Filing for bankruptcy might be the right choice for a Michigan resident suffering from heavy debt. When debt becomes crushing, the problems could ripple into other areas of life. Creditor harassment might make things even worse if creditors ignore rules about...
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How does Chapter 13 affect credit card debt?
Credit card debt could lead someone into a difficult financial position. Lack of liquidity may force a Michigan resident to pay for medical care, rent and other expenses with "plastic." However, when debt passes a certain point, concerns arise about paying the...
Tips for moving forward after bankruptcy
Bankruptcy offers debt relief for Michigan residents struggling with an overwhelming financial burden. The idea of filing Chapter 7 may be frightening at first, it won’t last forever. Instead, it may help you move past the debt and get on with the rest of your life...
The differences between chapter 7 and chapter 13 bankruptcy
If debt is overwhelming you, you may be considering filing for bankruptcy. However, there are different types of bankruptcy, and common ones are chapter 7 and chapter 13 bankruptcy. When you understand the differences between the two, you will be able to make a more...
An adversary proceeding may prevent debt discharge
Although most Chapter 7 bankruptcies do result in the discharge of the debtor's debts, that discharge is not a legal right. Creditors also have rights, and they may object to the discharge. The process of objecting is a legal action known as an adversary proceeding,...
Deciding on Chapter 7 or Chapter 13 bankruptcy
Because people in all types of situations file bankruptcy, the rules may vary according to factors such as income, assets, types of debt and even personal preference. Most individuals or couples file either Chapter 7 or Chapter 13. Here is a look at some of the...
What are the steps in the foreclosure process?
Facing foreclosure on your home in Michigan is a scary prospect. The thought of losing your home can be quite upsetting and make you fear what comes next. The good news is that the foreclosure process usually progresses the same regardless of where you live or what...
What is credit counseling and why is it helpful?
Millions of Arizona residents have found relief in bankruptcy throughout the years. Overwhelming debt can create stress, anxiety, depression and hopelessness. Many times, the life events leading up to the excessive debt are out of your control, such as a medical...
Can I pay off my balance by paying the minimum payment?
Credit cards can be wonderful if you use them carefully and make sure that you make payments to avoid going into debt. However, if you have a higher balance and cannot pay off the card at each billing statement, you always have the option of making the minimum...
Soaring medical debt can lead to bankruptcy
Despite modern advances in medical care and constant debate in Congress regarding health insurance coverage, many Americans still end up filing for Chapter 7 or Chapter 13 bankruptcy due to medical debts. According to CNBC, recent studies of medical debtors from...