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February 2017 Archives

An explanation of the bankruptcy means test

Michigan consumers who are considering filing for bankruptcy must first pass a means test. This examines their income and financial obligations and determines whether they are eligible to file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy allows a person to have most debts discharged with a few exceptions such as student loans. However, if people have assets they want to keep, such as a house, they might want to file for Chapter 13 bankruptcy instead since this allows them to restructure those debts with a payment plan.

Bankruptcy and car loans

When a Michigan resident purchases a new car but then has difficulty making the monthly payments, giving up the car could still leave money that must be paid on the loan. If the lender sells it after a repossession for less than the loan balance, the remainder is called a loan deficiency. The lender can sue for it, or it could be taken by wage garnishment or other means. One option to eliminate a car loan deficiency is bankruptcy.

Spending trillions for medical needs: A breakdown of costs

Healthcare costs in the United States are projected to account for 17 percent of the country's economy, translating to over $9,110 spent per person on medical needs. Despite the trillions of dollars that fall into this portion of the economy, little is known about how the costs breakdown.

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