Recently, there have been reports of Chapter 13 debtors being called by someone claiming to be the trustee. The person directs them to mail their payments to a different address. All Chapter 13 debtors should keep in mind that the…
Yearly Archives: 2010
Surrendering Property in Bankruptcy
Many people who file bankruptcy have property with a lien on it, such as a mortgage or car finance loan. If they don’t pay the secured loan, the property can be repossessed or foreclosed. Bankruptcy provides the opportunity for people…
Posted in Mortgages, Surrender Property
Successful Mortgage Modification
Many of my clients have become overwhelmed with high mortgage payments. Some of their payments increased due to an adjustable interest rate while a reduction in income made maintaining mortgage payments difficult for other clients. The good news is that…
Posted in Loan Modification, Mortgages
Cash Competition
Will you do anything for money? The “broke, unemployed and bankrupt” can now apply for an upcoming reality tv show where they can compete for cash to pay their bills. The show is called Competition for Cash. It’s somewhat ironic…
Surviving a Michigan Chapter 13 Budget
When many of my clients file a Chapter 13 bankruptcy, their biggest concern is whether they will still have enough money to live on after making payments to the trustee. In the ideal world, there will never be a problem…
Posted in Chapter 13 Bankruptcy
Bankruptcy vs Debt Management
Image via Wikipedia Some people prefer to negotiate settlements with their creditors either through a debt management company or on their own. Their goal is to avoid what they consider to be the absolute worst option: bankruptcy. However, a bankruptcy…
Posted in Credit scores, Debt Management
Michigan Bankruptcy Law Blog 