If you decide to file for bankruptcy protection, the procedure will involve more than you may realize. In order to receive a discharge in either Chapter 7 or Chapter 13 bankruptcy, you must complete counseling and education requirements approved by the U.S. Trustee Program of the Department of Justice. This may seem a bit overwhelming, but the process is not as difficult or time-consuming as it sounds, and the information provided is designed to help you begin a fresh, new financial life.
For the majority of people, their home is one of their most valued possessions and they often work very hard to make sure that they are able to keep it. There are many different options for people who are having trouble affording their homes, but one of the most common options is a mortgage.
A mortgage is essentially just a loan specifically used to pay for their home, but if they are unable to make their mortgage payments, their home may be foreclosed.
Being behind on your mortgage is a frightening prospect. If you haven't already been served notice of foreclosure, it could be coming soon.
If you want to keep your home, what can you do? Can bankruptcy stop a foreclosure proceeding?
So you're getting married - congratulations! What an exciting time this is in your and your fiancée's lives.
One of the best parts of being married is getting to share in each other's lives completely. But, if one of you has significant debt, this isn't something you want to share. It's in both of your best interests to resolve the debt before you get married.
Let's acknowledge a truth: being in debt is incredibly stressful. No one likes the feeling of not knowing how they're going to pay their bills.
All the calls from creditors only make matters worse. It can seem like their calls are coming all hours of the day and night. What are you even supposed to tell them? If you could afford to pay them you would have, right?
Did you know that filing bankruptcy will put a stop to calls and collection actions? In many cases, declaring bankruptcy is your best option to stop the stress and get a fresh start.
People who are in debt and seeking a fresh start often decide to negotiate a settlement with their creditors. There are many organizations that say they can help Wayne County consumers with the debt negotiation process. In this blog post, we will take a closer look at one kind of organization in this business.
Wayne, Michigan, owners of second homes, rental properties or vacation homes sometimes find that they are unable to keep up with the mortgage payments on these properties. Although these kinds of properties are supposed to provide their owners with a benefit, such as leisure or extra income, sometimes they become a burden. Many people in this position would like to unload the property, but they are unsure how to go about doing that.
A paper company with a mill in Michigan has filed for Chapter 11 reorganization bankruptcy protection. The company reported that the filing will not impact its daily operations. The company noted that filing for Chapter 11 reorganization bankruptcy is intended to allow it to restructure its debt. According to a representative for the company, it intends to eliminate $2.4 billion in debt and that holders of the funded debt would receive $2.4 billion in equity.
Chapter 13 bankruptcy can be a great way for homeowners in Wayne County to stop foreclosure. Chapter 13 allows homeowners and other consumers to set up a repayment plan for their secured and unsecured debts. They can make manageable payments over a three- to five-year time frame, allowing them to catch up on past due debts.
A business reorganization under Chapter 11 of the federal bankruptcy code can be a good way for businesses to keep creditors at bay while management reorganizes and modernizes the company. Lots of companies in Michigan have emerged from Chapter 11 bankruptcy and resumed their successful ways.