Filing for bankruptcy can often be an effective way to reorganize or eliminate debts. However, it can also make it harder to buy a home in Michigan. You will need to wait at least a year to obtain an FHA mortgage from a bank or credit union while it can take up to...
Personal Bankruptcy
Millions of Americans pay overdraft fees each year
When Pew Charitable Trusts studied consumer survey data in 2018, the researchers found that almost 40 million people in Michigan and around the country pay at least one overdraft fee each year. The data also suggests that about a third of the people who pay these fees...
Debts that can and cannot be discharged in bankruptcy
Struggling with debt in Michigan can be overwhelming. If you have exhausted other options for alleviating it, you might have no choice but to consider filing for bankruptcy. Consider the debts that can and cannot be discharged. Debts that can be discharged When filing...
Credit card options after Michigan personal bankruptcy
Chapter 7 is the bankruptcy choice for most individual filers in Michigan. It gives you a fresh start with your finances. The only downside is it takes some time to rebuild your credit. The good news is that with patience and discipline, rebuilding your credit after...
Filing a bankruptcy with relatively modest debts
Michigan residents file personal bankruptcies when their financial situations become unmanageable and their debts become inescapable. The Bankruptcy Code does not establish a minimum amount of debt that an individual must have to qualify for Chapter 7 or Chapter 13,...
Bankruptcy myths that may keep you from financial freedom
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...
Medical debt and credit reports
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...
Can student loans be discharged in bankruptcy?
Michigan residents who are struggling with overwhelming student loan debt might have heard that student loans generally can't be discharged in bankruptcy. While it is true that student loans are much more difficult to discharge in bankruptcy than other types of...
3 Signs of impending bankruptcy and what to do
Bankruptcy is a daunting prospect for any Michigan resident and can have a significant impact on their financial future. However, by recognizing the warning signs early and taking appropriate action, you may be able to mitigate the consequences or even avoid...
What will happen to your IRA in a bankruptcy in Michigan?
IRAs have some level of protection during a bankruptcy, depending on what type they are. Every three years, the federal government adjusts the value of your account that you can protect to keep up with inflation. The first adjustment for inflation was on April 1,...