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…
Blog Archives
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
When is a Chapter 7 Bankruptcy not an Option?
There are some people who do not really have bankruptcy as an option despite low income. Some can only benefit from a payment plan provided by a Chapter 13, but they can’t afford the payments. Here’s an outline of people…
Posted in Chapter 7 Bankruptcy
What to Avoid Before Filing Bankruptcy
Doing certain things before you file bankruptcy can result in problems with your case. For example, creditors can object to the discharge of their debt if you had no intention of repaying the debt when you obtained it. Therefore, it’s…
Posted in Creditors
Discharging Income Taxes in Bankruptcy
Generally, most people who file bankruptcy will not receive a discharge of their income taxes. Therefore, they will still have to pay the taxes even after the bankruptcy is complete. However, it is possible for some people to discharge income…
Posted in Income tax
Connecting with Bankruptcy Filers
A bankruptcy discussion board called BKforum allows people who have filed bankruptcy or are thinking about filing bankruptcy to discuss their experiences. By sharing experiences, BKforum members provide support and information to each other. The forum contains a lot of…
Posted in Credit scores, Lawyers and Law Firms
When is Chapter 13 the Better Option?
Some people want to repay their debt, but they are unable to afford the regular monthly payments. Others are behind on mortgage payments due to a temporary reduction in income. Some people have debt that is not dischargeable in a…
Filing Bankruptcy Without an Attorney
In an effort to save money, some people look into filing bankruptcy without an attorney. They either prepare the bankruptcy documents themselves or hire a bankruptcy petition preparer. However, bankruptcy is a complicated area of law and filing without the…
Posted in Lawyers and Law Firms
Michigan Bankruptcy Law Blog 