Most people who file bankruptcy in Michigan opt for Chapter 7. Their case is over in a matter of months and they can start rebuilding more quickly. This is one of the reasons why the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed: to direct those who can afford to repay some

When bankruptcy services are being advertised, the expression, “fresh start” appears frequently. “Fresh Start” refers to the legal and bankruptcy filing process, which is designed to help individuals who are unable to repay their creditors. An individual may choose to file bankruptcy to get a “fresh start,” and liquidate assets or create a viable repayment

Unfortunately, there has been a longstanding (and unjustified) stigma associated with filing for bankruptcy. When bad things happen to good people, bankruptcy makes it possible to start over. There are advantages to filing for bankruptcy including eliminating overwhelming debt, learn from any financial mistakes you may have made in the past, and set the stage

When you file for bankruptcy, there is a lot of paperwork to complete, but most of it is straightforward. You need to indicate your income and monthly expenses, itemize your assets and debts, and explain the circumstances of any recent property transfers.  Contingent debts are undefined liabilities, and is a debt that may or may

When you did your federal income taxes for 2019, did the outcome make you wince because you owed more than you could afford to pay? It’s a stressful situation, but it’s not unusual. Each year, so many taxpayers are left in similar circumstances that the IRS routinely offers installment agreements with those who qualify for

Despite bankruptcy being an official legal process governed by federal law, the only time most debtors see inside the courtroom during the proceedings is at the Meeting of Creditors, commonly called the 341 meeting. We would like you to have a general understanding of what happens at this meeting, what you will need to bring

  Bankruptcy takes a major toll on your credit score. It will stay on your report for ten years after you file. Although this may seem like an insurmountable challenge, it actually becomes tolerable with a little hard work and care. As more time passes, the bankruptcy will weigh less and less heavily on your

  In these difficult and unprecedented times, many business owners are finding out that the future is uncertain. You may be asking yourself: – Is my business healthy?  – Will we be able to make it through a recession?  – Can we afford to stay in business if less people are spending money on our

You might be feeling a loss of control if you see that your paychecks, which you work so diligently and hard for, are being reduced because there is a garnishment order against you. Your financial situation, which was already less-than-stable, is a little more dire thanks to one or more judgments. Fortunately, there is a

If you are considering filing for (personal) bankruptcy, understand that you have two options: a Chapter 7 filing or a Chapter 13 filing. While these two types of bankruptcy have the same aim – discharging your eligible debts and freeing up your financial situation – they go about it differently.    Chapter 13 bankruptcy (often