Category Archives: Bankruptcy

Why File Bankruptcy; I Can Settle My Debts

Yes, I know, I keep showing these rats.  But they keep trying to take your money! These two are debt settlement company employees; you know, the companies you hear about on the radio all the time:  Don’t file bankruptcy!  We can settle your debt for pennies on the dollar!  The secret the credit card companies…

Credit Cards Are NOT The Problem

Credit cards are neither good nor bad; they have no intrinsic moral quality. Just like a baseball bat; depends how you use it.  Hit a home run?  Cool.  Break someone’s head? Not so much. Yes, that one is subjective. It is possible to use credit cards without going overboard, pay the balance every month, get…

Are College Diplomas Worth The Money?

I was in Ann Arbor recently, for a bankruptcy hearing. On paying to leave the parking structure, I noticed the  young lady had a thick book she was reading. I asked:  “Studying hard?” She smiled wanly and said: “No, I have my bachelor’s degree.” I said:  “At least you have a job.” None of my…

What Is A Chapter 7 No Asset Report?

No, it does not mean you have no property, that you lost everything by filing Chapter 7. Actually, it means that the trustee found no assets to be liquidated for the benefit of creditors. Which is a good thing, you keep everything you had before you filed. Subject to paying any liens on the property,…

Cities Can File Bankruptcy Too

Marquette Welcome Sign

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,…

If I File Bankruptcy In Michigan, What Happens To My House?

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…

Who Will Know If I File Bankruptcy?

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…

More Creditor Fraud?

    Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits? It would mean we got religion, decided…

Funniest Celebrity Poker Stories

Well, to the extent we think it is funny when the rich and famous get sued. For playing games we can only dream of entering.  Like a poker game where you win $311,000. But, the money (allegedly) was won from a crook who stole it in a Ponzie scheme. And now the crook is bankrupt,…

The Truth About Michigan Bankruptcy Petition Preparers

In the Eastern District of Michigan Bankruptcy Court, Detroit, ten percent of the Chapter 7 cases filed are by people without attorneys. Many of the bankruptcy petition preparers abuse the process. First, they charge more than allowed. All of the Judges in the Eastern District of Michigan Bankruptcy Court have signed an order limiting bankruptcy…

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