www.squidoo.com/michiganbankruptcyinformation

]]> http://chimkolaw.com/blog/2009/07/new-michigan-foreclosure-law-july-5th-2009.html/feed 0 Bankruptcy Filings Continue to Rise http://chimkolaw.com/blog/2009/06/bankruptcy-filings-continue-to-rise.html http://chimkolaw.com/blog/2009/06/bankruptcy-filings-continue-to-rise.html#comments Tue, 09 Jun 2009 02:32:47 +0000 admin http://chimkolaw.com/blog/?p=3 June 08, 2009 —
Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over bankruptcy filings for the 12-month period ending March 31, 2008, according to statistics released today by the Administrative Office of the U.S. Courts. March 2009 bankruptcy filings totaled 1,202,503, compared to the total 901,927 bankruptcy cases filed in the 12-month period ending March 31, 2008. The largest percentage increase occurred in Chapter 11 filings, a 69.1 percent increase over March 2008 Chapter 11 filings.

A significant decline in bankruptcy filings occurred in October 2006, when many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. Bankruptcy filings have risen steadily since then and the March 2009 total filings are the highest since BAPCA was implemented.

Business and Non-business FilingsThe majority of bankruptcy filings are filings involving predominantly non-business debts. Non-business filings (also called personal or consumer filings) for the 12-month period ending March 31, 2009, totaled 1,153,412, up 32.4 percent from the 871,186 bankruptcies filed in the 12-month period ending March 31, 2008.

Filings involving predominantly business debts also rose. They totaled 49,091, up 59.7 percent from the 30,741 business bankruptcies filed in the 12-month period ending March 31, 2008.
Filings by Chapter For the 12-month period ending March 31, 2009, filings rose for all bankruptcy chapters.

Chapter 7 filings rose 46.3 percent to 819,362, compared to the 560,015 Chapter 7 filings in the 12-month period ending March 31, 2008. Chapter 13 filings rose 10.9 percent to 370,875, from the 334,551 bankruptcies filed in the 12-month period ending March 31, 2008. Chapter 11 filings rose 69.1 percent, to 11,785, compared to the 6,971 Chapter 11 filings in the same time period in 2008. Chapter 12 filings rose 7.0 percent to 367, from the 343 filings for the 12-month period ending March 2008. For more on bankruptcy and its chapters, visit the Judiciary’s web site or go to www.fjc.gov/federal/courts.nsf.

Local bankruptcy court rules can be found at www.uscourts.gov/rules/bk-localrules.html. Historic data on bankruptcy filings is available on the Judiciary’s website under Bankruptcy Statistics. Additional bankruptcy statistics, including bankruptcies by county, can be found on the Judiciary’s PACER system.

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