Limits Of Bankruptcy Bankruptcy is a very powerful tool that allows honest people a fresh start. A bankruptcy discharge eliminates a person’s legal obligation to pay a debt that is discharged. Most, but not all, types of debts are discharged if the debt existed on...
Chapter 13 bankruptcy is a way to get out of debt. When researching the types of bankruptcy that may make sense for your situation, you are likely to encounter chapter 13 bankruptcy. Commonly called a wage earner's plan, Chapter 13 bankruptcy is a good option for some...
Keeping a House in Chapter 7 Bankruptcy So you want to keep your home and file Chapter 7 bankruptcy. In a Chapter 7 Bankruptcy the debt that you owe to the mortgage company will be discharged, however the mortgage lien will remain on your home. So here is what...
This post lists three things you should know if you want to file for bankruptcy without your spouse. Contact Phoenix Law for more information today. Using bankruptcy to help you get out of debt is something you could consider if you are overwhelmed with bills you...
“J” is for Joint Bankruptcy When a married couple comes into my Livonia bankruptcy office to learn about bankruptcy, we complete a full analysis to determine what course of action is best for their particular situation. Sometimes, we file just the husband, sometimes...
Debt owed to the Internal Revenue Service and the State of Michigan can be discharged in bankruptcy in certain situations! One of the most common misconceptions about personal income tax debt owed to the IRS is that is cannot be discharged in bankruptcy. However, IRS...
Household median income is an important part of any bankruptcy analysis. During your free consultation at my Livonia, Michigan Bankruptcy Law Office, I will out what your household income is to determine how your income relates to the Household median income for the...
Personal Guaranty, Chapter 7 ,Chapter 13 Bankruptcy Livonia Michigan A Guaranty is a creditor that is often forgotten about when people file bankruptcy. Regardless, the bankruptcy code is very clear that you have to list ALL of your creditors when you file...
While filing for bankruptcy can provide you with the financial breathing room you need, it also carries some long-lasting consequences. If you've fallen far enough behind on your monthly bills that you've begun to consider bankruptcy as an option, you're not alone:...
Beware of consumer debt counseling or debt management programs. The truth is that not everyone offering to help you get control of your finances has your best interests at heart. You need to understand the debt counseling/ debt management process before you ever...
