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Livonia Bankruptcy Law Blog

Spending money in Chapter 7

Chapter 7 bankruptcy offers a possible solution to those struggling with excessive debts. A Michigan debtor could find a path to a fresh start after successfully passing the required means test and filing for Chapter 7. A mistake the filer could make might involve...

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Establishing credit without a credit card

Many Michigan residents have to face the challenges of living without at least one credit card. Moments between paydays and unexpected expenses like car repairs practically demand an additional income resource. It’s worth noting that the average American has a minimum...

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Mortgage and debt

When trying to get approved for a mortgage in Michigan, the debt to income ratio is one of the most important measures you should consider. The DTI is a way for lenders to judge how well you can financially handle the mortgage. Debt to income ratio While lenders will...

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What happens to a car in bankruptcy?

Bankruptcy may be a great option if you are struggling to keep up with mortgage, credit card or other types of payments. Depending on the circumstances of your case, it may be possible to eliminate debts without losing a Michigan home, funds in a bank account or other...

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Debt service ratios explained

The bankruptcy courts provide ways for persons struggling with excessive debt to reverse their situation. A payment plan or a means-tested liquidation process could set a course for becoming debt free. Without massive debts, an individual may reestablish a more...

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