Statistics reveal that in 2017 more than 700,000 individuals filed for bankruptcy. Unfortunately, bankruptcy can remain on your credit report for up to 10 years, depending on the type of bankruptcy you file. A recent study by LendingTree found that many people actually bounce back from bankruptcy long before 10 years have elapsed. Instead, the… [Continue Reading]
Discharging Student Loans in Bankruptcy
Many people who have a difficult time paying their bills have discovered that bankruptcy is an invaluable option. When financial indebtedness involves student loans, however, many people are deterred because they have heard that student loans are not capable of being discharged in bankruptcy. While it is true that there are steep requirements for discharging… [Continue Reading]
Understanding Michigan’s Homestead Exemption
One of the most common myths about bankruptcy is that you are required to give away all of your belongings. In reality, there are certain exemptions and items that you are allowed to keep during bankruptcy. For example, Michigan has a distinct group of items that a person is allowed to keep while navigating the… [Continue Reading]
Clarifying Common Bankruptcy Myths
There are a number of myths out there about the bankruptcy process. While some of these myths contain an element of truth, most have no basis in reality and were likely created to scare people. If you are navigating the bankruptcy process, it is a wise idea to contact an experienced bankruptcy attorney who can… [Continue Reading]
Why You Should Not Wait to File for Bankruptcy
Because filing for bankruptcy is often seen as an acknowledgement of financial failure, many people resist initiating the bankruptcy process. In reality, waiting to file bankruptcy often makes it more difficult for a person to recover from the bankruptcy process. The following will review some of the reasons why you should not delay in speaking… [Continue Reading]
Are Married Couples Required to File Bankruptcy Together in Michigan?
While most couples do file bankruptcy together, there are some circumstances in which married couples might decide to file bankruptcy separately. In rare cases, such as newlyweds, for example, one spouse might file bankruptcy alone, which helps to preserve the non-filing spouse’s credit standing. However, certain aspects of the marriage will still be examined, so… [Continue Reading]
Why DIY Bankruptcy is a Bad Idea
Today the idea of doing it yourself has infiltrated all aspects of our lives. Not only are we advised to tackle home repairs without the assistance of a specialist, we are encouraged to handle legal matters on our own, as well. While it is possible to file the forms associated with certain legal issues with… [Continue Reading]
Garnishment Explained
A person who is drowning in debt may make the mistake of ignoring his or her creditors. A common misconception is that ignoring a debt will make it go away or help it become more manageable. In reality, pretending a debt does not exist only makes creditors more aggressive, and when it becomes clear that… [Continue Reading]
Why Would My Chapter 13 Payment Increase?
Chapter 13 bankruptcy allows a debtor to benefit from protection against aggressive forms of debt collection such as foreclosure, repossession, and wage garnishment, while requiring him or her to repay a portion of his or her debt. The repayment amount is based on the financial assets available to the debtor along with the amount of… [Continue Reading]
Tax Refund Garnishment
There are many consumers who look forward to getting substantial tax refunds each year. These funds may be used as savings, to pay for various expenses, or to pay off existing debt. Consumers who have made plans to spend their tax refunds may be concerned about the ability of existing creditors to garnish those tax… [Continue Reading]
