Essential Documentation Needed for Chapter 13 Success
Learn step-by-step how to gather and organize documentation needed for Chapter 13 bankruptcy, ensuring a smooth filing process and stronger financial protection.
Federal vs. Michigan Bankruptcy Laws: What Matters Most
Learn the key differences between federal and Michigan bankruptcy laws, exemption choices, eligibility rules, and how local procedures impact Michigan residents.
How to Prepare Bankruptcy Documents for Chapter 7 and 13
Learn how to prepare bankruptcy documents with clear, step-by-step instructions. Discover essential filing tips and complete your bankruptcy forms correctly.
Automatic Stay in Bankruptcy: Immediate Debt Relief Impact
Learn how the automatic stay in bankruptcy stops creditor actions, protects property, and applies in Michigan Chapter 7 & 13 cases. Rights, exceptions, and pitfalls explained.
Chapter 13 Timeline: Key Steps for Michigan Residents
Chapter 13 timeline explained for Michigan residents: petition filing, plan approval, payments, discharge process, and legal obligations during bankruptcy.
What Happens If You File Bankruptcy in Michigan
Filing bankruptcy in Michigan brings debt relief, asset protection, and major credit impact. Learn types, legal steps, costs, and rebuilding after bankruptcy.
Bankruptcy Records Explained: Privacy, Access, and Impact
Bankruptcy records explained with key facts on public access, privacy, contents, and implications for credit, employment, and legal rights in Michigan.
How to Prepare for Bankruptcy Court: Step-by-Step Guidance
Learn how to prepare for bankruptcy court with a clear step-by-step process. Follow these legal and practical actions to ensure your best possible outcome.
Warning Signs of Bankruptcy in Grand Rapids: What to Watch For
Warning signs of bankruptcy for Grand Rapids residents, key financial red flags, legal risks, and when to seek local professional help.
Trustee Chapter 13 in Michigan: Roles and Realities
Trustee Chapter 13 explained for Michigan residents: learn how trustees manage payments, protect debtor rights, and facilitate bankruptcy success.
Warning Signs of Bankruptcy for Sterling Heights Residents
Learn the warning signs of bankruptcy for Sterling Heights residents, including recurring debt struggles, legal actions, and Michigan-specific options.
Bankruptcy Means Test: Qualifying for Debt Relief
Bankruptcy means test explained for Michigan residents, including eligibility, income calculations, legal rules, differences for Chapter 7 and Chapter 13, and common pitfalls.
What Happens After Bankruptcy: Rebuilding in Michigan
What happens after bankruptcy in Michigan? Learn about credit impacts, asset retention, debt discharge, rights, obligations, and how to rebuild financial health.
Bankruptcy Credit Counseling: Protecting Your Financial Future
Bankruptcy credit counseling covers requirements, costs, agency approval, risks, and Michigan legal rules—helping you make informed financial decisions.
Bankruptcy Petition: What Michigan Residents Need to Know
Bankruptcy petition essentials for Michigan: definition, types (Chapter 7/13), filing steps, legal impacts, and what to expect when seeking debt relief.
7 Key Reasons to Hire a Bankruptcy Attorney in Michigan
Learn 7 essential reasons to hire a bankruptcy attorney in Michigan and discover how expert legal guidance can protect your rights and ease financial stress.
File Chapter 13 in Detroit: Step-by-Step Guide to Debt Relief
Learn how to file Chapter 13 in Detroit with simple, actionable steps. Follow this guide to restructure debt and achieve lasting financial stability.
Complete Guide to Chapter 7 vs Chapter 13 Bankruptcy
Learn the key differences between Chapter 7 and Chapter 13 bankruptcy, including process, eligibility, Michigan legal factors, costs, and risks in this comprehensive guide.
Benefits of Hiring a Detroit Bankruptcy Attorney: Key Advantages
Discover the value of hiring a Detroit bankruptcy attorney—learn how they protect against creditor harassment, maximize Michigan exemptions, manage filing complexity, and offer local support.
Bankruptcy Causes in Detroit: Major Triggers Explained
Bankruptcy causes in Detroit cover job loss, medical debt, predatory lending, and local economic shifts. Learn key legal and financial factors impacting residents.
Bankruptcy Filing Costs in Detroit: What to Expect in 2026
Bankruptcy costs in Detroit explained: Learn about filing fees, attorney costs, Chapter 7 vs. Chapter 13 expenses, and options for financial relief.
Filing Bankruptcy in Detroit: Steps, Laws, and Lifelines
Filing bankruptcy in Detroit explained: process steps, Chapter 7 vs. Chapter 13, legal requirements, what to expect, and how to protect your assets.
Bankruptcy in Detroit: Essential Steps and Laws
Bankruptcy in Detroit: Learn about Chapter 7 vs. Chapter 13, eligibility, legal process, costs, and how local laws affect Michigan residents.
Understanding What Happens After Chapter 13 Bankruptcy
Learn what happens after chapter 13 bankruptcy, why it matters, and how it impacts your financial future in a comprehensive way.
Understanding 2025 Bankruptcy Laws in Michigan
Explore the 2025 bankruptcy laws in Michigan for a comprehensive understanding of debt relief options and legal insights.
Understanding the Role of Bankruptcy Lawyer in Michigan
Explore the role of bankruptcy lawyer and gain a comprehensive understanding of their importance, functions, and effects on financial relief options.
Complete Guide to Types of Bankruptcy in Michigan
Explore all types of bankruptcy in Michigan. Learn Chapter 7 vs. Chapter 13, eligibility, legal process, costs, and implications in this comprehensive guide.
7 Steps to Complete Your Chapter 13 Attorney Checklist
Discover 7 key tips in this chapter 13 attorney checklist for effective bankruptcy management and debt relief solutions.
What Is Bankruptcy? Complete Guide for Michigan Residents
Learn what bankruptcy is, key types like Chapter 7 and 13, the legal process, eligibility, and critical financial impacts in this comprehensive guide.
5 Baseball Bankruptcies
5 Most Famous Baseball Bankruptcies The world of baseball is quite familiar with the process of bankruptcy filing. This includes big league players making terrible financial decisions, as well as major teams losing business and having to file for bankruptcy. For instance, in 2012, Jose Canseco had a public and major bankruptcy filing, as he […]
Fact Check: Has Donald Trump Filed for Bankruptcy Six Times?
Fact Check: Has Donald Trump Filed for Bankruptcy Six Times? Donald J. Trump is the 45th and 47th (current) President of the United States. However, before becoming POTUS, Donald Trump was a renowned businessman and media personality. He is known to be associated with 540+ businesses, with his organization owning most of them. Even such […]
7 Alternatives to Bankruptcy in Michigan for Debt Relief
Discover 7 alternatives to bankruptcy in Michigan for effective debt relief. Learn actionable tips to regain financial control today.
Ypsilanti At Home Store Closing Due to Bankruptcy
Ypsilanti At Home Store to Close Following Bankruptcy Filing The Ypsilanti branch of home goods retailer At Home store is closing, along with 29 other locations nationwide. The announcement of the store’s closure, driven by bankruptcy, has significantly impacted the local community in Michigan, underscoring yet another chapter in the ongoing economic challenges facing the […]
Car Liens and Bankruptcy
Bankruptcy and Car Loans Understanding how a car lien affects your bankruptcy case is necessary for making informed decisions about your car and finances. Will your loan be dischargeable along with other debt? Let’s look into this together. Overall, vehicle debt has increased by 76.0% between Q3 2014 ($934 billion) and Q3 2024 ($1.644 trillion), […]
Detroit Financial Help: Top Resources 2025
Detroit Financial Help: Top Resources 2025 Going through financial troubles can impact your life in many ways. Aside from the things you wish you could afford, you may be unable to get things you need to afford, i.e., food or medical aid. When this happens, there is no shame in seeking financial aid from outside […]
Can Detroit’s Opera Avoid Bankruptcy?
Can Detroit’s Opera Sidestep Bankruptcy? As Detroit’s Opera contends with the threat of bankruptcy, the question arises: can it withstand the relentless tide of financial adversity? Detroit’s recent history has been marked by economic decline, a poignant reminder of the 2014 bankruptcy that left lasting marks on the city and its institutions. For the opera […]
Bankruptcy Considerations For Muslim Dearborn Residents
Bankruptcy Considerations For Muslim Dearborn Residents Dearborn is home to the largest Mosque in the United States, with an estimated 50% of the population being Muslim. Despite being culturally diverse, Dearborn residents are not immune to financial troubles, and many of them opt for bankruptcy when under financial stress or necessity. This brings us to […]
Top 5 Options for Struggling Businesses in Flint
Options for Struggling Businesses in Flint Businesses in Flint, Michigan, have struggled for a number of reasons. These include economic difficulties, declining population, and a water crisis that has affected the city for over ten years. Faced with these struggles, businesses find it hard to survive. However, there are choices available to those who wish […]
The 23andMe Bankruptcy
23andMe’s Financial Trouble In a significant turn of events, 23andMe, the pioneering genetic testing company renowned for making DNA analysis accessible to the public, has filed for Chapter 11 bankruptcy protection. This development has sparked widespread concern among its 15 million customers regarding the fate of their sensitive genetic data. The bankruptcy follows a series […]
Make Sure You Tell Your Bankruptcy Attorney This…
Make Sure You Tell Your Bankruptcy Attorney These Things Disclosing the full extent of your financial situation to your bankruptcy attorney is necessary for a successful outcome. Many people underestimate the importance of transparency in this delicate process, which can lead to complications down the line. You need to share everything necessary for a successful […]
Bankruptcy and Divorce: Managing Joint Debts
How to Manage Joint Debts Within Bankruptcy and Divorce When bankruptcy and divorce cross paths, it adds a whole new level of complexity to family law cases. The way these two legal issues mix can make it tougher and take longer to settle disputes between married couples. Decisions made in bankruptcy court can change how assets […]
Getting Married or Filing Bankruptcy; Which Should Come First?
Should Marriage or Bankruptcy Be Prioritized? Facing the weight of overwhelming debt can feel like standing at the edge of a precipice, uncertain of the next step. The prospect of marriage, a union meant to bring joy and shared dreams, may seem daunting when financial burdens loom large. The question arises: should you seek a […]
Michigan Hospital Files Bankruptcy in 2024
Pontiac General Hospital Files for Bankruptcy After Losing Medicare Funding Pontiac General Hospital, a Michigan-based healthcare facility, has filed for Chapter 11 bankruptcy protection just days after losing its Medicare funding and announcing the layoff of over 240 employees. The hospital’s financial troubles have deepened following the termination of its Medicare agreement by the Centers […]
Michigan Bankruptcy And The Wildcard Exemption
Michigan Wildcard Exemption When facing bankruptcy in Michigan, understanding how to protect your assets is fundamental. One key tool in this process is the wildcard exemption. This exemption allows you to shield specific properties from being sold to pay off creditors, offering flexibility for assets not covered by specific exemptions. Overview of Utility Services in […]
How Does Filing Bankruptcy Affect Employees?
Bankruptcy and Employees Finding out your employer has filed for Chapter 11 bankruptcy can be unsettling, and it is normal to worry about what might happen to your job. The U.S. Bankruptcy Code includes detailed rules about how employee pay and benefits are handled in these cases. However, what actually happens depends a lot on […]
Bankruptcy’s Effect on Utility Bills in Ann Arbor, Michigan
Bankruptcy and Utility Bills in Ann Arbor Facing bankruptcy can be one of the most challenging experiences in a person’s life, bringing a whirlwind of financial uncertainty and emotional stress. In Ann Arbor, Michigan, individuals going through bankruptcy know that utility bills can quickly become a source of anxiety, especially when faced with the looming […]
Can You File for Bankruptcy Multiple Times in Detroit?
Multiple Bankruptcies in Detroit Deciding to file for bankruptcy is not easy. It is a big choice that could affect your finances for a long time. If you are thinking about it, you should learn how filing more than once might impact you. Bankruptcy is not always the right answer for every situation. There are […]
Reasons Detroit Businesses File Bankruptcy and How to Avoid Them
Home to more than 530,000 businesses [1], Detroit has long been synonymous with resilience and reinvention, but its businesses have faced significant challenges over the years. As economic landscapes shift and competition intensifies, understanding the common reasons why businesses in Detroit file for bankruptcy is necessary for owners like you looking to safeguard their ventures. […]
What Caused TGI Fridays Bankruptcy?
TGI Fridays Files for Chapter 11 Bankruptcy: A Long Road to Recovery TGI Fridays, one of America’s most iconic casual dining chains, has filed for Chapter 11 bankruptcy protection in Texas in November 2024 as it continues to struggle with the long-term financial fallout from the COVID-19 pandemic. Founded in 1965, the Dallas-based chain is […]
5 Most Famous Business Bankruptcies
Famous Business Bankruptcies in the U.S. Business bankruptcies are a common phenomenon, but major ones are rather uncommon. In 2008, the Great Recession caused many major businesses to fail. Due to the recent pandemic, the economy is again in recession, and we can learn valuable lessons by studying the most famous business bankruptcies in American […]
The Rite Aid Bankruptcy Explained
Exploring the Rite Aid Bankruptcy Rite Aid has been a dominant pharmacy company in the United States. It was founded more than 50 years ago and ruled the retail pharmacy industry for years before financial and legal troubles hit the company. These troubles compelled Rite Aid to file for Chapter 11 bankruptcy towards the end […]
How Involuntary Bankruptcy Can Impact Your Business
The Impact of Involuntary Bankruptcy on Your Business Involuntary bankruptcy is a complex and often distressing situation that can significantly impact your business. Unlike voluntary bankruptcy, which the debtor initiates, involuntary bankruptcy is initiated by creditors seeking to recover the debts you owe. This legal process can disrupt your business operations, damage your reputation, and […]
Can You File Bankruptcy Multiple Times in Sterling Heights?
Filing for Bankruptcy Multiple Times in Sterling Heights Bankruptcy helps people start over by wiping out or paying back their debts under the care of the bankruptcy court. You can file for bankruptcy more than once in Sterling Heights, Michigan. But, there are rules and time limits for filing again based on the kind of […]
What Bankruptcy is Best for a Small Business?
Choosing a Small Business Bankruptcy In the small business world, financial challenges can arise unexpectedly, leading entrepreneurs to consider bankruptcy a potential solution. Navigating a business bankruptcy can be daunting, and the decision will matter as the choice can significantly impact not only the future of the business but also personal finances and credit ratings. Making […]
How to File Chapter 11 Bankruptcy in Sterling Heights
Sterling Heights Chapter 11 Bankruptcy When you look for bankruptcy options, chapter 11 offers a smoother transition and continuity of operations, minimizing disruptions to the business and preserving its value. Chapter 11 bankruptcy allows you to remain in control of your assets and operations, known as the “debtor in possession” principle. This means you continue […]
Barbeque Chain Bankruptcy in Michigan
The Barbeque Chain Bankruptcy Dickey’s Barbeque Pit in Michigan is the latest casualty in the barbeque chain bankruptcies in Michigan. The chain which sold delicious slow-cooked meat over the counter was a huge hit with meat lovers. This bankruptcy comes in the wake of a new trend in the restaurant industry affecting the Midwest. Prior […]
What to Expect in a Meeting of Creditors
The 341 Hearing When you file for Chapter 7 or Chapter 13 Bankruptcy, the first step is the meeting of creditors. This is also known as 341 hearing. In this meeting, the lawyers, a trustee, and creditors discuss your bankruptcy petition. The 341 hearing or meeting of creditors is supervised by the trustee. Purpose of […]
Protecting Retirement Savings in Bankruptcy in Detroit
Protecting Retirement Savings in Bankruptcy in Detroit More folks over the age of 65 are now going bankrupt. In fact, the number of people from this age group going through this is three times higher than it was back in 1991. These days, they make up 12% of all those who file for bankruptcy, compared […]
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 […]
When Was My Saginaw Chapter 7 Bankruptcy Discharged?
When Does a Chapter 7 Bankruptcy Discharge Occur in Saginaw? In Saginaw, Michigan, a bankruptcy discharge occurs at the end of the Chapter 7 bankruptcy process, signaling the conclusion of the case and the potential elimination of the debts that led to the bankruptcy filing. Once the bankruptcy is filed, an automatic stay is immediately […]
Sterling Heights Bankruptcy Laws
Bankruptcy can be an intimidating process, but knowing the laws specific to your area can make the process smoother. If you’re in Sterling Heights and considering filing for bankruptcy, find out what you need to know right here. In 2023, 18,236 people filed Chapter 7 and Chapter 13 in Michigan. [1] Laws on Qualifying for […]
Bankruptcy Laws You Need to Know in Detroit
The objective of bankruptcy laws in Detroit, and broadly across the United States, is to provide a structured and fair system for individuals and businesses struggling with insurmountable debt. These laws aim to offer debtors a fresh start by discharging certain debts while ensuring that creditors receive an equitable share of the debtor’s available assets. […]
What Disqualifies You from Filing Bankruptcy in Detroit?
Before diving into the bankruptcy process, discover what disqualifies you from filing for bankruptcy in Detroit. Let’s take a closer look at the factors that may prevent you from filing for bankruptcy in Detroit. Filed Bankruptcy Previously In Detroit, the waiting period before filing bankruptcy again can vary based on the type of bankruptcy previously […]
What Disqualifies You from Filing Bankruptcy in Sterling Heights?
When a person is unable to pay their debts, their creditors may initiate a collection process, which can be stressful and overwhelming for the debtor. Filing for bankruptcy, the debtor can put a halt to this collection process. Once bankruptcy is declared, an automatic stay is put in place, preventing creditors from pursuing further collection […]
How to File Chapter 7 Bankruptcy in Sterling Heights
Are you overwhelmed by debt and considering filing for Chapter 7 bankruptcy in Sterling Heights? Filing for bankruptcy is a serious decision that can have long-term implications on your financial situation. We offer here the steps involved to qualify for Chapter 7 bankruptcy before proceeding with the process. Credit Counseling Course A credit counseling course […]
How to File Bankruptcy in Sterling Heights
Are you facing overwhelming debt and considering filing for bankruptcy in Sterling Heights? With the right guidance and understanding of the steps involved, it is possible to navigate through it successfully. Take Credit Counseling Course Before filing for bankruptcy in Sterling Heights, individuals are required by law to take a credit counseling course from an […]
Can You Buy a Car After Filing a Bankruptcy in Michigan?
Buying a Car after Filing a Michigan Bankruptcy Bankruptcy can impact on your ability to buy a car as a Michigan resident. Bankruptcy negatively affects credit scores, making it more challenging to secure loans or obtain favorable interest rates. In Michigan,186 individuals and 49 businesses filed bankruptcy per 100,000 residents during 2022 and 2023. [1] […]
How to File for Bankruptcy in Detroit
Are you considering filing for bankruptcy in Detroit? Here are a few things you need to do before you file. Prepare Documents Needed to File for Bankruptcy in Detroit, Michigan If you are considering filing for bankruptcy in Michigan, specifically in Detroit, you will need to gather your documents before starting the application procedure. Here […]
Can Bankruptcy Help Me Avoid Paying a Judgement in Michigan?
Are you dealing with a legal judgment, and looking for ways to address it? Here are a few strategies to avoid paying your judgment. Judgement in Michigan A judgment is a decision made by a court that determines the rights and liabilities of the parties involved in a lawsuit. It is usually rendered after a […]
Does Bankruptcy Affect Your Spouse in Michigan?
Thinking about filing for bankruptcy in Michigan? It’s a big decision, and you might be wondering how it could affect your spouse. After all, marriage often means sharing finances and the consequences of financial decisions. Bankruptcy in Michigan A Michigan bankruptcy provides a fresh start for those burdened with overwhelming debt by either liquidating their […]
Does Bankruptcy Remove Evictions?
Are you facing eviction and considering filing for bankruptcy? We’ve got answers to your questions on bankruptcy and evictions. What is an Eviction? An eviction refers to the legal process in which a landlord terminates a tenant’s right to occupy a rental property permanently. It is typically initiated when a tenant breaches the terms of […]
Is Bankruptcy a Public Record in Michigan?
If you are filing for bankruptcy, you may be wondering about the accessibility of your records to the public. Who Can Access Michigan Bankruptcy Records? In Michigan, bankruptcy records are indeed deemed public records, meaning they can be accessed by the general public. This accessibility ensures transparency and fairness in the legal system, allowing anyone […]
Bankruptcy Laws You Need to Know in Warren Michigan
Are you feeling overwhelmed by your financial situation and considering filing for bankruptcy in Warren? By knowing the bankruptcy laws in Warren, Michigan, you can protect your assets, eliminate your debts, and get a fresh start on your financial future. In the Eastern District of Michigan in 2023, 10,136 people filed for Chapter 7 bankruptcy, […]
Reducing the Stress of a Saginaw Bankruptcy
Are you considering filing for bankruptcy? Here are some strategies for managing stress during bankruptcy. Acknowledge Your Situation If you live in Saginaw and find yourself in bankruptcy, it’s time to come to terms with the fact that you are in financial jeopardy. Ignoring or denying the reality of your bankruptcy will only prolong your […]
How Long Should I Wait After Bankruptcy to Get a Credit Card?
How Bankruptcy Affects Credit Bankruptcy is a legal process that individuals or businesses can go through when they are unable to repay their debts. The decision to file bankruptcy can affect creditworthiness. This may affect interest rates when making a large purchase such as a house or a car. Credit must be rebuilt over time […]
Can a Public School District Declare Bankruptcy?
Can public school districts go bankrupt? It is a pressing issue that affects the education system as a whole in the U.S. A study in 2020-21 found that there are 13,187 public school districts in the U.S., and federal, state, and local governments fund these districts. [1] However, districts may face severe financial difficulties like […]
Chapter 11 vs Chapter 13 – What’s the Difference?
Are you considering bankruptcy and seeking clarification on the distinctions between Chapter 11 and Chapter 13? Filings for Chapters 11 and 13 both increased in 2022. Chapter 11, which provides for reorganization, usually involving a corporation, increased 1.7 percent, to 4,918, compared with 4,836 in the previous year. Chapter 13 filings increased 30.9 percent, from […]
How Long Does Bankruptcy Stay On Credit Reports?
Bankruptcy is a significant financial decision with enduring repercussions. As individuals and businesses contemplate this route to financial solvency, a pressing question looms large: how long will the mark of bankruptcy linger on the credit report? The Importance of Credit Reports and Bankruptcy After filing for bankruptcy, individuals may experience significant effects on their credit […]
What is Chapter 11 Bankruptcy?
Chapter 11 Bankruptcy Chapter 11 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows distressed businesses to restructure their debt and regain financial stability. The primary purpose of Chapter 11 is to provide struggling businesses with an opportunity to reorganize and continue operating while repaying creditors over a period of time. One […]
Reasons Chapter 7 Bankruptcies are Denied in Michigan
Have you considered filing for Chapter 7 bankruptcy? When Chapter 7 cases are filed correctly, they result in a successful discharge of debts more than 99% of the time. [1] However, there are some reasons a Chapter 7 bankruptcy application might be denied. Previous Bankruptcies If an individual has filed for bankruptcy in the past […]
Can You Buy a House After a Bankruptcy?
Have you recently filed for bankruptcy and are wondering if you can still fulfill your dream of owning a home? Here are some answers to your questions. Is Buying a House After Bankruptcy Possible? The good news is that, yes, buying a house after bankruptcy is possible. Bankruptcy can have a major impact on your […]
Can You File for Bankruptcy Multiple Times?
Did you know that 16% of bankruptcies are repeat filers? [1] If you have previously filed for bankruptcy, you may be wondering if you can refile for bankruptcy again. The short answer is yes, but there are some considerations to keep in mind. How Many Times Can You File for Bankruptcy? There are limitations on […]
How Much Debt is Worth Filing Bankruptcy?
The American Bankruptcy Institute says that between August 2021 and August 2022, the number of people filing for bankruptcy went up by 10%. [1] If you have a significant amount of debt, you may be considering filing for bankruptcy. Here we will be covering how much debt is worth filing for bankruptcy, the threshold for […]
Can You File Bankruptcy on Medical Bills?
Are Medical Bills Dischargeable in Bankruptcy? In the United States, medical bills are considered unsecured debts, much like credit card debt or personal loans. This means that they can typically be discharged in a Chapter 7 bankruptcy, which allows individuals to eliminate certain types of debt and get a fresh start. The process of discharging […]
Chapter 7 vs Chapter 11 – What’s the Difference?
When facing financial challenges, individuals and businesses often turn to bankruptcy as a legal remedy. Chapter 7 and Chapter 11 are two distinct chapters within the bankruptcy code, each serving different purposes and catering to specific financial situations. Understanding the differences between Chapter 7 and Chapter 11 is important for individuals and businesses navigating the […]
Can you File for Bankruptcy and Keep Your Car?
Facing financial challenges often leads individuals to explore options such as bankruptcy to regain control of their economic well-being. One common concern during this process is the fate of essential assets, particularly one’s vehicle. Here we will address a fundamental question: Can you file for bankruptcy and still retain ownership of your car? Navigate the […]
Downside of Filing for Bankruptcy
Bankruptcy Can Be Expensive While bankruptcy offers a way to eliminate or restructure debts, it can also come with significant expenses that add to the financial burden of those seeking relief. The cost of filing for bankruptcy can vary depending on the type of bankruptcy, the complexity of the case, and the legal representation sought. […]
What Disqualifies You From Filing Bankruptcy?
When a Bankruptcy Case is Dismissed it May Disqualify a Person From Filing Bankruptcy When a bankruptcy case is dismissed, it means that the court has decided to terminate the bankruptcy proceedings before the debts are fully discharged. Regardless of the specific reason for the dismissal, having a recently dismissed bankruptcy case on your record […]
Understanding Chapter 7 vs Chapter 13 Bankruptcy: What’s the Difference?
Are You Struggling With Overwhelming Debt and Considering Bankruptcy? It’s important to understand the difference between Chapter 7 and Chapter 13 bankruptcy before making a decision that could greatly impact your financial future. Frego Law is here to help you navigate through this difficult decision. Chapter 7 vs. Chapter 13 Bankruptcy Chapter 7 and Chapter […]
Mistakes to Avoid in Liquidation Bankruptcy
Liquidation Bankruptcy Liquidation bankruptcy, also known as Chapter 7 bankruptcy, is a type of bankruptcy where an individual or business seeks to have their debts discharged by liquidating their assets. [1] In this process, a bankruptcy trustee is appointed to gather and sell the debtor’s non-exempt assets and distribute the proceeds to their creditors. It […]
What is the Bankruptcy Process in Michigan?
What is the Bankruptcy Process? Bankruptcy is a legal process that individuals and businesses can go through when they are unable to repay their debts. It provides them with relief from overwhelming financial burdens and the opportunity to start fresh. Bankruptcy allows debtors to eliminate or restructure their debts while protecting themselves from creditor actions […]
What to Expect When Filing for Bankruptcy in Michigan
How Much Will Filing for Bankruptcy Cost in Michigan? The cost of filing for bankruptcy in Michigan can vary depending on the type of bankruptcy you are filing for and the complexity of your case. In Michigan, the cost to file for Chapter 7 bankruptcy is $338, while the cost to file for Chapter 13 […]
5 Things to Look for in a Good Bankruptcy Lawyer
Are you considering filing for bankruptcy? Here are some guidelines for selecting a good bankruptcy lawyer. 1. Expertise in Local Bankruptcy Law 2. Types of Bankruptcy Handled 3. Personalized Service 4. Communication and Compatibility 5. Current Legal Knowledge 1. Expertise in Local Bankruptcy Law Local bankruptcy laws can vary from state to state and even […]
What is a Bankruptcy Means Test?
What Is a Bankruptcy Means Test? The bankruptcy means test was implemented as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Its purpose is to prevent individuals with higher incomes from filing for Chapter 7 bankruptcy and instead requires them to file for Chapter 13 bankruptcy, which involves a repayment plan. […]
How to Avoid Credit Card Debt
Credit card debt can be a major financial burden for many individuals and households. It is a problem that affects countless individuals who find themselves trapped in a cycle of debt, struggling to make minimum payments and often paying high interest rates. Credit cards offer an interest-free stretch of time between your billing date and […]
Bankruptcy vs. Debt Consolidation
Are you seeking solutions for your financial obligations? What is Bankruptcy? Bankruptcy is a legal process designed to help individuals or businesses who are unable to repay their debts. It provides a fresh start by eliminating or restructuring debts. In simple terms, bankruptcy is a way to confront overwhelming debt and gain financial relief. There […]
Bankruptcy Alternatives
What is Bankruptcy? Bankruptcy is a legal proceeding that provides individuals and businesses struggling with overwhelming debt an opportunity to obtain a fresh financial start. It involves a thorough evaluation of the individual’s or business’s assets, debts, and financial situation to determine the most effective way to resolve their financial difficulties. The process typically involves […]
What You Need to Know Before Filing Bankruptcy
Definition of Bankruptcy Bankruptcy is a legal process that allows individuals or businesses in financial distress to resolve their debts. Filing bankruptcy provides a fresh start by eliminating or reorganizing debt under the supervision of a bankruptcy court. Most often, bankruptcy is pursued when a person is unable to repay their creditors or when the […]
Bankruptcy: A Fresh Start or a Last Resort?
Are you thinking about filing for bankruptcy? What is Bankruptcy? Bankruptcy provides a means for individuals and businesses to eliminate or reorganize their debts, giving them a chance to rebuild their financial future. By filing for bankruptcy, individuals can potentially have their debt wiped out or create a repayment plan that is manageable within their […]
Bankruptcy and Your Credit Score: What You Need to Know
What is Bankruptcy? If you are wondering what bankruptcy really is, bankruptcy is a legal process designed to help individuals, businesses, or organizations get relief from their overwhelming debts by providing them with a fresh financial start. It involves court proceedings where a person’s assets are evaluated and liquidated to pay off their debts. How […]
Different Types of Bankruptcy and How They Affect You
Are You Struggling With Overwhelming Debt and Considering Bankruptcy? It’s important to understand the different types of bankruptcy and how they can impact your financial situation. Frego Law is here to provide you with the crucial information you need. Our expert team will explain the various types of bankruptcy, such as Chapter 7 and Chapter […]
How to Rebuild Your Finances After Bankruptcy
Guidelines for How to Rebuild Your Finances After Bankruptcy Rebuilding your finances after bankruptcy can be a challenging process, but with the right strategies, it is possible to regain financial stability and get back on track. Here are some tips for rebuilding your finances after bankruptcy: Evaluate Your Financial Situation Having a clear understanding of […]
Common Myths About Bankruptcy Debunked
Myths About Bankruptcy Debunked: Common Misconceptions and Facts Bankruptcy is often surrounded by misconceptions that can prevent people from making informed decisions about their financial situation. we will debunk some common myths about bankruptcy and shed light on the truth behind them. Filing for Bankruptcy Means You Are a Bad Person Bankruptcy is a legal […]
The Pros and Cons of Filing for Bankruptcy
Definition of Bankruptcy Bankruptcy filing is a legal process that helps individuals and businesses who are unable to repay their debts eliminate or restructure their financial obligations. It offers relief to those who are overwhelmed by debt and provides a fresh start by either discharging debts or establishing a repayment plan. Bankruptcy can be a […]