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…

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…

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…

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…

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…

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…

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…

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…

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…

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,…