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...
The number of people struggling with credit card debt only seems to increase each year. You may have tried to alleviate your Michigan financial burdens with little or even no success. This is because the rise in credit card debt has reached alarming heights; these are...
When the courts grant someone a Chapter 13 bankruptcy in Michigan, the debtor must keep up with their monthly payments. On-time monthly payments help keep their bankruptcy in good standing. Falling behind on payments can put their bankruptcy at risk. In fact, falling...
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...
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,...
If you are struggling with debt in Michigan, Chapter 7 bankruptcy can help because it allows you to get on with your life much faster and with a clean slate. During the process, the court will allow you to only sell some types of assets to clear your debt. Non-exempt...
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...
When someone files for protection under bankruptcy laws, they typically seek to get out of obligations they cannot repay. It may seem curious that a Michigan debtor might attempt to take out a loan while in bankruptcy, but circumstances could move the person to make...
Chapter 13 bankruptcy cramdown rules have the potential to reduce what you owe on certain debts secured by collateral. As a debtor in Michigan, you could benefit from a cramdown when formulating a repayment plan. This court-ordered procedure forces some creditors to...
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...
