Many folks rely on their credit reports when filing Chapter 7 bankruptcy, so they don’t miss listing a creditor. Because, all bankruptcy chapters include ALL debts. And, being under oath in a federal court, which all bankruptcy courts are, good idea to tell the whole truth. Why would you want to leave off a debt…
Tag Archive: pay
S Is For Chapter 13 Step Plan
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…
Oh, Oh, Bankruptcy Danger: Omitted Creditor
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?
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…
Mortgage Balance Not Reaffirmed?
Had a different question last week, from someone who did not reaffirm her mortgage in her Chapter 7 case, kept current on the payments, but wanted to pay off the balance for less than what was owed on the mortgage balance. REAFFIRMATION Just to review, reaffirmation is the process for you to obligate yourself…
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…
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…
The Truth About Second Mortgages
Second mortgages were marketed as home equity loans, or home equity lines of credit, partly to conceal that they were liens on your house, just like the first mortgage. I can’t tell you how many times I would ask a client, How many mortgages on your home? To be told, just one, and we have…
The Real Truth About Mortgages (Part One)
This has been the most common question I get for a long time, so I will periodically post on the possible answers. If you are current, and can afford to continue paying, there is really no bankruptcy alternative. You can stop paying, the so-called “strategic default“. Unfortunately, there is no accurate prediction as to what…
Best Bank To Open A New Account In?
Which bank should have your money? Banks are back to bidding for new customers, many offering cash for opening a new account. Lots of them require you to set up direct deposit of your paycheck. So, if you are like me, and do not get a paycheck, no go. Mark Riddix explained what he researched…
