Category Archives: Bankruptcy/Debt
Pros and Cons of Bankruptcy
Advantages of bankruptcy: One of the most important advantages of filing for bankruptcy is that debtors may obtain a fresh financial start. If you are eligible for Chapter 7 you may be forgiven (discharged from) most unsecured debts. A secured … Continue reading
Filed under Bankruptcy/Debt, David Lutz
Michiganders Can’t Live On Minimum Wage
For everyone out there who feels like they’re slaving away each day at their job yet still racking up credit card debt, missing monthly payments and always driving with an empty gas tank it’s not your fault. Working harder and … Continue reading
Filed under Bankruptcy/Debt, David Lutz
Think Before You Charge: Credit Cards And Non-Dischargeable Debt
Running up your credit cards prior to filing bankruptcy in Michigan ( in anticipation of filing ) may be considered fraud and cause your debt to be non-dischargeable. Buying luxury items such as a new flat screen, jewelry or even … Continue reading
Filed under Bankruptcy/Debt, David Lutz
Number Of College Students Filing For Bankruptcy Grows
It is sad, but it is not surprising. People in their early twenties, many of them university students, are among the fastest growing group of bankruptcy filers in Michigan and in the United States. Teens are getting credit cards at … Continue reading
Filed under Bankruptcy/Debt, David Lutz
Mortgage Mess: Who Really Owns Your Mortgage
Do you know who really owns your mortgage? As Scott Pelley reports on “60 Minutes” this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked … Continue reading
Filed under Bankruptcy/Debt, David Lutz
All You Need To Know About Credit Counseling Before Filing Your Michigan Bankruptcy
Before filing bankruptcy in Michigan, you must undergo credit counseling. You must also take credit counseling after you file. These classes are mandatory and there are no exceptions. You must also pass a means test and there are two major … Continue reading
Filed under Bankruptcy/Debt, David Lutz
All You Need To Know About Co-Signing A Loan: Should You Co-Sign
Many borrowers, be they cosigner or primary borrower (also known as the maker), don’t recognize the magnitude of the responsibilities borne by cosigning a loan. Even it is not delinquent, a cosigned loan is part of your credit history. Before … Continue reading
Filed under Bankruptcy/Debt
All You Need To Know About Co-Signing A Loan: How might a co-signed loan affect your ability to get new credit?
Many borrowers, be they cosigner or primary borrower (also known as the maker), don’t recognize the magnitude of the responsibilities borne by co-signing a loan. Even it is not delinquent, a cosigned loan is part of your credit history. Since … Continue reading
Filed under Bankruptcy/Debt
All You Need To Know About Co-Signing A Loan: What Are Your Responsibilties As A Co-Signer?
Many borrowers, be they cosigner or primary borrower (also known as the maker), don’t recognize the magnitude of the responsibilities borne by cosigning a loan. Cosigners lend their names and good credit histories to the maker. Should the maker die, … Continue reading
Filed under Bankruptcy/Debt
Who’s King? Cash or Credit?
From detnews.com It’s now common for shoppers to slap down their credit or debit card for something as small as a cup of coffee or a pack of gum. But some are returning to the old way: They’re paying … Continue reading
Filed under Bankruptcy/Debt, David Lutz
