Debt Crisis Coming?

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!The economy has been OK to good for a while.  A long while. How much longer will the upturn last? Julia La Roche at Yahoo Finance has a story on a guy who is not comfortable with the rosy creditContinue Reading

Bankruptcy And Mortgages

Bankruptcy and mortgages covers a lot of ground, this may be a two-parter. Chapter 7 Bankruptcy and Mortgages Mortgage just means debt secured by real estate.  Home equity loan is just a marketing term, if you pledged your house as collateral, it is just another mortgage. As I am licenses in Michigan, Michigan is theContinue Reading

How Much Debt Is Too Much Debt?

How much debt is too much debt?

Someone called me today, his wife laid off a couple months ago, and she cannot pay her credit cards on unemployment. More Debt Than You Can Pay Is Too Much Well, yes.  But that is a little late to find out.  Bankruptcy should be a last resort. Most growing economies have citizens who save aContinue Reading

Bankruptcy And Credit Card Debt

Americans are swamped in $1 trillion of credit card debt– will bankruptcy be the answer? Different Bankruptcy Chapters LIquidation, or straight, bankruptcy is what Chapter 7 is called.  That is to wipe out debts.  You get a discharge, which, in effect, takes your name off the note or contract. Americans now owe $1 trillion inContinue Reading

Consumer Bankruptcy News – Michigan

Bankruptcy blame and fraud dominate this week’s Consumer Bankruptcy lawyer News – Michigan. Bankruptcy Lawyers Get Blamed – By The Judge We get blamed by our clients all the time, but getting blamed by the bankruptcy judge is much worse. More fundamentally, the court is disappointed in Martell’s counsel for attempting to disallow a claimContinue Reading

Consumer Bankruptcy News

Consumer bankruptcy filings are sure to go up. Mortgage debt is one reason.  The government just keeps pushing out mortgages to people who cannot otherwise get them.  Those with lower credit scores and income. Which people, of course, default more often. People who cannot pay their debts are the ones who file bankruptcy. Mortgage DebtContinue Reading

What Is The Automatic Stay?

Automatic Stay Stop Debt Collection

The automatic stay is imposed, well, automatically, upon the filing of any bankruptcy petition. It is a big red STOP! sign to ALL creditors that debt collection actions, garnishments, foreclosures, repossessions, letters, phone calls, anything, must stop. Most courts can issue a stay, an order freezing things where they are, after a lawsuit is filed, andContinue Reading