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December 2014 Archives

Debt relief for Michigan debtors and the snowball method

Now that the holidays are over, some residents in Michigan might be concerned about charges on credit cards and recovering from any accumulating debt. Whether it is credit card debt or any other form or debt or liability, individuals should understand methods to address their financial problems. While some repayment plans help individuals pay back credits more quickly, it is important to understand what method is best for their situation and achieving a fresh start.

Taking the first step towards a fresh financial start

We write often here on our Wayne County bankruptcy law blog about what to expect during the bankruptcy process and the fresh financial start that residents are able to obtain once it's complete. Yet sometimes the psychological gap between sitting at home, staring at bills and credit card debt collection letters, as opposed to getting out and seeking help from a legal professional may seem too great to cross. In order to help out readers understand the point of entry into the system, let's talk about that first meeting in a little more detail.

Mixed findings in recent report on credit card debt

With the holidays fast approaching, many Wayne County residents will be faced with a difficult choice. Facing financial challenges, how does one handle the shopping season -- cut back on spending, perhaps forgoing special gifts? Or add it on to the growing credit card debt and try to pay it off in 2015 and beyond?

The role of the Chapter 11 debtor in possession

In our last Wayne County bankruptcy law blog post, we made a reference to the term "debtor in possession." Let's take a little closer look at the meaning of debtor in possession according to the U.S. Courts website. The following is intended not as specific legal advice, but simply as general information.

Will Supreme Court Provide Wayne County Homeowners Mortgage Relief?

The U.S. Supreme Court has recently agreed to hear two Florida chapter 7 bankruptcy cases where the 11th U.S. Circuit Court of Appeals has ruled that a bankrupt homeowner with two mortgages on their home may "strip off" or "strip away" the second mortgage. The "strip off", according to the 11th Circuit, can occur where the first mortgage balance on the home exceeds the value of the home. There would be no remaining value left in the home to support the lien of the second mortgage. A "strip off' of a mortgage should be distinguished from a "strip down" or "cram down" of a mortgage. What the latter two words mean is that the mortgage's principal balance is reduced to the current market value of the property which only partially supports the second mortgage. The Supreme Court has ruled in the past that a "strip down" or "cram down" cannot occur in a chapter 7 bankruptcy. It has not yet ruled in a chapter 7 bankruptcy that a second mortgage can be "stripped off" where it is wholly unsecured.

Northern Michigan resort pursues reorganization in Chapter 11

Last week our Wayne County bankruptcy law blog looked at a major filing by Trump Entertainment Resorts. The company sought Chapter 11 protection, although there was some concern over whether the judge might convert the filing to Chapter 7 given challenges involving the repayment plan. If this seemed somewhat far removed from Michigan, let's look this week at a commercial bankruptcy case closer to home.

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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