Filing for bankruptcy can provide crucial financial relief when debts become overwhelming, but not everyone qualifies for this legal protection. Understanding the specific disqualifications can save you time, money, and frustration when considering this significant financial decision. Before exploring potential disqualifications, it’s important to understand that bankruptcy protection involves complex...
When creditors challenge your bankruptcy filing, it can feel like your fresh start just hit a legal roadblock. The good news is that creditor challenges aren’t automatic case killers, but they do require immediate attention and strategic response. Understanding your options becomes crucial when facing these challenges. Knowing what to...
After years of watching that Chapter 7 bankruptcy notation drag down your credit score, you’re probably wondering exactly how much your score will improve once it finally disappears from your credit report. While every situation varies based on individual credit history, most people see meaningful improvements when this significant negative...
When a business faces significant financial difficulties, it may pursue bankruptcy to restructure or wind down its operations. However, as filing for bankruptcy can also affect a company’s workers, it’s important for the company’s leaders to get help from an experienced bankruptcy lawyer to understand their obligations and avoid potentially...
People facing substantial debt can seek to pay off those debts by filing for Chapter 13 bankruptcy. In a Chapter 13 bankruptcy proceeding, you will need to develop a repayment plan that outlines how you will pay back your creditors during the course of the case. As this must be reviewed...
Have you gone through the bankruptcy process in Michigan in the past, only to find yourself once again struggling under the weight of unsustainable debts? If so, you might be wondering if you can file for bankruptcy again. The answer is yes—although you must wait a certain period before you...
Filing for Chapter 7 bankruptcy means liquidating your assets to generate money to pay down your debts, with remaining eligible debts discharged at the end of the bankruptcy case. However, state and federal law can protect some assets from liquidation in Chapter 7 bankruptcy. But what happens to business assets...
For most types of loans, a borrower can have another person “co-sign” the loan with them. When another person co-signs a loan, such as a student loan, car loan, or credit card account, they agree to become equally responsible for repaying the loan. Having a co-signer allows people to obtain...
If your business is getting buried under debt and you can’t see any way to get back on track, you may not have a lot of options left. When should a Michigan business consider filing for bankruptcy? If your business is deep in debt without the cash flow to cover...
Facing bankruptcy as a business owner can be overwhelming. Whether your business faces high debt, low cash flow, or lawsuits from creditors, filing for bankruptcy can be both difficult and the right decision for your financial future. Choosing the right bankruptcy attorney can significantly impact the outcome of your filing....
Creditors can challenge the discharge of some debts in a bankruptcy. If a creditor challenges your bankruptcy filing in Michigan, you could be liable for repayments. It could also jeopardize the entire bankruptcy case. A Michigan bankruptcy lawyer can assist you if you face debt discharge challenges, protecting your rights...
Bankruptcy is a legal process that helps you eliminate or repay your debts under court supervision. While it can offer considerable relief, bankruptcy can also affect your credit report for years to come. A credit report shows your credit history, including loan and credit card payments. If you file for...
Medical debts are among the leading causes of financial hardship in Michigan. When individuals struggle with overwhelming medical bills, they may feel like they have no other option but to file for bankruptcy. Before making this decision, it’s essential to understand how bankruptcy treats medical debt and what your bankruptcy...
Bankruptcy is a legal process that allows individuals and businesses struggling with debt to repay a portion of their debt and have the rest forgiven. The two most common forms of bankruptcy for individuals in Michigan are Chapter 7 and Chapter 13. Which type of bankruptcy is best for you...
When you file for bankruptcy in Michigan, you may worry about what will happen to your 401(k) or other retirement accounts, including whether you will have to use the funds in those accounts to repay your creditors in bankruptcy. A bankruptcy attorney can help you understand how bankruptcy proceedings may...
No, filing for bankruptcy in Michigan does not necessarily mean losing your house. Michigan’s bankruptcy laws include a homestead exemption, which protects the equity in your primary residence during bankruptcy and can help you keep your home. Under Michigan law, you can exempt up to $46,125 in home equity. If...
For many Michigan residents, bankruptcy is a way to get a fresh start when facing financial difficulties. One of the most common concerns for those contemplating bankruptcy is whether they’ll lose everything they own. The good news is that Michigan bankruptcy laws provide various exemptions that protect certain assets from...
Chapter 7 bankruptcy is a legal process that allows you to eliminate most of your unsecured debts by liquidating or selling off property. Under Michigan law, certain property qualifies as “exempt,” meaning you can keep it instead of having to sell it to pay your creditors. Property exemptions allow you...
Filing for Chapter 7 bankruptcy offers you a chance to shed some of your burdensome debts and get a fresh start financially. However, this option isn’t available to everyone in Michigan. You have to meet certain rules to qualify for Chapter 7 bankruptcy, and you may not be able to...
Filing for bankruptcy in Michigan without your spouse knowing is technically possible. Preventing your spouse from learning about your bankruptcy through your mail, your credit report, and the bankruptcy’s impact on joint assets may be difficult. For a detailed discussion about your specific bankruptcy, contact the bankruptcy lawyers of Marrs...
If you are experiencing financial problems, you may be considering filing for bankruptcy in Michigan. In addition, you may be thinking about filing without an attorney to save money – after all, if you are considering bankruptcy, there is a good chance that you want to cut costs wherever possible....
Yes – you can file for Chapter 7 or Chapter 13 bankruptcy without an attorney in Michigan. However, given the complexities of the bankruptcy process, it is best to work with an experienced bankruptcy attorney. If you are considering bankruptcy, you probably feel the stress and uncertainties of financial instability. Let an attorney...
If you are thinking about filing for bankruptcy in Michigan, it is understandable to be worried about the actual expenses involved. Finding extra money for these fees is a challenging task if you are already struggling to make ends meet. Here is what you need to know about what you can...
Debtors who want a clean slate from extensive debt may file for Chapter 7 bankruptcy. However, the law restricts eligibility for Chapter 7 bankruptcy to debtors whose income falls below certain thresholds. What Is Chapter 7 Bankruptcy? The Bankruptcy Code provides several mechanisms for resolving debts, including Chapter 7. Under...
If you are experiencing financial problems, you may be considering filing for bankruptcy in Michigan. In addition, you may be thinking about filing without an attorney to save money – after all, if you are considering bankruptcy, there is a good chance that you want to cut costs wherever possible....
Understanding Your Options and Path to Financial Recovery There are few things more overwhelming than facing financial hardships. When you are busy trying to make ends meet and get out of debt, spending time to consider bankruptcy is sometimes the last thing on your mind. At Marrs & Terry, PLLC,...
Are you struggling with debt and considering filing for bankruptcy? Many people hear the term bankruptcy and immediately hesitate, feeling that it will ruin their ability to make large purchases in the future. Worrying about how filing for bankruptcy will affect your credit score is understandable. After all, you are...
Many Michigan residents fall into inescapable debt when they use their credit cards to cover basic expenses after suffering a financial setback. According to the U.S. Federal Reserve, revolving debt in the United States increased by 1.5 percent to $1.037 trillion in July despite a thriving economy and historically low...
For Michigan consumers who are struggling to pay their credit card debts, it can feel impossible to catch up. In some cases, the balances outstanding are simply too high to pay down, and the cardholder might want to pursue debt settlement. Settling credit card debts is a legitimate process, but...
Credit card debt forgiveness may seem like an attractive option to Michigan residents who are struggling financially, but they may find that pursuing this course of action is futile because debt collectors expect a sizeable upfront payment before agreeing to forgive part of what is owed. Another problem with debt...
Many consumers in Michigan and around the country are having difficulty meeting their financial obligations despite low unemployment, rising wages and sustained economic growth according to figures from the Federal Reserve Bank of St. Louis. The bank says that the credit card delinquency rate has risen from 2.12 percent during...
An increasing number of elderly people in Michigan and across the United States are filing for bankruptcy, especially as wealth inequality continues to deepen. Several studies have indicated that older Americans are suffering from escalating financial problems. Between 1991 and 2016, the bankruptcy rate for Americans over 75 more than...
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...
The time period during which a person is struggling with asset depletion and avoiding a bankruptcy filing is sometimes referred to as the sweatbox. It’s an unpleasant situation for Michigan residents who have to deal with collection calls and making decisions regarding the finances of basic life necessities. A report...
For many people in Michigan struggling with debt, student loans can contribute substantially to the burden that they face. However, this type of debt is set aside from other unrepayable expenses like credit card bills; unlike those debts, student loans are not dischargeable in bankruptcy. As student loan debt and...
Filing for bankruptcy typically represents a low point in the financial lives of people in Michigan, but the chance to clear out debts offers opportunity for the future. A bankruptcy will linger on a credit report for at least seven years and impact an individual’s ability to rent apartments or...
Some Michigan consumers who feel overwhelmed by their financial obligations might consider filing for bankruptcy. Most types of unsecured debt can be discharge, but people should be aware that most tax liabilities cannot be. Generally, it is not possible for a person to discharge tax debt for which a return...
