Managing money isn’t always easy, and some people need more than one chance to get it right. If you’re living a lifestyle with a few comforts you don’t want to give up, or make more money than what income limits allow for filing Chapter 7 bankruptcy, you might be considering the possibility of Chapter 13… [Continue Reading]
FAQs about Chapter 7 Bankruptcy in Michigan
The struggling economy has brought some unpleasant surprises for a lot of people, and many people are considering filing for bankruptcy that never expected to. Of course, if you find yourself in this situation, you want to make sure pursuing Chapter 7 is worth your time, and that you will not be required to give… [Continue Reading]
FAQs about Chapter 11 Bankruptcy in MI for Small Businesses
Chapter 11 bankruptcy protection was created for certain small businesses to use when they are under financial distress. It is an excellent option for Michigan small business owners to use in order to remain open for business, eliminate debts and to restructure their business. It is different from Chapter 13, which is also a restructuring… [Continue Reading]
Fight Back to Stop Creditor Harassment
Individuals who are facing financial hardship in Michigan can use bankruptcy as a helping tool to obtain a fresh start and stop creditor harassment. It’s not the end of the world as some seem to think, but rather, bankruptcy is a government-approved way to extract oneself from a drowning pool of unmanageable debt. Rest assured… [Continue Reading]
The Benefits of Chapter 13 Bankruptcy
With all of life’s unpredictable moments, many of us find ourselves struggling with our finances, and often people start to consider filing bankruptcy. Since there is a certain stigma attached to bankruptcy of any kind, and the procedure negatively affects your credit rating, it is not most people’s first choice when it comes with dealing… [Continue Reading]
The Foreclosure Process in Michigan
When people become unable to make their monthly mortgage payments, the bank will sometimes foreclose on the property. Though the idea of foreclosure can be overwhelming, understanding the basics of the process will help you make the best decision about your home or, in some cases, prepare for the inevitable. About Foreclosure Foreclosure in Michigan… [Continue Reading]
Is a Michigan Short Sale Right for You?
Short sales aren’t the right choice for everyone, but they can provide some notable benefits. However, before you can make a good decision, you need to understand the short sale process and its implications. The Basics of Short Sales In real estate, a short sale occurs when the proceeds from the sale of a property… [Continue Reading]
How Do I Get Credit After Filing Bankruptcy?
After declaring bankruptcy, many people worry that they will never be able to turn their credit report around. However, that is not the case. There are many actions an individual can take to regain good credit after declaring bankruptcy. First, make sure your credit report is accurate. It is important to order a credit report… [Continue Reading]
Chapter 7 vs Chapter 13 Bankruptcy in Michigan
At Resnick & Moss, we receive many questions regarding bankruptcy. Declaring bankruptcy as an individual is not an easy decision or process. It is important to be well informed about bankruptcy and alternative solutions to your debt problems. Individuals most commonly file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy is when a… [Continue Reading]
What to List When Filing Bankruptcy in Michigan?
When filing for bankruptcy, the court requires that the debtor disclose all “property, income and debts.” All bankruptcy forms must be complete. Incomplete or inaccurate bankruptcy forms may result in dismissal of your case. Falsifying forms may lead to prosecution for fraud. However, minor mistakes or forgotten information can be explained to the bankruptcy trustee… [Continue Reading]
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