A personal bankruptcy process is a federal option that Michigan residents can use for relief from overwhelming debt. Personal bankruptcy must be filed in court and approved by a judge. For people considering filing, looking at the process helps you decide what’s best....
Many Michigan families rely on credit cards to supplement their incomes or to fund emergencies. Credit card debt affects millions of Americans and is a common reason people go into debt or file bankruptcy. Filing bankruptcy is a tough decision many people face, and...
Some Michigan residents struggle with debt. Whether it involves overspending with credit cards, paying off mortgages or repaying student loans, owing money can impact every area of your life. Your credit can suffer When you are in a long-term debt cycle, it can make...
Under certain circumstances, mortgage lenders in Michigan and around the country could forgive a portion of a home buyer's debt or choose to reduce the principal balance. When this happens, the forgiven mortgage debt is typically considered taxable income to the...
If you’re a Michigan resident struggling with insurmountable debt, you might consider filing for bankruptcy. While this is one of the best ways to alleviate your financial burdens, it can also cause your credit to take a hit. This is how you can rebuild your credit...
We have all had it happen at one point in our lives. Credit card debts get too high or a job loss causes you to fall behind in your obligations. Whatever the reason for your current credit hardships, Michigan residents have different choices on how to recover from...
In Michigan, there are people every day who are unable to pay their mortgage loans. So you might be wondering what your next step should be. Should you refinance? Refinancing a house means taking out a new mortgage by revising and replacing the terms to have a lower...
When Michigan consumers find it impossible to repay their debts, they may file for bankruptcy. Doing so involves more than completing forms and submitting them. The debtors must file a petition in a federal courtroom. Many of them will seek the assistance of a...
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...
Many people living in Michigan and around the country believe that it isn't possible to discharge student loan debt in bankruptcy. While this isn't entirely true, as the law does allow for the elimination of education debt in cases of extreme hardship, the process...
