Many people work hard for years to pay off their homes. When you paid yours off at long last, you must have felt incredibly proud. Whether your mortgage lasted for 15 years, 30 years or another length, it was too long. You must have often felt like no end was in sight.
Is bankruptcy a good idea if I own my home outright?
Obtaining a car loan during bankruptcy
Michigan residents who have filed for bankruptcy may be able to get a car loan after doing so. Those who have filed for Chapter 13 bankruptcy could be allowed to take on an auto loan during the course of their repayment period. Most who are seeking a car loan during or after a bankruptcy will work with a subprime lender. Such a lender will take a person's ability and willingness to pay when deciding whether to extend a loan offer.
Financial surprises for women during divorce
Women in Michigan should be prepared to face some unsettling financial revelations if they file for divorce. A survey of 1,785 participants showed that 46 percent of the divorced women encountered financial surprises during their divorce.
Co-parenting cooperatively is best for the kids
Divorced Michigan parents must learn to deal with the difficulties of a co-parenting arrangement. Co-parenting is easier when both parents commit to maintaining focus on the emotional well-being of their children, understanding the harm that can come from minimizing one another in the eyes of the children, appreciating that the children should have attachments to both parents and valuing the relationship with both of them.
Divorcees may have less when it comes time to retire
The National Retirement Risk Index was created in 2006 by the Center for Retirement Research in order to measure the percentage of households that are at-risk of a lower standard of living after retirement. Michigan residents who are approaching divorce might want to know that the risk of a lower standard of living is 7 percent higher for divorced people. Individuals usually must deal with higher costs of living per person because marriage allows for certain economies of scale.
3 items you can keep when you file for bankruptcy
Many people are apprehensive about bankruptcy because of the common misconception that you will have to liquidate all your assets. On the contrary, the objective of bankruptcy is to facilitate repayment of debt, and if this can be done without liquidation, it is entirely possible that you can keep your most valuable assets while still relieving the debt that has become a burden.
