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September 2017 Archives

Chapter 13 and getting a home

Michigan debtors who are considering filing for Chapter 13 bankruptcy may want to know if purchasing or renting a home would be feasible. Because Chapter 13 bankruptcy can remain on a person's credit for years, obtaining a home can be difficult. However, it would not be impossible.

Certain professions have higher divorce rates

The national divorce rate average hovers around 35 percent of all marriages. However, a study using 2015 data from the American Community Survey suggests that some married couples in Michigan are more likely to get divorced than others. One factor that plays a significant role in determining whether a couple stays together is the spouses' occupations.

Medical collection accounts may impact credit scores

Changes to the way that medical debts are treated on credit reports may be helpful to some Michigan residents. Starting on Sept. 15, 180 days must pass before an unpaid medical debt can appear on a person's credit report. In addition, a medical account in collections will be deleted if the balance is eventually paid for by a health insurance provider. While these changes may help, they may not help as many people as anticipated.

3 things to do if you cannot make your credit card payment

Being strapped for cash can feel humiliating and stressful. You might try to ignore it, but the reality is setting in that you are unable to make the minimum payment on your credit card bill. Whether you lost your job, had an unexpected expense or you have been spending unwisely, it is a serious problem. 

Types and costs of bankruptcy

Michigan consumers who are considering filing for bankruptcy might wonder what it will cost and whether it is the right choice for them. Depending on the situation, a person might file for Chapter 7, Chapter 12 or Chapter 13 bankruptcy. Each type has different filing fees, and if the debtor chooses to obtain legal representation, there will be attorney's fees as well. Possible alternatives to bankruptcy include negotiating the debt with creditors and selling something of value to pay off bills.

Understanding how alimony payments can be deducted

Alimony is often ordered in Michigan divorce cases when one spouse has been the primary wage earner throughout the marriage. If alimony is ordered or agreed upon, the payments may be tax deductible. However, the orders or agreements must adhere to the parameters outlined by the Internal Revenue Service.

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