Even though bankruptcy discharges your personal obligation to pay a secured debt, the lien on your property will remain. Any amount of a debt that is secured by property, will remain. Any amount that is not secured by the property, will be discharged. For example, if you your purchased a tv on credit, if you…
Continue reading ›Do I qualify for Chapter 7 Bankruptcy? One of the main factors in determining whether or not an individual qualifies for a Chapter 7 bankruptcy, is whether your household income is under the median family income amount. For cases filed on or after November 1, 2017 in Michigan, the following are the median incomes by…
Continue reading ›1.) Q: What is the Chapter 7 bankruptcy process? A: If you are considering bankruptcy, we would ask you numerous questions about your income, assets, expenses, and debts. We would run your credit report to determine the amount you owe each creditor. If we find that your monthly expenses exceed your income, and your assets…
Continue reading ›A common problem for divorced couples, is that they go from a standard of living based upon two incomes, to a standard of living based upon one income. In addition, payments and debts are divided, and individuals are often left with a combination of high outstanding balances and high monthly payments. If your expenses exceed…
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