Blog Archives

Losing Redemption Rights in a Chapter 7

After most foreclosure sales in Michigan, the homeowners have the right of redemption for six months.  This means that they have an extra six months after the sale date before they have to move.  The homeowners can also use the

Posted in Foreclosure Law, Redemption

The Role of Chapter 13 Trustees

Anyone who files a Chapter 13 bankruptcy petition gains some familiarity with a Chapter 13 trustee. In Detroit, there are three Chapter 13 trustees. Each trustee administers cases assigned under a particular judge. During the bankruptcy case, trustees collect money

Posted in Chapter 13 Bankruptcy, Trustee

When Bankruptcy is the Only Option

Many people tried to avoid bankruptcy at all costs.  Afterall, some of them have spent years building a high credit score and bankruptcy is the last thing they want to even consider.  I remember watching a show on television when

Posted in Bankruptcy

Is Bankruptcy Necessary when You’re Uncollectible?

When a creditor gets a judgment against a debtor, the creditor can attempt to collect the money owed by doing things like garnishing wages, bank accounts or state tax refunds. However, there are some people who are uncollectible. They are

Posted in Bankruptcy, Chapter 7 Bankruptcy

The Debt Relief Agency Controversy

Image via Wikipedia Last year, the Supreme Court issued a decision holding that bankruptcy attorneys are included in the definition of debt relief agency as defined in the US Bankruptcy Code.  Many attorneys opposed the inclusion of attorneys in the definition

Posted in Debt Relief Agency

Chapter 7 Bankruptcy for Small Businesses

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

Posted in Business Bankruptcy, Chapter 7 Bankruptcy

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

Chapter 13 Scam Alert

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

Posted in Uncategorized

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