Well, if you are Donald Trump, you just keep filing bankruptcy. Actually, The Donald never files, just his companies. His casinos have filed multiple times. But, those were all Chapter 11 bankruptcies, like the latest one linked to above. What about Chapter 7 bankruptcy? Is it one and done? No, it is not. …
Bankruptcy filings skyrocketed in the weeks and days before the current bankruptcy laws took effect October 17, 2005. The perception was it would be much more difficult to file AFTER the bankruptcy laws changed. Well, it has not turned out the way that creditors hoped. Of course, filings were down after the 2005 rush,…
Hell, yes. Just because a person or company, or even a college, has filed bankruptcy, does not mean you are off the hook if you owe them money. Lon Morris College filed Chapter 11 bankruptcy, and expects to get as much as one million dollars by suing students for unpaid tuition. These are not…
There may be some for Michigan homeowners caught in the foreclosure crisis. And filing bankruptcy does not disqualify your, automatically, from the program. I am not sure why government bureaucrats like long names for programs, perhaps, it makes them feel more important. This is about Michigan’s Helping Hardest Hit Homeowners program, otherwise known as…
Bankruptcy “reform” was enacted at the behest of the creditor lobby, you know, the ones with the money, in 2005 partly on claims that many people were filing Chapter 7 bankruptcy who could afford to pay at least some of their debts in Chapter 13 bankruptcy. Contrary to popular belief, that has NOT happened….
Chapter 13 bankruptcy, and Chapter 11 bankruptcy, are payment plan bankruptcies, unlike Chapter 7 bankruptcy, which is to wipe out debt. Being payment plans, you pay some of your debts in Chapter 13 or Chapter 11, but perhaps a small percentage. How much you pay depends, among other things, how much you make. But,…
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 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 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…
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?
