In this article, you can discover… Whether bankruptcy will permanently damage your credit score. Who can benefit from filing for bankruptcy in Michigan. Whether nonpayment of debts could lead to further legal troubles. Myth # 1 : Filing For Bankruptcy Will Permanently Ruin Your Credit Score Not at all; with the right financial choices, your credit score post-bankruptcy can improve. As long as you maintain income, do not take on new credit card debt, and pay off your debts in a timely manner, your credit score will begin to repair itself over time. Myth # 2 : You Can Not Get Approved For A Loan After Filing For Bankruptcy While it is up to individual lenders to determine your eligibility, there are no laws in place making it impossible to obtain a loan after bankruptcy. Be aware that you may have to wait for your…Read More
In this article, you can discover… How the means test and income limits impact your Chapter 7 bankruptcy petition. What to do if you do not qualify for Chapter 7 bankruptcy. How an experienced attorney can help you navigate the means test. How Does The Chapter 7 Bankruptcy Means Test Work In Michigan? The means test is a metric used to determine if you qualify for Chapter 7 bankruptcy. It is a chart that lists the maximum household income a family in every state can have to qualify for Chapter 7 bankruptcy and receive a discharge of debt. This number increases depending on the number of people in your household. For example, in Michigan, a household of one person (you) must make less than $62,161 annually to qualify for Chapter 7 bankruptcy. How Can A Bankruptcy Attorney Help Me With The Means Test? Many of…Read More
In this article, you can discover… How long it may take to improve your credit score after filing for bankruptcy. The financial habits that can help you recover after filing. How an experienced attorney can help you navigate bankruptcy with skill and compassion. How Can I Rebuild My Credit After Bankruptcy, And How Long Will That Take? To repair your credit score after bankruptcy, it is important to maintain income, be cautious about taking on new debt, and pay off all debts in a timely manner. Avoid applying for new credit cards and learn to understand the difference between a need and a want; too many people use these terms interchangeably. While it is not possible to give an exact timeline, with patience and consistency, these financially healthier habits can help rebuild your credit. How Can I Shift My Mindset From Failure To Financial Recovery?…Read More
In this article, you can discover… The differences between Chapters 7 and 13 bankruptcy. How a Chapter 13 repayment plan works and how long it may take. Which debts can and can not be discharged through Chapter 13 bankruptcy. What Are The Key Differences Between Chapter 7 And Chapter 13 Bankruptcy? In most Chapter 7 bankruptcy cases, unsecured creditors are paid nothing and your debts are discharged (or fully forgiven). In Chapter 13, most unsecured creditors are paid lesser amounts (sometimes just pennies on the dollar) through a payment plan proposed by you and your attorney to the trustee of your bankruptcy case. What Is The Minimum Income Needed To Qualify For Chapter 13 Bankruptcy? There are no minimum income levels required to file for Chapter 13 bankruptcy. You must simply earn enough to make your debt repayment plan possible. For example, if your repayment…Read More
In this article, you can discover… Who qualifies for Chapter 7 bankruptcy in Michigan. The paperwork and documentation that you will need to apply. Mistakes that can lead to your petition being denied, and how to avoid them. Who Qualifies For Chapter 7 Bankruptcy In Michigan, And What Are The Eligibility Requirements? To qualify for Chapter 7 bankruptcy, you must earn less than the maximum annual income permitted for your household size. For example, in Michigan, a household of one person must make less than $62,161 per year to qualify for Chapter 7. You must also not have discharged debt less than 8 years prior to your Chapter 7 petition. What Is The Most Common Mistake That Leads To Chapter 7 Bankruptcy Denial? Forgetting to mention or deliberately hiding assets can lead to your Chapter 7 bankruptcy petition being denied. You should be completely honest…Read More