MICHIGAN BANKRUPTCY MORTGAGE OPTIONS Part One You owe more on your mortgage than your house is worth, you want to leave, what are your options? You Cannot Afford The Payments If you cannot afford the payments, you will not be able to keep your house, unless you get a modification from the mortgage company. You…
How does a city go bankrupt? Same way you or I do, spending more than it takes in, over-estimating revenue, under-estimating expenses, or just ignoring reality. Like the federal government, local governments spend OPM, other people’s money. Its just that only the Federal government can print money. We used to be a federation of states,…
The first question is: What do you want to happen to your house in bankruptcy? What do you do about mortgage payments? There is nothing automatic; you are not required to keep or leave your house in Chapter 7 or Chapter 13 bankruptcy. Let’s start with Chapter 7 bankruptcy. Assuming you have no equity in…
Many clients ask me who will find out if I file bankruptcy? Does my boss have to know? I don’t want my relatives and friends to find out. All court proceedings are matters of public record, unless the Judge orders the records sealed at the request of a party, and it must be for special…
What do the statistics tell us about the big picture for our economy now? That there will be more bankruptcies in Detroit, and everywhere else in Michigan, and the U.S. The foreclosure crisis continues, if you want chapter and verse, read “Reckless Endangerment.” Foreclosure sales are declining, but in judicial foreclosure states, which Michigan is…
