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May 2014 Archives

Consequences of missed payments on credit card debt

Many Michigan consumers have likely experienced that sinking feeling when month-end approaches, and they realize that there is just not enough money to pay all due debts. Some may have to decide what payment to miss -- utility bills or credit cards. Individuals may not be sure what the consequences are of missing a payment, however. If this is a rare occurrence, it may be better to ensure somehow that credit card debt payments are kept up to date.

Makers of camera that sees through walls file for Chapter 7

Many individuals and businesses have fallen victim to the challenging economic climate over the last five years. Michigan residents may remember TIME Magazine’s list of best inventions that was published in 2009. One of the top 50 inventions was a camera that used millimeter waves to see through and into objects. It was expected to make a significant impact on the market. The manufacturers of this ingenious piece of technology recently filed for Chapter 7 bankruptcy.

Reverse mortgages lead to irregular foreclosure threats

Michigan residents may want to learn of a matter raising concern among children whose parents opted for reverse mortgages. While reverse mortgages are a way to provide older homeowners with cash for their retirement, statistics have shown that the children of these homeowners are standing to lose the houses soon after their parents' passing. The financial institutions that helped their parents to remain in their homes are now threatening foreclosure against the children.

Judge declares entertainment center under Chapter 7 bankruptcy

When business owners in Michigan start experiencing financial problems and suspect that they may not be able to resolve these issues, they may want to be proactive and explore their opportunities under state laws. The protection of personal bankruptcy may afford business owners the opportunity to have a fresh start. However, for the owners of an entertainment center who did not take timely action, Chapter 7 bankruptcy was declared on their behalf.

There are ways to manage overwhelming medical debt in Michigan

Medical debt can be the cause of severe anxiety and could have detrimental effects on the financial stability of an individual or a family. Some Michigan residents may not realize that people of any income group can find their medical debt to become overwhelming. It has also been reported that this problem does not only affect those without health insurance.

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