While most couples do file bankruptcy together, there are some circumstances in which married couples might decide to file bankruptcy separately. In rare cases, such as newlyweds, for example, one spouse might file bankruptcy alone, which helps to preserve the non-filing spouse’s credit standing. However, certain aspects of the marriage will still be examined, so… [Continue Reading]
Bankruptcy and Job Prospects
Bankruptcy can impact many areas of a person’s life. After the bankruptcy is concluded, the person filing for bankruptcy has to recover financially and build up his or her credit again. This can make buying a home, renting an apartment, and even getting a job in some cases more difficult. Not all jobs require candidates… [Continue Reading]
Can Community Land Trusts Fix Detroit’s Foreclosure Mess?
According to statistics from the U.S. Census Bureau, nearly one of every six homes in the city of Detroit faced tax foreclosure in 2015. An effort to stanch the bleed and return control of neighborhoods to its homeowners is being explored through models like Community Land Trusts. There are several reasons why Detroit faces such… [Continue Reading]
Divorce and Bankruptcy: A Perfect Storm
Divorce and bankruptcy are two areas of the law that can often overlap, affecting each other in many ways. Depending on which Chapter of the bankruptcy code a debtor files for relief may affect obligations granted in a divorce decree or settlement. When a person files for bankruptcy, “automatic stay” provisions come into play and… [Continue Reading]
To File or Not to File Bankruptcy
If your debt is overwhelming and you cannot imagine paying it off without putting at risk your ability to pay for your living expenses (even pared down), then you have probably considered bankruptcy. But for many people, including business owners, bankruptcy may not be the only option or the best option. Bankruptcy may be the best… [Continue Reading]
Money Troubles, Marital Woes: When You’re on the Brink of Bankruptcy and Divorce
Ask any marriage counselor what a leading cause of marital strife and eventual divorce is and you will hear financial problems (along with infidelity, stresses of raising children and in-law issues). Divorce or the possibility of divorce is incredibly difficult. What happens if your financial house is also crumbling? The answer is: it depends. Many… [Continue Reading]
Someone who Owes me Money Filed for Bankruptcy; How Can I Get My Money?
A person who owes you money is called a debtor. If your debtor files for bankruptcy protection, you may still be able to collect from them in certain circumstances. First, identify how and why your debtor owes you money. Does your debtor owe you for a loan or a service that you provided to them?… [Continue Reading]
Medical Bankruptcies: When Health Care Threatens Your Financial Health
What role does health care play in the world of bankruptcy? In 2013, medical expenses were the largest cause of bankruptcy in the U.S., reportedly accounting for 62% of all bankruptcy filings. Even more astounding is that most people who file bankruptcy based upon their overwhelming medical bills have some kind of insurance, albeit insufficient… [Continue Reading]
Bitcoin and the World of Bankruptcy
Perhaps you have heard of Bitcoin, the cybercurrency created as a way to be free of national and international monetary policy. Bitcoin’s value has fluctuated wildly since its appearance in the marketplace. In addition, Bitcoin has also become the “currency” of choice for a variety of criminal enterprises. Now, Bitcoin is embroiled in a new… [Continue Reading]
Eastern District of Michigan Updates its Bankruptcy Rules
The sometimes arcane rules of bankruptcy got a facelift for the Eastern District of Michigan that took effect Feb. 1, 2016. Below are some of the practical changes directly impacting local practice in consumer bankruptcy cases. For a more detailed analysis, please contact the bankruptcy experts at Resnick Law at 248.642.5400 or contact us online… [Continue Reading]
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