Many homeowners seek a short sale if they are no longer able to maintain their mortgage payments or wish to step away from the property due to valuation issues.  In most cases, the homeowner needs to prove a financial hardship for the bank to engage in a short sale.  When the house is sold for an amount less than your mortgage, the remaining balance is known as "loan deficiency debt." The common…

According to Investopedia, your credit score is: "A statistically derived numeric expression of a person's creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts."  Unfortunately, many people look at their credit score as a mark of their self worth.  Here are some interesting facts that breakdown the different ways credit scoring agencies determine…

Unfortunately many Michigan families have seen a drop in their income due to a reduction in work hours or a decrease in their pay.  They may even be performing a job beneath their skill set due to a sluggish job market.  These circumstances are termed "underemployment".

The creation of many more part time jobs…

If you are experiencing difficulties with your monthly budget, be proactive in seeking resolutions before the situation worsens.  Sometimes there are unexpected circumstances that cause a budget to fall out of balance.  If these circumstances are short term (i.e. temporary lay off or short term medical issue), it is easier to employ basic tactics to bring your budget back into alignment.  If the…

The United States Bankruptcy court does not require that you have legal representation during a bankruptcy process, but it is strongly encouraged.  This is especially true for filing a Chapter 13 bankruptcy which is a longer and more complicated process.  In either case, there is specific paperwork and documentation that must be accurately prepared.  That documentation must then be provided to the…

If one or more of the below circumstances is true for you, it may be time to talk to a professional about the best option for you to resolve your debts.  You owe it to yourself to explore your options for a better financial future.  We offer free consultations to discuss Chapter 13 debt consolidation, Chapter 7 debt elimination or non-bankruptcy debt settlements.  Call us at 866-261-8282…

On June 27, 2013, Managing Attorney Chris Jones was a featured speaker at a Consumer Bankruptcy Association presentation in Royal Oak, Michigan.  He instructed both consumer and creditor bankruptcy attorneys about the changes made to the district's model Chapter 13 plan effective January 2013.  He covered such topics as handling debtors' income tax refunds and whether these funds are required to…

Our managing attorney, Christopher Jones, just received board certification as a Consumer Bankruptcy Specialist.  This is a demanding process that he completed with the American Board of Certification (ABC) over the past three years. ABC is a non-profit organization dedicated to serving the public and improving the quality of the bankruptcy bar.  The rigorous certification standards are designed…

Is this the year to finally put a plan in place to resolve your unpaid bills by either debt elimination or debt consolidation?  Factors in the current economy point to conditions unfavorable gaining additional disposable income to overcome outstanding debts:

• Stagnant wages
• Less opportunities for job advancement due to sluggish Michigan job growth
• Increased…

Last month federal regulators announced a settlement of $8.5 billion dollars with 10 major banks to satisfy claims of foreclosure proceeding violations.  This breakdown is $3.3 billion in direct payments to borrowers.  The remaining part of the settlement will go to such things as debt forgiveness and loan modifications totaling $5.2 billion.  So how will this money really be used? - and more importantly,…