If you are struggling with debt in Michigan, Chapter 7 bankruptcy can help because it allows you to get on with your life much faster and with a clean slate. During the process, the court will allow you to only sell some types of assets to clear your debt. Non-exempt...
Filing bankruptcy is often an excellent option to reduce or eliminate debt. Starting over with a fresh financial outlook in Michigan using bankruptcy laws may be the key to securing monetary stability. The common dispelled bankruptcy myths below shine a light on how...
When someone files for protection under bankruptcy laws, they typically seek to get out of obligations they cannot repay. It may seem curious that a Michigan debtor might attempt to take out a loan while in bankruptcy, but circumstances could move the person to make...
Chapter 13 bankruptcy cramdown rules have the potential to reduce what you owe on certain debts secured by collateral. As a debtor in Michigan, you could benefit from a cramdown when formulating a repayment plan. This court-ordered procedure forces some creditors to...
it is not uncommon for patients in Michigan hospitals to incur charges totaling thousands of dollars or more. If you fail to pay an outstanding balance, a service provider could report that debt to credit agencies. However, a new proposal would limit the impact...
In Michigan, the average monthly mortgage payment is $1,031, according to Money Geek. It’s not surprising that with the rising cost of living some people are falling behind. The total mortgage debt in the U.S. increased to $11.2 trillion in 2022, according to...
Excessive credit card debt can create problems for people trying to get their fiscal house into good shape. Unfortunately, Michigan residents may experience a job loss or unexpected and necessary living expenses that force them to borrow excessively. At some point, it...
Overwhelming debt can be impossible to overcome once it reaches a certain point. Michigan residents who lack the income and assets to address their debt situation may seek protection under the appropriate bankruptcy law. Those who file Chapter 13 bankruptcy will...
Adults born between 1981 and 1996 make up the millennial age group. As this group of people faces the challenges of adulthood in Michigan, recent research shows they're also taking on considerable debt. Rising home prices, inflation and student loan payments make it...
If you've got credit card debt and unforeseen circumstances occur, such as losing your job in Michigan, keeping up with monthly payments can be challenging. When you're in this position, you have a few options. You can ask your creditors to settle for less. You can...
