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May 2017 Archives

How to help a child understand divorce

Divorce can be an emotional event for any Michigan residents to go through. However, as difficult as it can be for an adult, the end of a marriage can be just as hard on any children estranged parents may have. To ease a child's mind, parents should be upfront and honest about what is going on. Children should also be assured that their parents still love them.

Reasons a gray divorce may occur

Michigan couples who have been married for more than 30 years may have seen the headlines reporting that divorce rates for those over the age of 50 have continued to climb. While the number of divorces for those over the age of 50, called gray divorces, have risen, the risk of divorce is not the same across all demographics.

Important steps to getting past a bankruptcy

When a Michigan resident files for Chapter 7 bankruptcy, it will stay on their credit report for 10 years. Those who file for Chapter 13 bankruptcy will see it remain on their credit reports for seven years. However, the effects of the bankruptcy do not necessarily last for that long. According to a study done by TransUnion, only 10 percent of those who file for bankruptcy will do so again.

Retroactive alteration of confirmed plan payments disallowed

The bankruptcy processes in Michigan and across the country are governed by federal law. With some important exceptions, Chapter 13 is basically a uniform code for all of the United States. A bankruptcy trustee in Texas retroactively adjusted confirmed Chapter 13 plan payments in 25 cases. In an opinion issued in April, a U.S. bankruptcy court judge called the actions disturbing and shocking.

Bankruptcy court rules woman can discharge recent debts

Michigan consumers who have recently put charges on their credit card might wonder whether they would be able to discharge them in bankruptcy. A West Virginia bankruptcy court held that a woman who took a cash advance in the amount of $7,993 two months before filing for Chapter 7 bankruptcy could have that obligation discharged.

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