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?
Tag Archive: Bankruptcy
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…
Mystery: Credit Card Offer After Bankruptcy?
(image credit: dreamstime) You have your bankruptcy discharge, and now, you get an offer in the mail for: another credit card! It feels great! You thought it would take years to “build up” your credit again! You just wiped out thousands of dollars of credit card debt. Why would the bank send you an offer…
C Is For Creditor
Creditors may not all look like this. OK, probably none of them do. But that is what some of them make us think they are, on their way to bashing our heads in if we don’t fork over the loot. Loot that we don’t have. The bankruptcy code defines creditor as: (A) entity that…
The Truth About Student Loans
American youth has been sold a bill of goods, get that college education, you will make more money, it will pay off in the long term, buy now, pay later, get student loans! Lenders even market to unemployed people, borrow our student loan, get that degree that leads to employment! Yet, more college graduates are…
Forgiveness Of Debt Income, What Everyone Ought To Know
DISCLAIMER: NOTHING IN THIS POST IS MEANT AS TAX ADVICE, CONSULT A PROFESSIONAL Some of my clients were about to pay income tax because of 1099-C forms received on rental properties they had abandoned. I was stunned. These people were bankruptcy clients, who had already filed Chapter 7 and received discharges. So they no longer…
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,…
MERS Says No Mas! To Michigan Foreclosures
No mas! MERS is folding up its tent as far as foreclosing in its own name, or filing pleadings in bankruptcy court in its own name, as it told is clients they have to get an assignment from MERS, and then file stuff in their own name. No more MERS foreclosures in Michigan. Our Michigan…
Michigan Bankruptcy Mortgage Options (Part Two)
This is the conclusion of a two part series, part one on bankruptcy mortgage options can be found here. Now, you cannot force the mortgage company to foreclose, or take your house back. They might agree to a short sale, but, as with a modification, you cannot force it on them. They might accept a…
Michigan Bankruptcy Mortgage Options
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…
