Bankruptcy

Reports have recently come in stating that bankruptcy filings are spiking this year. Indeed, the U.S. has already seen nearly 80,000 filings this year, which may mean that 2021 may be a record-breaking year for bankruptcy filings. In light of these numbers, it is no...

Michigan debtors who have reached the point where they have run out of alternatives to get back on stronger financial ground will often consider bankruptcy. Personal bankruptcy is a proven and legal way to clear debt, but knowing which chapter is right for the...

Chapter 7 bankruptcy is an important legal option that can provide Michigan residents with a way to eliminate many of their burdensome debts. However, Chapter 7 bankruptcy is not available to all debtors. To qualify for Chapter 7 and its protections, a debtor must...

Many people in the Detroit area have to use their home equity to support themselves during difficult financial times. For example, when an unexpected repair comes up, a family may have to take out a second mortgage. Likewise, other Michiganders might take out a Home...

The year 2020 was a difficult year for many in Southfield. Some people may have incurred significant medical debt that they cannot pay back, especially if they were furloughed without pay, let go when their workplace closed its doors, or even went back to work but at...

Bankruptcy is in the news frequently, with brick-and-mortar retail businesses and restaurants going under as well as individuals filing for personal bankruptcy. Bankruptcy sometimes has negative preconceptions, that it will ruin a person’s credit, that they will have...

Although a looming foreclosure may be a big reason why a family in the Detroit area considers a bankruptcy in the first place, the most common type of consumer bankruptcy, a Chapter 7, only offers limited assistance to families who are facing the loss of their home....

As many Southfield area residents know, a bankruptcy can hurt a person’s credit score. A credit score is an important indicator of a person’s credit worthiness and it can affect whether someone can buy a house, a car, or even get an apartment. Employers may also...

There are many different events in people’s lives in Michigan, which are predictable. However, there are many events that occur that are unpredictable and can have a very detrimental effect on their lives. They may suffer injuries or contract diseases, get laid off,...

Personal bankruptcy protection is an important legal tool for struggling consumers to consider. Different types of personal bankruptcy protections provide protections for filing parties in different situations. Filing parties should understand these different options...