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Michigan Bankruptcy Blog
Top 5 Timing Factors for Filing Bankruptcy in Michigan
Posted by AcclaimLegalService
As the old saying goes, "timing is everything!" There is definitely timing factors to maximize available protections and benefits for filing for Chapter 7 or Chapter 13 bankruptcy in Michigan. For a clear understanding of your personal debt resolution options, we suggest taking advantage of our free consultation offer to meet with a licensed Michigan bankruptcy attorney. At that meeting, we will…
Asymmetrical Norms in Bankruptcy - Why Corporations Have the Upper Hand
Posted by AcclaimLegalService
What is an "asymmetrical norm" anyway? Simply put, it is when a different set of moral rules or encumbrances apply for the different parties with the same circumstances. For instance, corporations aren't burdened by the same set of moral considerations or expectancies that individuals are - they don't experience guilt, embarrassment or shame. So how does this play out in the world of finances…
Loan Default in Michigan - Will my Credit Union or Regional Bank Pursue Me for the Debt?
Posted by AcclaimLegalService
In general, banks are becoming more aggressive in pursuing loan deficiency claims. From our experience, small regional banks and credit unions are much more likely to pursue collection on a loan default simply because:
- They cannot absorb losses like larger banks;
- They do not receive government funding to offset losses.
What…
Substitution of Attorney Counsel for a Chapter 7 or Chapter 13 Bankruptcy....When, Why & How?
Posted by AcclaimLegalService
Circumstances arise when there is a breakdown in communication or trust between a client and his or her attorney. In these instances the court allows for a "Substitution of Counsel." This process allows the client to seek another law firm and bankruptcy attorney to takeover their case. We usually encourage people who call who already have representation to try and exhaust all options for repairing…
Top 5 Questions to Ask a Michigan Bankruptcy Attorney Before Hiring Him or Her....And Our Answers!
Posted by AcclaimLegalService
If you are considering filing for bankruptcy in Michigan you may be wondering how to find the best bankruptcy attorney to help you through the process. What questions should you ask and how should you evaluate the firm's professionalism. It may feel like a daunting process. Here are the top 5 questions we feel are important to ask and why. Of course we are giving you our responses too! If you…
Can My Second Mortgage Foreclosure on My Home in Michigan?
Posted by AcclaimLegalService
Yes, secondary lien holders have the same legal right to foreclosure on your home as the primary mortgage company. The Michigan foreclosure process is the same for the first mortgage holder as it is for the second mortgage lender. The main reason that it is not as common for the secondary lender to foreclose is because that lender would have to satisfy (pay off or negotiate a settlement) on the…
Chapter 7 Bankruptcy and Your Assets - What Happens When You File?
Posted by AcclaimLegalService
A Chapter 7 Bankruptcy allows you to exempt (protect) equity in real and personal property, such as your:
- Home (Real Property)
- Vehicle
- Personal belongings & misc. household goods and furniture
- General exemptions, such as bank accounts, income tax refunds, qualified retirement accounts, etc.
However you can only protect…
What would Donald Trump Do? by Attorney Bill Johnson
Posted by AcclaimLegalService
When people think of Donald Trump they think of one of the worlds wealthiest individuals. They do not think of someone who filed for bankruptcy (4 times), yet that is exactly what Donald Trump did. Donald Trump created one of the most iconic casinos in Atlantic City, The Trump Taj Mahal. When his casino went into hard times (because of the market and over-leveraging for other ventures) Mr. Trump…
How does a Chapter 13 Bankruptcy Budget Work? Your Chapter 13 Budget Questions, Answered!
Posted by AcclaimLegalService
Trying to determine the best debt resolution can be daunting. You may hear about others peoples' experiences (positive or negative) and wonder - what is right for me? You may be considering credit counseling debt management plans versus debt consolidation through a Chapter 13 and still be left with questions. We are here for you. We offer free consultations to help you determine the best plan…
Mortgage Forgiveness Debt Relief Act Expired at the End of 2013.
Posted by AcclaimLegalService
If you owe a debt to someone and that party forgives or cancels the debt, that canceled amount of debt may be taxable. As a part of the Mortgage Debt Relief Act of 2007, homeowners were able to exclude from income debt that was reduced on their principal residence. This included:
- Short sales;
- Mortgage restructuring, such as a loan modification;
- Foreclosure,…
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I greatly appreciate the excellent job done by Attorney Chris Jones together with Cindy Millns upon the completion of my Chapter 13. They are very prompt and thorough in helping me resolved my 2nd mortgage, credits, helped me make a realistic budget all thru…
When I started at Acclaim they were every helpful in explaining the things i need to know an what all the paper work i needed to get together. As i went through all the process on my Chapter 13 bankruptcy they kept me informed of all i need to do and to get for them. If…
Thank you so much for your help through the Chapter 13 process. It has been a tough 5 years for our family with both of us losing our jobs nearly at the same time, dealing with unemployment and bankruptcy…so glad to be at the end of this journey and getting back to normal. This entire process was…
I came into my Chapter 7 Bankruptcy with a lot of questions and a lot of misinformation. I was concerned if I was ever going to get out of the mess that had been created. My attorney quickly put me at ease and made the law very clear so I could easily understand…