Michigan Bankruptcy Blog

Chapter 13 Bankruptcy and Home Equity Loans: Stopping Payment Reset

Chapter 13 Bankruptcy and Home Equity Loans: Stopping Payment Reset

Chapter 13 Bankruptcy and Home Equity Loans: Interest-Only Repayment Periods End in Large Number in 2014 [caption id="attachment_2673" align="aligncenter" width="199"] Image by Nevit Dilmen courtesy of Wikimedia Commons[/caption] Chapter 13 Bankruptcy Can Strip Off or Modify a Maturing HELOC or Balloon Payment While a Chapter 7 bankruptcy is a highly effective means of surrendering or walking away from real estate that you can no longer afford, a Chapter 13 bankruptcy will help you save real estate from foreclosure ...

Posted on April 25th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Happens if I Win the Lottery While in Chapter 13 Bankruptcy?

First of All, There Are Bigger Problems to Have in Life ... [caption id="attachment_2636" align="aligncenter" width="300"] Image by Bartosz Senderek, courtesy of Wikimedia Commons[/caption] Regardless, Questions About Winning a Lottery While in Chapter 13 Bankruptcy Are Common ... This is easily in the top 5 of most common questions potential clients ask us when sitting down with us to explore the possibility of filing a Chapter 13 bankruptcy. We love the optimism  involved, no question about it, but the ...

Posted on March 15th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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When Your Chapter 13 Bankruptcy Isn’t Working For You Anymore …

Chapter 13 Bankruptcy: Not A Cage From Which There Is No Escape Chapter 13 Bankruptcy: A Flexible System That Can Change With Your Needs The idea of a 3-5-year payment plan is intimidating to many prospective Chapter 13 bankruptcy filers. Never mind that many people willingly take on 6 or even 7-year auto loan payments these days; the idea of being obligated to repay something, even if only what you can afford to pay, to your creditors ...

Posted on February 5th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Holiday Spending and Bankruptcy: Some Call it Fraud

You May Be Visited by 3 Ghosts: Non-Dischargeability, Denial of Discharge, and Criminal Penalties ... [caption id="attachment_2465" align="aligncenter" width="300"] Image by Kelvin Kay, courtesy of Wikimedia Commons[/caption] Pre-Bankruptcy Spending: Don't Risk Your Discharge The instinct to just take any hit necessary to get the gift-buying many of us feel obligated to at this time of the year is a powerful one. "I'll just get Aunt Sally taken care, then I'll worry about the credit card later on in the ...

Posted on December 6th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Get Garnished Funds Back After Filing Bankruptcy?

  Funds Garnished Prior to Filing Bankruptcy May be Recoverable Get Garnished Funds Back if Filing Within 90 Days of Filing Funds garnished by creditors from your paycheck, bank account, or State of Michigan tax refund must generally be returned to you if you file within 90 days of the garnishment, so long as certain circumstances are met. When Can I Get Garnished Funds Back After Filing Chapter 7 or Chapter 13 Bankruptcy? Funds garnished prior to a bankruptcy filing ...

Posted on October 15th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Discharge Payday Loans in Bankruptcy?

Payday Lending: Usury at its Worst [caption id="attachment_2346" align="aligncenter" width="300"] Image by Swanksalot, courtesy of Wikimedia Commons[/caption] Payday lending represents the worst of the worst when it comes to consumer lending. The practice nearly always involves a request for post-dated checks, shockingly high interest rates, and shadowy, difficult-to-locate lenders whose corporate owners often turn out to be located on American Indian reservations or in foreign countries like Belize, outside of the reach of the Fair Debt Collection ...

Posted on October 12th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Should I Try Credit Repair Before Bankruptcy?

No One Can "Clean" Legitimately Bad Credit for You! Glancing at many office building windows or hand-written signs at highway exit ramps will reveal a multitude of companies or people claiming to be able to "fix" your bad credit for you. Can they really do it? Generally, NO. Such offered services generally mask a process of victimization of desperate consumers who have missed installment payments, suffered repossession or foreclosure, been sued, garnished, had a job offer withdrawn because of bad ...

Posted on October 1st, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Do I Cramdown a Rental Property in Chapter 13 Bankruptcy?

Pay Its Fair-Market Value in 60 or Fewer Months through the Chapter 13 Payment Plan A Chapter 13 bankruptcy is a highly useful form of bankruptcy if you own real estate that may be underwater due to the burden of a second mortgage or home equity line of credit or if you own real estate in addition to the home you actually live in. Rental properties which bring in income each month but for which you owe ...

Posted on September 24th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Chapter 7 Bankruptcy and Insider Creditors: Don’t Do the Right Thing

The Dangers of Repaying Personal Loans Prior to Filing Chapter 7 [caption id="attachment_2286" align="aligncenter" width="300"] Image courtesy of Azoreg via Wikimedia Commons[/caption] Insider Creditors & Preference Payments in Chapter 7 Bankruptcy When you file a bankruptcy petition, you create a legal "bankruptcy estate" containing all of the property that you own at whatever value it happens to have on the date that you file the bankruptcy petition. In a Chapter 7 bankruptcy, an individual called the Chapter 7 Trustee ...

Posted on September 12th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Do I Redeem a Car in Chapter 7 Bankruptcy?

Vehicle Redemption in Chapter 7 Bankruptcy: Pay Only What the Car Is Worth Retaining Property Securing Debts in Chapter 7 When you file a Chapter 7 bankruptcy, you  must include in your bankruptcy petition a document called a "Statement of Intention," in which you make an initial declaration of whether you intend to retain or surrender property serving as collateral securing debts, such as a home or a vehicle with regard to a mortgage loan or vehicle ...

Posted on September 3rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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