Can Student Loans be Discharged in Bankruptcy?
Student Loans and Bankruptcy Lately, there’s been a noticeable change with student loans and bankruptcy. In November, the Biden team rolled out a new rule. The plans for the rule are still under review, but if fully implemented, it will make it easier to achieve bankruptcy discharge of federal student loan debt. The change happened […]
How to File Chapter 7 Bankruptcy in Detroit
Filing Chapter 7 Bankruptcy in Detroit Filing for Chapter 7 bankruptcy requires careful planning and preparation to ensure a smooth and successful process. By following several steps, you can ensure that your bankruptcy petition is accurately and efficiently processed, helping you to achieve a fresh start in your financial life. 1. Evaluating your financial status […]
Can You File Bankruptcy Without an Attorney in Michigan?
The bankruptcy process in Michigan can be complex and overwhelming, especially if pursued without the guidance of an attorney. For those who do not have the financial means to hire legal representation, it is possible, but not preferable to navigate this process independently. The Bankruptcy Process in Michigan The first step in the bankruptcy process […]
Do Chapter 13 Trustees Monitor Credit Reports?
Do Chapter 13 Trustees Monitor Credit Reports? Chapter 13 bankruptcy is primarily often used by wage earners who are struggling to pay off their credit card debt. It provides a payment plan to pay the creditors off over a period of time so they can eventually be debt-free. When Chapter 13 is filed, a trustee […]
Sole Proprietorship and Bankruptcy in Michigan
Bankruptcy can be particularly challenging for sole proprietors, as their personal and business finances are intertwined. Understanding how bankruptcy impacts a sole proprietorship can help make an informed decision during this difficult time. Business filings in the US rose 40.4 percent, from 13,481 to 18,926, in 2023. [1] What is a Sole Proprietorship? A sole […]
Do Bankruptcies Show Up on Background Checks in Michigan?
Are you considering filing for bankruptcy in Michigan? One common concern that individuals have is whether bankruptcies will appear on their background checks and impact their future opportunities. Let’s look into this together. Does A Bankruptcy on a Background Check Matter in Michigan? In Michigan, the inclusion of bankruptcy information on a background check depends […]
What is the Role of a Bankruptcy Trustee?
A bankruptcy trustee is someone assigned to manage and control a debtor’s assets during bankruptcy. This appointment comes from the U.S. Trustee Program, a part of the Department of Justice that supervises bankruptcy cases and makes sure the laws and rules are followed. The duties of a bankruptcy trustee can change based on the kind […]
Is Tax Debt Exempt Under Chapter 7 Bankruptcy?
Tax Debt Chapter 7 bankruptcy helps people get rid of some debts. But what about money owed to the IRS? Many think tax debt cannot be erased in Chapter 7 bankruptcy. Some tax debts can be erased, but not all. Let’s talk about tax debt and Chapter 7 bankruptcy in Michigan. Getting Rid of Income […]
How to File Chapter 11 Bankruptcy in Detroit
Detroit has seen its fair share of economic challenges in recent years, leading many businesses to consider bankruptcy as a way to seek relief from overwhelming debt. Filing for Chapter 11 bankruptcy can give struggling businesses the opportunity to restructure their finances and emerge stronger. What is Chapter 11 Bankruptcy? Chapter 11 bankruptcy is a […]
Can You Restore a Drivers License Through Bankruptcy in Michigan?
In Michigan, having a driver’s license isn’t just about convenience—it’s often necessary for daily life, from getting to work to accessing basic services. Yet, financial challenges can sometimes lead to license suspension, compounding existing difficulties. Bankruptcy offers a potential solution. Whether through Chapter 7 or Chapter 13, it can help manage debts and potentially restore […]