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,…
Tag Archive: Bankruptcy
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…
Cities Can File Bankruptcy Too
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…
Michigan Foreclosure: The Big Picture
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…
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…
Petition Preparer Statement
order_re_max_fee UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF MICHIGAN In re: Case No. Chapter Hon. Debtor(s) / STATEMENT OF PETITION PREPARER PURSUANT TO F.R.BANKR.P. 2016(c) The undersigned, pursuant to Fed.R.Bankr.P.2016(c) states that: 1. The undersigned is the petition preparer for the Debtor(s) in this case. 2. The compensation paid or agreed to be…
