image by: Dreamstime Bankruptcy attorneys file bankruptcy, themselves, both Chapter 13 payment plan bankruptcies, or Chapter 7 liquidation bankruptcies, more often than we get million dollar fees. But, what is news? Over a billion (yeah, B as in Billion) in attorney fees, on a bankruptcy case? Yah, you betcha. “These fees are higher than my…
Author Archives: Kurt O'Keefe
Feel Guilty Filing Bankruptcy? Good!
G Is For Guilty image credit: Dreamstime Most of us have been taught to pay our bills. If you borrow money, you should pay it back. We get mad at our “friends” who don’t pay us back. Whether it is money for furniture, a truck, a car, a boat, a house, a vacation, a student…
Detroit Chapter 7 Creditors’ Meeting
DETROIT BANKRUPTCY COURT This is it! Home of the Detroit, Michigan bankruptcy court. Nothing marking it other than the address: 211 West Fort. The initial, usually, only, court date is held here on the third floor, for both Chapter 7 and Chapter 13 creditor meetings, or, 341 hearings. Well, for certain counties in the Eastern…
S Is For Chapter 13 Step Plan
S is for Step Plan image by: dreamstime image by: dreamstime Chapter 13 bankruptcy is difficult enough to understand. The Chapter 13 plan is the point of a Chapter 13 bankruptcy case. Chapter 13 is a payment plan bankruptcy case, as opposed to Chapter 7 or “straight” or “liquidation” bankruptcy. Clients always ask: How does the…
Home Value Gone – When Is It Smarter To Stay Or Walk?
image by: Dreamstime Home value in Michigan and everywhere else drops, again. Another new low in home prices. But, hey, we hit bottom, the rebound is just around the corner? Uh, no. From the Washington Post story linked to above: ““The trend is down and there are few, if any, signs in the numbers that…
Is $2.5 Million A Slap On The Wrist?
Michigan debt collection company AGREES to pay $2.5 million dollar fine. Would you do that if you had done nothing wrong? In virtually the same statement every P.R. person makes for every corporation caught red-handed, Asset Acceptance states: image credit: Dreamstime “In a statement, Asset Acceptance said that the settlement ended an F.T.C. investigation that began nearly…
Homeowner Help? Or Government Sellout?
The long awaited on again, off again, multi-state settlement between the Attorneys General of our various states and the mortgage company rapists, uh, crooks, is apparently on again. Unless this is your first trip to this blog, let me end the suspense: the proposed settlement is: image credit: dreamstime Sorry to ruin the ending. What…
Bankruptcy Still Offers Mortgage Debt Relief
I talk to so many people trying to keep their homes, or, even rental properties, who are unaware that bankruptcy law still offers some remedies for Michigan foreclosure issues. image credit: dreamstime Say you bought a house with a friend or relative when you were younger, then moved into a bigger residence when you got…
Oh, Oh, Bankruptcy Danger: Omitted Creditor
Michigan bankruptcy clients forget creditors all the time. Or, don’t even know they owe some body money, especially medical bills, which often show up months later. Some people panic: I already had my bankruptcy hearing, is it too late? How much trouble am I in? Will I have to pay this bill?
The Mystery of Chapter 11
photo credit: dreamstime What the hell is Chapter 11? Just the name gives most people a headache. OK, maybe not as much of a headache as if you work for a company that files Chapter 11 bankruptcy, or, if a company that owes you money files under Chapter 11. Most Chapter 11 bankruptcies are filed…
