Bankruptcy and Credit Reporting

The Fair Credit Reporting Act (FCRA or “the Act”) was created to ensure that information included in consumer credit reports is accurate.  The Act requires consumer reporting agencies to adopt reasonable procedures to meet the needs of creditors for consumer credit information but also to ensure that the information is fair and equitable to the… [Continue Reading]

THE FEDERAL GOVERNMENT IS SHUTDOWN: THE UNITED STATES BANKRUPTCY COURT WILL REMAIN OPEN

Effective on October 1, 2013, the Federal Government has shutdown. Nevertheless, the U.S. Bankruptcy Court of the Eastern District of Michigan announced that its three locations in Detroit, Flint and Bay City, Michigan will remain open despite the shutdown and will continue full court operations until October 15, 2013. During this time, all court business… [Continue Reading]

INCOME TAX DEBTS IN CHAPTER IN CHAPTER 13

REMEMBER THE INTEREST CHARGES When your Chapter 13 plan proposes to pay delinquent income taxes, be mindful that some income taxes may not be non-dischargeable debts under 11 U.S.C. 507(a)(8)(C) and if the income tax debt is non-dischargeable, then the interest on the income taxes is also non-dischargeable. The First Circuit Bankruptcy Appellate Panel, in… [Continue Reading]

HOME AFFORDABLE REFINANCE PROGRAM (HARP) IS STILL AVAILABLE FOR QUALIFYING HOMEOWNERS

HOME AFFORDABLE REFINANCE PROGRAM (HARP) IS STILL AVAILABLE FOR QUALIFYING HOMEOWNERS The Federal Housing Finance Agency (FHFA) has announced a new publicity push to improve the public knowledge of the Home Affordable Refinance Program (HARP) and to educate homeowners on potential refinancing options that are available to them.    FHFA was created in 2008, when the President… [Continue Reading]