Most individuals usually prefer Chapter 13 bankruptcy over Chapter 7. The reason for this is its flexibility. Chapter 13 allows debtors to keep their property while repaying their debts over time. This means families can often stay in their homes and keep important...
Do you stay up at night worrying about missed mortgage payments? Many Michigan homeowners face the same fear of losing their homes to foreclosure. With rising costs, bills and financial stress, keeping up with mortgage payments gets harder each month. Fortunately,...
About 100 million Americans are weighed down by medical debt, compelling families to make difficult compromises. With growing medical costs, you might feel as though you're drowning with no way out. The struggle can make it challenging to maintain daily life and...
Chapter 13 bankruptcy can be a standard option for individuals who need help organizing and relieving debt while receiving a regular wage. Typically, it is straightforward, indicating when the filing party will repay their debt, possibly in installments or following a...
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...
