Find out if you can say “I told you so…” In May 2014, Resnick Law, P.C. sponsored a survey to identify what the country thinks may have caused the Detroit Municipal bankruptcy. We created a list of the most frequent causes of municipal bankruptcy, and asked Michigan and the rest of the nation to identify which… [Continue Reading]

In most divorce cases, a final judgment of divorce creates monetary obligations from one spouse to the other.   These inter-spouse divorce obligations are lawful debts and they are called “claims” for purposes of bankruptcy law.  A debtor who files bankruptcy is asking the Court to discharge as many of these divorce “claims” as they can.  … [Continue Reading]

Unexpected life events will continue to happen even after your bankruptcy case is filed.   It is not uncommon for a debtor in a bankruptcy case to experience the loss of a loved one.  Nor is it unusual for a debtor to learn that they will inherit money or property from that loved one.   What happens… [Continue Reading]

The City of Detroit filed a petition for Municipal bankruptcy protection under chapter 9 of the Bankruptcy Code on July 18, 2013.  Case No. 13-53846.   In a long anticipated decision, Bankruptcy Judge Steven Rhodes of the United States Bankruptcy Court for the Eastern District of Michigan held that the City of Detroit is eligible to be a… [Continue Reading]

The Fair Credit Reporting Act (FCRA or “the Act”) was created to ensure that information included in consumer credit reports is accurate.  The Act requires consumer reporting agencies to adopt reasonable procedures to meet the needs of creditors for consumer credit information but also to ensure that the information is fair and equitable to the… [Continue Reading]

Effective on October 1, 2013, the Federal Government has shutdown. Nevertheless, the U.S. Bankruptcy Court of the Eastern District of Michigan announced that its three locations in Detroit, Flint and Bay City, Michigan will remain open despite the shutdown and will continue full court operations until October 15, 2013. During this time, all court business… [Continue Reading]

REMEMBER THE INTEREST CHARGES When your Chapter 13 plan proposes to pay delinquent income taxes, be mindful that some income taxes may not be non-dischargeable debts under 11 U.S.C. 507(a)(8)(C) and if the income tax debt is non-dischargeable, then the interest on the income taxes is also non-dischargeable. The First Circuit Bankruptcy Appellate Panel, in… [Continue Reading]

The Federal Housing Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, as part of its plan to increase public awareness and participation in the benefits of the Home Affordable Refinance Program, will take part in an online Google+ Hangout, on Thursday, Oct. 3 at 11:30 a.m. PDT/2:30 p.m. EDT.  The hangout has been… [Continue Reading]