We have all had it happen at one point in our lives. Credit card debts get too high or a job loss causes you to fall behind in your obligations. Whatever the reason for your current credit hardships, Michigan residents have different choices on how to recover from...
In Michigan, there are people every day who are unable to pay their mortgage loans. So you might be wondering what your next step should be. Should you refinance? Refinancing a house means taking out a new mortgage by revising and replacing the terms to have a lower...
When Michigan consumers find it impossible to repay their debts, they may file for bankruptcy. Doing so involves more than completing forms and submitting them. The debtors must file a petition in a federal courtroom. Many of them will seek the assistance of a...
Chapter 7 bankruptcy offers a possible solution to those struggling with excessive debts. A Michigan debtor could find a path to a fresh start after successfully passing the required means test and filing for Chapter 7. A mistake the filer could make might involve...
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...
Many Michigan residents have to face the challenges of living without at least one credit card. Moments between paydays and unexpected expenses like car repairs practically demand an additional income resource. It’s worth noting that the average American has a minimum...
When trying to get approved for a mortgage in Michigan, the debt to income ratio is one of the most important measures you should consider. The DTI is a way for lenders to judge how well you can financially handle the mortgage. Debt to income ratio While lenders will...
For many Michigan residents, bankruptcy is a last resort when it comes to dealing with insurmountable debt. If you're considering filing for bankruptcy, you're likely wondering what will happen to your assets and whether you'll be able to rebuild your credit once the...
Bankruptcy may be a great option if you are struggling to keep up with mortgage, credit card or other types of payments. Depending on the circumstances of your case, it may be possible to eliminate debts without losing a Michigan home, funds in a bank account or other...
Odds are, any Michigan resident that is purchasing a home will be signing a mortgage to go along with it. While mortgages are very common across the U.S., it’s important to fully understand the type of debt you’re taking on. What goes into getting approved for a...
