Corporations, limited liability companies, and partnerships are allowed to file a chapter 7 bankruptcy petition. Like individuals, business entities receive protection from creditors in bankruptcy. However, a chapter 7 bankruptcy provides a limited benefit to business debtors. Individual chapter 7…
Monthly Archives: January 2011
You Can Get Rid of Your Second Mortgage
One of the benefits of filing Chapter 13 bankruptcy is removing a second mortgage on your personal residence. This process is called “lien stripping.” You can qualify to “strip” the second mortgage if the balance owed on your first mortgage…
Posted in Chapter 13 Bankruptcy, Mortgages
Michigan Bankruptcy Law Blog 