Technically, you are allowed to gamble while in Chapter 7 bankruptcy. However, there are a few things that you need to keep in mind if you do choose to gamble while amid your bankruptcy case. First and foremost, any money that you win while gambling will become part of your bankruptcy estate. This means that […]
When you file for bankruptcy, the court issues an automatic stay. This means that creditors are no longer allowed to contact you or try to collect debts. The automatic stay is in place for the duration of your bankruptcy case. However, there is one exception to the automatic stay: the 90-day clawback period. It is […]
The answer to this question is generally no. When you have a lot of debt (from credit cards, personal loans, medical bills, or a car loan), expect to receive more calls from creditors than you’d like. It isn’t very pleasant to feel like your phone has been taken over and you’d want the calls to […]
One of the good things about filing for Chapter 7 bankruptcy is that it eliminates your debts, which might include credit card charges. If you’re considering filing for bankruptcy, it’s important to understand what will happen to your credit cards. It’s time to stop using your credit cards once you’ve decided to file bankruptcy. The […]
There are many factors to consider when deciding whether or not to file for bankruptcy as a small business. Some common reasons why businesses seek to file bankruptcy include: To discharge debt that the business is unable to pay To reorganize the business and its finances To sell off assets to raise money to pay […]
A Chapter 13 bankruptcy is a type of bankruptcy that is used by individuals who have regular earnings. It allows people with consistent incomes to develop a debt repayment strategy. What are the main characteristics of Chapter 13 bankruptcy? In Chapter 13 bankruptcy, debtors may propose a payment plan that would require them to make […]
If you are thinking about filing for bankruptcy in Michigan, you need to know a few things. Bankruptcy is a process that has certain requirements. It can also determine different situations in people’s lives. Each person’s financial situation is unique, and the specifics might vary significantly. Discharging or reorganizing your debts can provide relief, but […]
Filing bankruptcy stops most wage garnishment and also prevents creditors from obtaining new garnishment orders against you. When you file bankruptcy, an “automatic stay” is issued automatically. Wage garnishment enables creditors to take money from your paychecks when you stop making payments to them. Every state, including Michigan, has a prescribed legal method for seizing […]
It is feasible to get a home loan after bankruptcy. However, the length of time you must wait after your bankruptcy is dismissed or discharged depends on the type of bankruptcy and the loan you took. FICO says that bankruptcy can damage your credit scores by anywhere from 130 to 240 points, depending on the […]
Even if you have fallen behind on your utility bills, filing for Chapter 7 bankruptcy might be able to keep your utility services connected, including electricity, gas, water, or phone. Utility debts are typically discharged or wiped out in bankruptcy. If you owe back payments on utilities and file for bankruptcy, the utility provider is […]
