EIDL Loan Forgiveness Application Guide: Steps to Secure Your Relief
During the COVID-19 pandemic, many businesses saw their operations get completely upended overnight. Many businesses were forced to shutter their doors as a result of lockdown measures, while others had to adjust operations to the “new normal.” For many, it was a nightmare scenario, and one that threw their ability to stay afloat into serious […]
Understanding the SBA Hardship Accommodation Plan for COVID EIDL Loans
During the COVID-19 pandemic, millions of businesses all across the country were upended due to lockdown orders and a massive alteration to how people lived. This overnight wave of change caused catastrophe for many businesses, as they were forced to find new and innovative ways to stay afloat. Because of the sheer magnitude and significance […]
What Does SBA Consider to Forgive EIDL Loans: Key Criteria Explained
The COVID-19 pandemic caused significant financial challenges for all types and sizes of businesses all across the country. When the pandemic broke out in March 2020, business owners saw their companies’ normal operations upended overnight. Not surprisingly, many found themselves in very difficult financial positions, having to adjust for the new world in which we […]
Understanding Defaulting on an EIDL Loan: Consequences and Next Steps
The U.S. Small Business Administration plays a vital role in supporting small businesses throughout the country. The government agency does this in a number of ways, including providing guidance and resources to business owners, as well as offering special loan programs. One of those loan programs is called the Economic Injury Disaster Loan, or […]
Can You Still Get Your SBA Loan Forgiven in 2025?
During the COVID-19 pandemic, the federal government created many economic assistance programs for individuals and businesses that were facing significant financial challenges. For individuals, this included multiple direct stimulus payments as well as enhanced unemployment benefits for those who lost their jobs either permanently or temporarily. The federal government also created new loan programs such […]
Tax Foreclosures and Recouping Your Overage Funds: A Practical Guide
Foreclosures are rarely if ever a pleasant thing for homeowners. However, they may be able to recoup the equity in the property after the foreclosure if there were surplus funds after the sale of the house. How to Claim Surplus Funds The primary purpose of a tax foreclosure sale is to recover any property taxes […]
Exploring Bankruptcy and Security Clearance in Law Enforcement and Government Jobs
Bankruptcy can often be a financial lifeline for people who find themselves in a mound of debt they can’t get out from under. In many ways, it can be sought as a restart of sorts from a financial perspective, allowing certain debts to be discharged. Of course, there are ramifications of bankruptcy, including a hit […]
Can Bankruptcy Affect Your Job: Employer Restrictions in Michigan
When people get themselves in challenging economic situations, filing bankruptcy might be the best option to provide debt relief and peace of mind. However, at the same time, doing so could impact your future job prospects in the state of Michigan. Bankruptcy laws do have protections in place for debtors who have filed bankruptcy, shielding […]
Navigating Michigan’s Homestead Exemption and Out-of-State Property Bankruptcy Filings
Filing bankruptcy can be a scary proposition, especially if you own certain assets that you wish to protect. One of the main assets that comes into question in bankruptcy cases is a primary residence. Luckily, there are federal bankruptcy exemptions that are in place that can help to shield your home from the bankruptcy process […]
Navigating How Michigan’s Judicial Foreclosure Process Affects Out-of-State Property Owners
Every state has the right to set different rules and regulations for residential foreclosure. This can make it tough for homeowners to understand what their rights are, especially if they own property in another state. The Michigan foreclosure process can be complex, but it’s very important to understand the laws and regulations that govern it. […]
Can You Use Retirement Funds to Avoid Bankruptcy?
If you are facing financial challenges, you might be searching for different ways that you can get out of debt and avoid bankruptcy. One potential consideration might be dipping into your retirement funds to pay off outstanding debt in one lump sum. While this might sound like a good idea on the surface, it’s not […]
How Filing for Bankruptcy Affects Social Security Income: What You Need to Know
Bankruptcy can provide a financial lifeline to people who find themselves in a bad debt position. It can be a way out, a fresh start from an economic standpoint if you find yourself in over your head with no apparent way out. When you file for bankruptcy, certain debts can be discharged, which essentially eliminates […]
Protecting Retirement Funds in Bankruptcy: What You Need to Know
For some people, bankruptcy can provide a fresh start, a way out of a bad financial situation that has no other solutions. Bankruptcy can be a complicated process, though, since there are so many factors at play. One of the most common questions that’s asked by people who are considering bankruptcy is whether they have […]
How Predatory Lending Practices Lead to Foreclosure: A Grim Realty
Despite regulatory measures meant to prevent it, predatory lending is a major problem in the U.S. today. People are sometimes desperate to purchase a home or are uneducated on specific details of mortgages, and some lenders seek to take advantage of that. Predatory lending refers to any unfair, deceptive or abusive loan terms that predatory […]
Waiver and Estoppel in Mortgage and Foreclosure Law: A Comprehensive Guide to Understanding Your Rights
Estoppel is a long-standing legal principle that prevents someone from being wronged unjustly by the actions or words of someone else. Found in many common law legal systems throughout the world — including in the United States, Canada and the UK — it essentially prevents someone from contradicting something that they did or said in the past. […]
Understanding the Impact of the Service Members Civil Relief Act (SCRA) on Foreclosures
Active-duty service members and their families receive legal and financial protections of a federal law called the Servicemembers Civil Relief Act, or SCRA. Any person who is serving in active duty, which includes the reserves and National Guard, can enjoy the many important benefits that the law provides. While very beneficial, the SCRA can also […]
Exposing the Impact: How Mortgage Securitization Affects Foreclosure Processes
When multiple mortgages are bundled together into one big pool, it’s referred to as mortgage securitization. This process is done so that the mortgage loans can be sold to investors who can benefit from the interests that are paid on the loans. It’s been around for more than 50 years now, but rose in popularity […]
Understanding the Law: What Are Anti-Deficiency Laws?
When homeowners stop meeting their repayment obligations, mortgage lenders can initiate the process of foreclosure to recoup the losses that they’ve incurred. At the end of this process, the home is typically sold at a sheriff’s sale auction, with the proceeds going to the lender. Sometimes, the amount that the home is sold for is […]
Navigating Dual Tracking in Foreclosure: Understanding Your Rights and Options
If a homeowner is having trouble meeting their mortgage obligations, they have the option in many cases to work out an arrangement with the lender. Such a modification could result in the lender agreeing to change the terms of the loan to provide financial relief to the borrower, allowing them to avoid foreclosure. In many […]
Understanding Equitable Subrogation in Foreclosure: Your Rights and Options
Equitable subrogation is a common legal practice that’s carried out in the real estate and insurance sectors a lot. The legal doctrine allows one party to replace another party, asserting the remedies and rights of that other party in the process. In real estate, equitable subrogation is often put into practice when a borrower refinances […]
What Is MERS Mortgage: A Simple Guide to Understanding It
If you have a mortgage, you may not be aware that there is something known as the Mortgage Electronic Registration System, or MERS, that tracks its registry as well as any other mortgages that originated in America. The confidential database is used by companies throughout the real estate financial industry for trading and recording residential […]
Understanding the Home Affordable Refinance Program (HARP)
When the financial crisis hit in 2008, thousands of homeowners across the country suddenly found themselves in a precarious position. The homes they owned all of sudden were worth less than how much they owed on their mortgage. Combined with mass layoffs that occurred at companies all over, many of these underwater homeowners couldn’t afford […]
Exploring the Best Loan Modifications: HAMP vs Non-HAMP Programs
If you are having trouble paying your mortgage, you might be worrying about whether your lender is going to foreclose on you. This is obviously something you want to avoid, as it can lead to your home being taken from you and your credit score being hit significantly. Luckily, there are some options available to […]
Understanding Your Redemption Rights in Foreclosure: A Guide to Protecting Your Property
When you signed a mortgage to fund the purchase of your home, you signed a contract with a lender. The lender provided the money you needed to purchase the home, and you agreed to certain terms to repay that money to them. If you stop making these mortgage payments in any way, the lender has […]
Understanding Deficiency Judgments in Foreclosure: What You Need to Know
Foreclosure is the process by which mortgage lenders will attempt to reclaim their asset when a borrower doesn’t repay their home mortgage according to the terms of the agreement. When borrowers miss payments or get behind on payments, states have strict guidelines about what lenders can and must do in order to start the foreclosure […]
Understanding Judicial vs Non Judicial Foreclosure: A Comprehensive Guide
When homeowners don’t repay their mortgage or property taxes in a timely fashion, lenders, municipalities and other creditors can seek to reclaim their asset through the foreclosure process. In order to reclaim their asset — in this case your home or an investment property— the creditor must follow strict guidelines that are set forth by the […]
Mortgage and Tax Foreclosure Over Payment Reclaimed by Homeowner
Most homeowners know that if you find yourself in financial trouble and behind on your mortgage payments, you could face foreclosure from the lending company. But, did you know that you could also be foreclosed on if you don’t pay your property taxes? Different states have different rules for foreclosure, which affects when the process […]
Is CBD Legal in Michigan?
Since Michigan legalized marijuana usage in 2018 through Proposal 1, CBD is completely legal in Michigan. This bill allowed for the recreational growth, purchase, production and possession of marijuana by anyone who is at least 21 years old. This also included any CBD product derived from marijuana. There are some important things to note if […]
Waiting Period After Bankruptcy for a Conventional Loan
Bankruptcy can be a the best solution for individuals who have gotten themselves in a bad financial situation. Through the bankruptcy process, unsecured debts — and even some secured debts — can be discharged. This allows people to start afresh on solid financial footing, rather than getting buried in mounds of debt with no end in sight. […]
Bankruptcy and Utility Bills
When you file Chapter 7 bankruptcy, there are many protections that you get as soon as you file. Certain creditors are not allowed to pursue you for debts, and some — if not all — of your debts can be discharged through the process. One question that many people have about Chapter 7 bankruptcy is how utility […]
Main things to know about the Small Business Reorganization Act (SBRA)
Chapter 11 bankruptcy is one of the most popular options for businesses to seek relief when they are struggling financially. But, it is often an expensive and cumbersome process, which dissuades small businesses from pursuing it. That’s a main reason why Congress passed the Small Business Reorganization Act of 2019 — to make it easier […]
Forgivable Loans and the CARES Act
The federal government passed several emergency aid bills during the COVID-19 pandemic that were meant to help people survive during what was one of the most challenging times in U.S. history. The first of these aid bills was called the CARES Act. Passed in March 2020, there were many aspects to the multi-trillion-dollar package. Multiple […]
How the CARES Act shields homeowners from foreclosure and eviction
The CARES Act, passed in the early stages of the COVID-19 pandemic, was a massive aid package that was meant to provide financial relief to individuals and businesses struggling during the pandemic and mandatory government shut-downs. With much of the country forced to shut down during the outbreak of the pandemic, people were left scrambling […]
Quick overview of Chapter 11 Sub Chapter V for Small Businesses
Chapter 11 bankruptcy is commonly known as a “reorganization” bankruptcy. It’s a tool that any individual that meets the requirements, or business, no matter what type of organization it is, can use if they are having trouble meeting their debt obligations. While individuals can use Chapter 11 bankruptcy, it’s typically used by corporate entities that […]
Impact of the CARES Act Mortgage Forbearance Rules and Loan Modifications
The CARES Act was passed in March 2020 not long after the COVID-19 pandemic exploded in the United States. It’s a $2.2 trillion economic stimulus package that Congress passed and then-President Donald Trump signed to provide economic relief to people all around the country who were struggling financially. There were many provisions in the CARES […]
Update on Student Loan Forgiveness
Student loan forgiveness has been a highly-debated topic for the last few years, as the federal government under both former President Donald Trump and current President Joe Biden has initiated various programs to delay repayments or forgive outstanding debt altogether. Since the onset of the COVID-19 pandemic four years ago, there have been many twists […]
What is the Corporate Transparency Act?
Enacted back in 2021, the Corporate Transparency Act, or CTA, was passed with the aim of enhancing transparency in various ownership and entity structures to combat illicit activities such as tax fraud and money laundering. As a result of the CTA, more information will be captured about how specific entities that operate within or access […]
Priority of Claims in Bankruptcy
Embarking on the intricate landscape of bankruptcy involves unraveling the complex web of claims and their prioritization. In this comprehensive guide, we’ll explore the nuances of the priority of claims in bankruptcy proceedings, shedding light on how creditors are categorized and paid. From secured debts to unsecured priority claims, join us on this journey through […]
Bankruptcy and Adversary Proceedings
In the realm of bankruptcy, adversary proceedings stand as crucial legal actions that can significantly influence the course of a bankruptcy case. Babi Legal offers insights into the intricacies of these proceedings, unraveling their importance, procedural aspects, and the broader impact they have on federal rules of bankruptcy and litigation. Whether you’re a debtor seeking […]
Preferential Transfers In Bankruptcy
Navigating the intricate terrain of bankruptcy, the concept of preferential transfers takes center stage. In the financial intricacies of insolvency, understanding what constitutes a preferential transfer and its implications is paramount. What Is a Preferential Transfer? A preferential transfer in bankruptcy involves a payment made to a creditor shortly before filing for bankruptcy, potentially favoring […]
Cramdown in Chapter 13 Bankruptcy
In navigating the landscape of Chapter 13 bankruptcy, understanding the intricacies of cramdowns is essential. This aspect significantly influences the treatment of secured and unsecured debts, shaping the debtor’s reorganization plan. Just as effective communication is vital in bankruptcy proceedings, comprehending cramdown provisions is crucial for informed decision-making. This article will guide you through the […]
Means Test in Chapter 7 Bankruptcy
Embarking on a journey through Chapter 7 bankruptcy? Get ready to navigate the crucial means test – a key determinant for debt relief eligibility. We unravel the complexities surrounding median income, disposable income, and monthly expenses, as well as delve into the nuances of the means test, exploring the ins and outs of its calculation, […]
What Happens to the Automatic Stay if My Bankruptcy Case Is Dismissed?
How does the Automatic Stay function? If the consumer is filing his or her’s first bankruptcy case, then they will be entitled to the benefits of the automatic stay. The automatic stay is a legal injunction designed to provide immediate and extensive protection to debtors, suspending collection efforts, foreclosure actions, and other proceedings outlined in […]
What is Chapter 20 bankruptcy?
Chapter 20 bankruptcy is a strategy that combines elements of both Chapter 7 and Chapter 13 bankruptcy plans. The process involves initiating a Chapter 7 bankruptcy first, which helps reduce unsecured debts and overall debt amounts. This, in turn, may bring the debtor within the acceptable range for filing a Chapter 13 bankruptcy. Understanding Chapter […]
Bankruptcy Notices
When diving into the intricacies of bankruptcy, effective communication is paramount. Filing for bankruptcy impacts your rights and necessitates informing all relevant parties. Notice recipients, often creditors, play a crucial role in receiving official notifications from the court through the Bankruptcy Noticing Center (BNC). The BNC simplifies this complex process, offering free electronic notifications through […]
Rule 2004 Bankruptcy Exam: Unveiling Bankruptcy Truths
Federal Rule of Bankruptcy Procedure 2004 is a powerful tool for shedding light on crucial details in the intricate world of bankruptcy. Simply put, it’s a provision that allows any interested party to request a court-ordered examination of any involved person or entity. As defined by the rule, this examination required testimony under oath and […]
341 (A) Meeting Of Creditors
A 341 Meeting of Creditors is a necessary step in the bankruptcy process in the United States. Its primary purpose is to verify the bankruptcy details and ensure all required paperwork in filed bankruptcy is accurate. During this meeting, the person filing for bankruptcy (the debtor) will answer questions under penalty of perjury about the […]
Request A Forbearance On Student Loans
Student loan forbearance allows borrowers to pause or reduce their monthly payments temporarily. During federal student loan forbearance, interest continues to accrue on the loan, which means the total amount you owe may increase over time. Forbearance is like hitting a pause button on your student loan payments. It’s a short-term fix for up to […]
Involuntary Bankruptcy Definition
Involuntary bankruptcy is a legal avenue for creditors to force a person or business into bankruptcy proceedings when they cannot collect debts. Unlike voluntary bankruptcy, where debtors initiate the process, involuntary bankruptcy occurs when creditors petition the court. Involuntary bankruptcy proceedings can be a powerful tool for creditors seeking to recover debts from reluctant debtors. […]
Car Financing While in Chapter 13 Bankruptcy Filing
When you file for Chapter 13 bankruptcy, a form of repayment bankruptcy known as a reorganization, your credit score will be negatively impacted, and this information will remain on your credit report for seven years. In a Chapter 13 bankruptcy, you adhere to a court-approved repayment plan that spans three to five years, during which […]
Chapter 7 Dismissal Vs. Discharge
When initiating bankruptcy proceedings for the first time, it is imperative to grasp the lexicon employed during the procedure. Many individuals often find themselves perplexed by the disparity between “dismissal” and “discharge” within the context of bankruptcy processes. 1. Dismissal Of A Bankruptcy Case Dismissal typically denotes that the court has halted all proceedings within […]
Common Bankruptcy Mistakes
Let’s delve deeper into some critical aspects to provide you with a comprehensive understanding of avoiding the most common bankruptcy mistakes. Mistakes To Avoid With Personal Debts Repaying Family Members The law treats family members like any other creditor regarding repaying friends or a family member’s debts. The bankruptcy trustee can make a claim for […]
Bankruptcy Fraud Statute
Federal bankruptcy laws are designed to help people who are overwhelmed by debt. If you cannot repay your debts, these laws allow you to start fresh, wiping out most of your debts through the different bankruptcy chapters. However, rules are in place to ensure that the process is fair and that everyone plays by the […]
Bankruptcy Foreign Assets
Imagine your financial life is where you owe a lot of money to different people or companies, and it takes time to manage. You’ve heard about different bankruptcy chapters, which can help you eliminate most of your debts and give you a fresh start. Suppose you possess a residence, financial account, real estate investment property, […]
No Asset Bankruptcy
In the realm of bankruptcy, a distinct avenue known as “no-asset Chapter 7 bankruptcy” emerges, offering individuals a strategic approach to safeguard their possessions. This term underscores the notion that individuals undergoing bankruptcy possess no assets liable for liquidation by the bankruptcy trustee to settle debts owed to creditors. This article delves into the intricate […]
What Is A Reaffirmation Agreement In A Chapter 7?
Imagine you’re driving down a road of financial difficulties and decide to take a detour called “Chapter 7 bankruptcy” to help you get your car payment back on track. This detour has a particular signpost called a “reaffirmation agreement.” This agreement is like a contract that gives the debtor and your creditors (the people you […]
Bankruptcy, Mortgages, and Reaffirmation Agreements
If you’re a homeowner and you find yourself in a Chapter 7 bankruptcy situation, the idea of mortgage reaffirmation might arise. Your lender might send a reaffirmation agreement to your bankruptcy lawyer, but the question is: should you sign it? Benefits of Reaffirming Your Mortgage Debt A Reaffirmation Agreement is like a promise […]
Bankruptcy And Cosigners Joint Debts
Declaring bankruptcy erases certain debts, so you don’t have to repay them. However, if someone else, like a cosigner or joint account holder, co-signed or is responsible for the debt with you, they still have to pay it not to be considered in default. Here’s what happens: If you file for Chapter 7 bankruptcy, the […]
Bankruptcy and Business Partnerships
Business owners often proceed with creating their company, forming partnerships, securing loans, and entering the market without considering potential risks. They tend to believe that merely incorporating the business shields them from liability. Additionally, relying on the assumption that losses are distributed among partners according to the company bylaws, they perceive the risks as proportionate […]
Bankruptcy Fraud Cases
Bankruptcy is a way for honest people struggling with debt to get relief and a fresh start. It’s meant to help individuals facing challenging situations like losing a job, having big medical bills, divorcing, or dealing with a disability. But sadly, some dishonest people misuse the bankruptcy system. They might have enough money to pay […]
Bankruptcy And Retirement Accounts
When facing financial difficulties, individuals in distress may view their retirement accounts as a convenient source of funds, using retirement money and hoping it can spare them from resorting to Chapter 7 or Chapter 13 bankruptcy filings to regain control over their debts. Retirement accounts typically enjoy protection in bankruptcy, safeguarding them from being utilized […]
What Happens to My IRS Tax Debt if I File Bankruptcy?
Bankruptcy And Tax Debt Within the realm of bankruptcy, taxes are generally classified as “nondischargeable priority debt.” It indicates that bankruptcy cannot eliminate tax debts, and the repayment of such obligations is prioritized over the claims of other creditors. Nevertheless, there are situations where taxes can be categorized as “dischargeable debt,” meaning they can be […]
Bankruptcy And Your Credit Score
Bankruptcy represents a tradeoff. It provides relief by eliminating debt obligations or reducing unmanageable debts, but it also signals to lenders that you pose a credit risk, dropping your credit score. This decline or bad credit can make it challenging to obtain loans, credit cards, and mortgages in the immediate future. Bankruptcy can significantly impact […]
Exploring Debt Consolidation as an Alternative to Bankruptcy
Consider various financial alternatives if you face difficulty handling your debts. When comparing debt consolidation and bankruptcy, it is crucial to grasp the disparities between these two methods and their advantages and disadvantages. Debt consolidation entails obtaining a new loan or line of credit to repay your debt under potentially improved terms. On the contrary, […]
Bankruptcy Exemptions: Protecting Your Assets during the Bankruptcy Process
People filing for bankruptcy must maintain a certain standard of living to function as productive members of society, and thus are entitled to protect various real and personal property under the bankruptcy code. Bankruptcy exemptions protect these essential possessions, preventing the bankruptcy trustee from seizing and selling them to satisfy creditors’ claims. Bankruptcy exemptions allow […]
The Impact of Bankruptcy on Student Loans
It is a common misconception that student loans are immune to bankruptcy discharge, but that is not entirely true. Although challenging, it is possible to discharge federal student loan borrowers’ loans through bankruptcy under certain circumstances. If you can successfully demonstrate undue hardship, then through the successful filing of an adversary proceeding in the bankruptcy […]
What Is A Partial Claim Mortgage?
Since the onset of the pandemic, the US economy has been on a path to recovery. This has allowed many borrowers to reap benefits from their forbearance plans in response to COVID-19, which have been an effective tool for risk mitigation. An overwhelming majority of people defaulting on their loan agreements choose to defer payments […]
Claiming Surplus Funds After A Michigan Foreclosure
Sometimes when homes are foreclosed upon, there are surplus funds that result from the proceeding sheriff’s sale. This happens if the property ended up selling for more than the borrower owed on the mortgage at the time of the sale. In cases such as these, the question that lingers is who is entitled to those […]
HOA Foreclosure Vs. Bank Foreclosure
When most homeowners think of foreclosures, they think of the bank being the entity that initiates that process. While that is the most common form of foreclosure — for when homeowners fall behind on their mortgage payments — it’s not the only form. In Michigan and some other states, homeowners’ associations and condominium associations can […]
What To Do If Bank Changed Locks Before A Foreclosure
When banks initiate the foreclosure process for failure to make payments, they must follow specific requirements as outlined by the state in which the property is located. These requirements are guidelines that tell the bank what it has to do, when it has to do it and what it has to do to complete the […]
What Is Foreclosure Lis Pendens?
The foreclosure process can take a while in most states. In Michigan, mortgage companies can’t even begin the foreclosure process until a borrower is at least 120 days past due on their payments. Even then, a sheriff’s sale can’t be held for at least four weeks after the foreclosure notice is posted on the home’s […]
Foreclosure on Discharged Mortgage
When individuals are facing economic struggles, they may proceed with filing for bankruptcy protection to get them back on the right foot. If these individuals are homeowners, the process gets a little more complicated. Chapter 7 bankruptcy allows individuals to not include their home and associated mortgage in the bankruptcy proceedings, provided they are current […]
What Is Writ Of Assistance In A Foreclosure?
When homeowners fail to meet the requirements of their mortgage, lenders will often proceed with a foreclosure to reclaim their property. This is done because the property itself is what’s used as the collateral to secure the loan. Until the borrower pays the loan off, the collateral — the property in this case — remains […]
The Role Of The Allonge In Foreclosure
Many people throughout the country obtain a mortgage to finance the purchase price of their home. Unless you have the cash to pay for the home outright — or other means of borrowing money — you will likely go the route of choosing one of the popular mortgage types that lenders make available. No matter […]
What is a Vendor Lien?
When someone purchases real or personal property, they typically will do so either in cash, on a credit card or as part of a larger loan such as a mortgage. If a secured loan is used to finance the purchase price, then the actual property itself is used as collateral. The most common example of […]
The Difference Between an Execution Sale and a Foreclosure Sale
Properties can be repossessed by banks or other creditors under certain clearly-defined circumstances, which vary from state to state. While the processes of repossession and re-sale differ from one type to the next, the general premise for these repossessions being initiated is unpaid debt. Two of the most common forms of re-sale for repossessed properties […]
Michigan State Cannabis License Approval vs. City/Municipality Cannabis License Approval
Cannabis has become big business in Michigan in a very short period of time. While the Michigan Regulation and Taxation of Marijuana Act was passed in 2018, the first sale of recreational marijuana didn’t take place in the state until December of 2019. In the first full year of recreational marijuana sale in 2020, overall […]
Michigan Rules and Regulations for Cannabis
While many states in recent years have moved to legalize marijuana for medical or recreation purposes — or both — Michigan was actually the first one in the Midwest to legalize it on a recreational basis. In 2018, the Michigan Regulation and Taxation of Marijuana Act was signed into law, which made it legal for […]
Cannabis-related Real Estate Transactions, buying/selling/leasing
Cannabis-related businesses can be extremely lucrative, but they also bring with them a lot of challenges that businesses in other industries don’t face. Even though both recreational and medical cannabis is legal in Michigan and many other states, for example, setting up shop is not as easy as it is for other industries. One of […]
Bankruptcy Options for Cannabis Companies
An increasing number of states are moving forward with legalizing cannabis in some fashion. In Michigan, and in many other states, it is legal for most adults over the age of 21 to partake in medical and recreational marijuana. As such, an entire cannabis industry in Michigan has popped up over the last few […]
Can You Smoke Weed in Public in Michigan?
Michigan is one of the states in America where it is legal to use marijuana both for medical and recreational purposes. It was actually the first state in the Midwest to legalize marijuana on a recreational basis back in 2018, which allowed adults who are over the age of 21 to use weed for […]
What Happens if TSA Finds Cannabis in Checked Luggage?
Marijuana is more socially acceptable throughout the country. Some states such as Michigan have even legalized the practice of growing, selling and using cannabis on a medical and/or recreational basis. For those who are interested in partaking in marijuana in one way or another, this is really good news. At the same time, […]
TSA Guidelines for Cannabis 2022
Many states throughout the country have legalized cannabis in some form. Some states have legalized it only for approved medical use. Others have legalized it for adult recreational usage as well. Others have done neither, and still consider its usage to be illegal in all forms. These different rules in regard to cannabis usage can […]
How to Get a Michigan Weed/Marijuana Dispensary License
Medical marijuana has been legal in the state of Michigan since back in 2008. Michigan completely changed the landscape for weed possession and consumption in 2018, though, when it became the 10th state in the U.S. to legalize it for recreational use. Despite having 14 years of experience dealing with some form of legal marijuana, […]
Can anyone sell edibles in Michigan?
Michigan is one of the states in America where both medical marijuana and recreational marijuana use is legal. Thanks to a new law passed a few years ago, people who are over the age of 21 can legally purchase a small amount of marijuana for recreational usage. CBD products are also legal and come with […]
Can You Have a Medical Card and Concealed Weapons Permit in Michigan?
Michigan is one of 37 states in the U.S. that allows cannabis products to be used for medical purposes. Michigan now allows recreational cannabis use to an individual who is 21 years or older. It also provides concealed weapons permits to certain gun owners and users. But, can a person in the state of Michigan […]
FHA Advance Loan Modification or COVID-19 ALM
Mortgages are huge responsibilities that shouldn’t be taken lightly. In many instances, borrowers agree to 15- or 30- year loan terms. So if you’re ever unhappy with your mortgage, it may feel like you’re stuck and have no choice but to manage and just cope. The COVID-19 Advance Loan Modification is a permanent change in […]
TSA Guidelines for CBD Oil 2022
Cannabidiol (CBD) oil is a product used today by many people for many different reasons. For some people who are facing serious and significant medical conditions, CBD oil is quite literally a life saver. Each state in America has different rules and regulations when it comes to who is allowed to possess and use CBD […]
What Are Some Alternatives To Foreclosure?
If a homeowner falls behind on mortgage payments and cannot catch up, the lender may take back the home. The bank can take the property away from the homeowner if they do not pay back the money they owe. This is called foreclosing the property. A foreclosure is when a lender, especially a mortgage lender, […]
Can A HUD Partial Claim Be Forgiven?
The Federal Housing Administration provides mortgage insurance for single-family houses, multistory dwellings, hospitals, and residential care facilities. The FHA collaborates with authorized lenders in the United States and organizations like the US Department of Housing and Urban Development (HUD) to provide HUD partial claim forgiveness. Homeowners might fall behind on their mortgage payments, and these […]
Can You Remove A Name From A Mortgage?
If you’re pondering about taking someone’s name off a mortgage, a significant life event is likely unfolding. There are many reasons why you might want to change the name on your mortgage. This could include getting a divorce, splitting up with a partner, or just wanting to give the other person more financial flexibility. But […]
What Does Having A Felony Prevent You From Doing?
If you are convicted of a felony in Michigan, it will have long-lasting effects on your life. Although a felony conviction might make it hard to get specific jobs and lose some civil rights, remember that this does not have to be the end of your life. There are many ways to overcome the challenges […]
Differences Between Pre-foreclosure And Foreclosure
What is the difference between pre-foreclosure and foreclosure? Pre-foreclosure occurs when a homeowner falls behind on mortgage payments and the lender threatens to repossess the home. Foreclosure occurs when the lender sells the home at auction or forecloses through the courts. Both pre-foreclosure and foreclosure can be stressful for homeowners. In both cases, it is […]
What Are FCRA Dismissed Bankruptcies?
Bankruptcy is a legal process that helps individuals or businesses eliminate or repay their debts. In some cases, however, bankruptcy may be dismissed. A dismissal can happen for several reasons, such as if the debtor does not follow the rules of the bankruptcy process or if the debtor’s creditors object to the discharge of the […]
Is Alimony Dischargeable in Bankruptcy?
Alimony, also called spousal support, domestic support obligation, or maintenance, is a payment from one ex-spouse to another. The payments are typically made after a divorce or legal separation. Alimony can be ordered by a court or agreed upon by the divorcing parties. The spouse who is paying the bills is called the “supporting spouse” […]
Gambling While in Chapter 7
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 […]
All You Need To Know About The 90-Day Clawback Period
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 […]
Should I Tell Creditors I Am Filing Bankruptcy?
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 […]
What To Do With Credit Cards Before Filing Bankruptcy Chapter 7
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 […]
When Should A Small Business File For Bankruptcy?
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 […]
How To Qualify For Chapter 13 Bankruptcy
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 […]
Five Questions To Ask A Bankruptcy Attorney
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 […]
Will Filing Bankruptcy Stop Wage Garnishment?
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 […]
After Bankruptcy, Are Mortgage Loans Possible?
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 […]
Can Utility Bills Be Included In Chapter 7 Bankruptcy?
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 […]
Can You Refinance After Covid Forbearance?
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 […]
What Are The Loan Modification Fees You Need To Know About?
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 […]
Cash-out Refinance After Covid Forbearance
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 […]
Tips for Getting your Loan Modification Approved in Michigan
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 […]
Does Covid-19 Hardship Forbearance Affect Credit?
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 […]
Key Terms to Understand about Loan Modifications
Buying a house is an exciting event, but it may also be one of the most difficult if you don’t know anything about mortgages. Buying a home can be a very complicated process. There is a lot of paperwork that needs to be completed. It is important to know what to expect, especially if you […]
Five Questions to Ask Yourself Before Filing for Bankruptcy
Filing for bankruptcy is not something to be done lightly, and it is far from the only solution for every problem. Filing for bankruptcy is not the best option for everyone, and it’s not a quick fix. However, if you are having trouble making ends meet due to an overwhelming number of creditors as well […]
Questions to Ask a Real Estate Attorney
Finding a good real estate attorney can assist you and your business in all stages of a real estate deal when you’re selling, buying, or just renting out any property. The appropriate real estate lawyer will be knowledgeable in your local real estate market and available to oversee the legal particulars of your real estate […]
What does the law say about not paying your debt in Michigan?
When it comes to their finances, Michigan residents have significant underlying debt problems. On the surface, issue areas are rarely apparent since Michigan keeps debt levels lower than the national average Michigan consumers and debt One of the key reasons is that many Michigan consumers use bankruptcy to discharge their debts, lowering the state’s average […]
Can an attorney stop foreclosure in Michigan?
When you’re facing a foreclosure, it may be difficult to know how to proceed and what options are available. Foreclosure is the process in which a lender forecloses on a property after someone fails to pay their loan. How does foreclosure begin in Michigan? In Michigan, most foreclosures are done without the need for court […]
What You Need to Know About Credit Counseling in Michigan
Many people, depending on their financial situation, believe that credit counseling in Michigan will harm their credit report, but this isn’t the case. This won’t show up on your credit report if you go to a Michigan credit counselor to get debt advice or assistance to manage your money. Michigan credit counselors will guide you […]
What’s The Timeline I Can Expect When I File for Bankruptcy?
A standard Chapter 7 bankruptcy timeline Step #1 – Free consultation At the first consultation, a legal representative from the Babi Legal Group will work with you to pick the finest option for assisting you towards the best financial management. If bankruptcy is not a good fit for you, then a settlement may be an […]
Three Bankruptcy Alternatives: How to Avoid Filing for Bankruptcy in Michigan
If your financial circumstances this year have been adverse to you and your family, here is an article that can guide you through several alternatives to bankruptcy. If you want to discuss your case details contact info for Babi Legal Group is on this website. With our contact information choose attorneys that are on your […]
What does the bankruptcy trustee investigate?
There are a lot of reasons why people file for bankruptcy, but they all have one thing in common: they want to get rid of their debt. To do that, the trustee will need to investigate your life and finances from top to bottom. The goal is not just to figure out if you’re eligible […]
How to file bankruptcy yourself in Michigan (and why you shouldn’t do it yourself)
Get your finances back on track Rebuild credit and get a fresh start Rest easy knowing that you’re doing what’s best for your family If you are in bankruptcy and need to know how to file bankruptcy yourself in Michigan, we can help. We will tell you why filing bankruptcy yourself is a bad idea […]
Loan modifications and foreclosures
Everyone experiences hard times now and again. Sometimes, tough economic times can result in scary outcomes, such as the threat of your home being taken away. If you’ve fallen behind on your mortgage payments, your mortgage company can initiate a foreclosure to take back their asset. If you don’t act quickly to prevent foreclosure with […]
What happens when you file for bankruptcy?
You’ve taken the difficult but necessary step of filing for bankruptcy and may be wondering what your financial future holds once the dust has settled. To question what happens when you file for bankruptcy is both natural and responsible. It shows that you’re concerned with the immediate repercussions and are looking forward to the clean […]
Filing for Chapter 7 Bankruptcy? The Bankruptcy Requirements to Know
Chapter 7 Bankruptcy, also known as liquidation bankruptcy, is the most common bankruptcy case—63 percent of over 800,000 bankruptcy cases in 2016 were Chapter 7. It discharges most of the unsecured debts that include medical bills, personal loans, and credit card debts. Being the quickest, most common, and the simplest type of bankruptcy to file […]
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