Sometimes, bankruptcy is the only way to get out of debt. Most filers in Michigan choose Chapter 7 or Chapter 13, which both remove debt but work differently. Chapter 7 bankruptcy Chapter 7 bankruptcy is a liquidation procedure that involves converting non-exempt...
If you owe money to a credit card company, there is a good chance that the company will do whatever it takes to obtain what is owed. Fortunately, your lender will likely be willing to work with you in the event that you can't make a future payment in a timely manner....
If a consumer feels overwhelmed with debt, they may seek bankruptcy to get relief from certain debts. Most filers in Michigan and around the country choose Chapter 7 or Chapter 13, but these two types work differently. Chapter 7 bankruptcy Chapter 7 bankruptcy is a...
Keeping track of your debt can be challenging when you have loans, bank overdrafts, and credit cards that span across several different accounts. If you're a Michigan resident and looking to reduce your debt without turning to bankruptcy, you may want to consider...
If a consumer in Livonia, Michigan, can no longer pay their debts, they can file bankruptcy. Many consumers choose Chapter 7, but it requires them to sell the nonexempt property. However, they may be able to save some nonexempt property through exemptions. Nonexempt...
If you are struggling to stay current on your credit card debt, it may be tempting to file for bankruptcy. However, before heading to a Michigan bankruptcy court, it may be in your best interest to work out a new payment plan with the company that holds the debt. As a...
Debt consolidation is a popular option for many bankruptcy seekers in Michigan. But before you consolidate, it's important to do your research and weigh the pros and cons of such a major decision. What is debt consolidation? As the name implies, debt consolidation...
Although debt comes with an obligation for repayment, not all debt is "bad." A Michigan resident with a significant debt balance might be making many wise moves. People can't pay cash for everything, so financing certain essential purchases could do much good....
A mortgage is a major financial burden for many people in Michigan, and with the economy still in the process of recovering, many individuals are wondering about ways to get out of mortgages that they had taken on in better times. There are several different ways to...
Credit card debt is a big problem for a lot of people in Michigan. When you can’t keep up with your credit card bills, you could start defaulting on payments. This can set off a stressful chain of events that leads to a creditor lawsuit against you. What happens when...
