When the courts grant someone a Chapter 13 bankruptcy in Michigan, the debtor must keep up with their monthly payments. On-time monthly payments help keep their bankruptcy in good standing. Falling behind on payments can put their bankruptcy at risk. In fact, falling...
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...
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...
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...
The United States Bankruptcy Court in Michigan handled 13,533 bankruptcy cases in 2022. And most cases are Chapter 7 bankruptcy, with 9,266 filings. You might choose to file bankruptcy if you want a legal way to erase some of your debt when repayment is impossible or...
Many Americans struggle with debt, and Michigan residents are no exception. Chapter 7 and Chapter 13 bankruptcies are options that may alleviate some of your financial stress. Regardless of which type of bankruptcy you choose, neither Chapter 7 nor Chapter 13...
Dealing with massive debt can take its toll on Michigan residents. If all other options fail, you might consider filing for Chapter 13 bankruptcy to lessen your financial burden. You might wonder how long after bankruptcy you can get a credit card; this is how it...
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...
