Michigan debtors who are considering filing for Chapter 13 bankruptcy may be interested in a ruling made by a Georgia bankruptcy court. The decision marks the second time within a month that a bankruptcy court permitted a Chapter 13 debtor to include in her payment plan the payments for redeemed real property that had been sold in a tax sale.
The Federal Rules of Bankruptcy Procedure changed in a number of ways on December 1, 2017, impacting bankruptcy cases in Michigan and across the United States. The primary effects of the changes involve Chapter 13 cases where creditors have secured claims, unsecured claims or judgment liens. Broadly speaking, the changes require greater attention or action on the part of creditors in Chapter 13 cases and establish new deadlines for creditors.
Individuals in Michigan who are approaching or going through divorce during the holiday season already know how difficult such a process can be, and how the difficulty can be exacerbated by the holiday festivities around us. Indeed, divorcing during the holidays can have a lasting impact on the individuals involved, including the children as well as the spouses. Children may have to endure bouncing between households for years going forward due to the terms of the Parenting Agreement that results after divorce.
For Michigan residents and others, getting a divorce can be both emotionally and financially draining. To increase the odds of recovering both financially and emotionally from a divorce, it may be a good idea to lean on a support system. In most cases, this will include friends, family and an attorney. It also may include a trusted CPA or other financial professionals. Those who lack a team of professionals may be best served by assembling one before getting divorced.
Bankruptcy is a legal process that can be used to resolve overwhelming debt, and every year, 800,000 people in the United States use it to get out of debt. Michigan residents that have gone through a bankruptcy may think that buying a new home may be impossible. Although it may be a complicated process, purchasing a home after a bankruptcy is possible.
Bankruptcy laws help people reduce or eliminate their debts. Although this protection is available to all adults, Michigan seniors are a growing section of bankruptcy filers. There may be a few reasons why they're turning to the federal bankruptcy code to resolve their financial problems.