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 […]
What Is Covid Mortgage Forbearance and How Does It Work? A loan servicer or lender may delay, suspend, or lower your mortgage payments via a mortgage forbearance. During this period, the bank also agrees not to start foreclosure procedures. Homeowners with a federally backed mortgage who are experiencing Covid 19 pandemic-related problems could apply for […]
A loan modification differs from refinancing your mortgage in that it entails changing the terms of your existing loan rather than replacing it with a new one. Refinancing, on the other hand, is when you replace your loan with a new loan. To avoid foreclosure, many people may seek to change their mortgage payment or […]
Many measures have been implemented in reaction to COVID-19 to assist those who are having difficulties. The option to seek forbearance, or a delay in mortgage payments, was made available to anyone who had been affected by the virus or its repercussions on the economy. COVID-19 forbearances, which Congress stated were meant to be non-credit […]
It’s possible that your mortgage payment will be lower or your house may be foreclosed. If you’re having trouble making mortgage payments, it’s worth exploring the possibility of a loan modification. A home loan modification might involve extending the terms of your loan, lowering your interest rate, or switching from an adjustable-rate mortgage to a […]
The coronavirus/Covid-19 epidemic has caused significant economic uncertainty, putting millions of Americans in financial distress and forcing them to cope with bills they were unprepared for, such as rent and insurance premiums. A lot of people have lost their jobs, been furloughed, or had their pay cut because of Covid-19. For these people, lenders and […]
