Monthly Archives: January 2010

Chapter 13 Bankruptcy Not Possible, File Chapter 11?

Now, you can owe up to $1,010,650 of secured debt, and still be able to file Chapter 13 bankruptcy, depending on how much unsecured debt you owe. If you are over the Chapter 13 bankruptcy debt limit, you can still file Chapter 11 bankruptcy. So, if your Michigan house is worth $900,000, and you owe…

File Bankruptcy, Am I A Failure?

No, you are not a failure if you file bankruptcy. Bankruptcy is, and should be, a last resort. The giant banks and mortgage companies that, with their politician friends, brought about the worldwide financial crisis, did not file bankruptcy themselves because the politicians they bought bailed them out. They should be criminally prosecuted, but, the…

Stop Paying Credit Cards?

Fox News has a guest, Bill Bartman, who advises that you STOP paying credit cards, in some situations. Bartman interview on Fox News (link no good) His first point is, the big national credit card companies all sell their bad debts. This is true, he says after 6 months of no payments, but I cannot…

Michigan Foreclosure Crisis Continuing

The foreclosure crisis in Michigan continues. In fact, all of America is under water, shown by the fact that American homeowners are now $745 billion underwater on their mortgages. Michigan foreclosure leads the way.  In the USA, over 2.8 million homes foreclosed in 2009, millions of homes lost. The trend?  Bound to get even worse. …