Get Bankruptcy Help

Are you buried in debt? Debt can stack up fast, especially with so many people depending on credit to help them survive during hard economic times. More and more borrowers are choosing to either file Chapter 13 bankruptcy proceedings or consolidate their debts to relieve some of the financial stress and burdens that are upon them. But which one is right for you and for your personal situation?

What Is The Difference Between The Two?

Both debt consolidation and Chapter 13 bankruptcy are useful for restructuring debt in order to come to more manageable arrangements to repay your creditors. There are substantial differences between the two, however. With debt consolidation, all of your debt is typically restructured into one loan that encompasses everything you owe – you then repay your new lender on a monthly basis, most typically with reduced interest and smaller payments as opposed to what you were paying to a stack of multiple lenders previously. On the other hand, Chapter 13 bankruptcy restructures your debt and gives you a period of three to five years to completely repay your lenders – but has many added protections for your as a borrower. Read more…

As of May 1, 2012, the Federal US Trustee Program is again updating their means test household median income numbers for Michigan. The news is good for prospective Chapter 7 Bankruptcy filers as the median incomes for households of various sizes have increased slightly—meaning that you can earn a little more money than previously and still be eligible for Chapter 7.

• Household of 1: $45,056.00
• Household of 2: $51,660.00
• Household of 3: $60,313.00
• Household of 4: $72,454.00

(Add $7,500.00 to median for every household member over 4.)

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact me at or (866) 674-2317 to schedule a free, initial consultation.

We’re in a bear market. Or maybe we’re not. If we are, what should investors do about it? Read more…

According to the American Bankruptcy Institute and National Bankruptcy Research Center, the number of personal bankruptcy filings filed in the United States last month was 14.8 percent lower than the number of personal bankruptcies filed in April.  114,803 personal bankruptcies were filed in the month of May.

When comparing the first 5 months of this year and the first 5 months of last year, personal bankruptcy filings have declined by 8.4 percent.  Compared to May 2010, personal bankruptcy filings in May 2011 were 15.7 percent lower.

Last year, the total number of personal bankruptcies filed in the United States was the highest it had been since significant changes were made to bankruptcy laws in the U.S. in 2005.

After going through a bankruptcy process you may find yourself in a dead end. And though it may seem impossible to continue, to get back on track, it is not impossible to start over again. Bankruptcy loans can help you do exactly that, they’ll help you put your finances in order and they’ll also aid you in recovering your credit score and history.

Loans after bankruptcy are difficult to obtain due to the high risk that lending to someone who has gone through a bankruptcy implies. However, if you know how to get prepared and what you can expect of bankruptcy loans, it is possible to find the means of getting approved for a loan even after going through a bankruptcy process.

Risk Implications Explained

Bankruptcy implies a great risk for any lender. Most lenders won’t even consider lending to someone who has gone through a bankruptcy process and those you would, will be skeptical as regards to your payment capacity and willingness to honor your obligations. Thus, in order to compensate for the high risk implied in the transaction, the loan’s terms won’t be very advantageous. Read more…

It may sound logical that, if you pass away after filing a bankruptcy case, your banrkutpcy proceeding will terminate along with you. This is not so, however. A bankruptcy case will continue after the death of a filing debtor in either a Chapter 7 or a Chapter 13 context, though there are steps your attorney might take to either shepherd the case through to a successful, post-mortem discharge or to terminate or dismiss the case, if necessary.

Bankruptcy Rule of Procedure 1016 governs the bankruptcy process after the death of a Debtor. Rule 1016 states that, in a Chapter 7 liquidation bankruptcy, death does not cause the case to be dismissed. Rather, the case continues onward as if the Debtor had not died. Because Chapter 7 is a liquidation bankruptcy, meaning that there is the possibility that assets of the Debtor may be sold off by the Chapter 7 Trustee administering the case for the benefit of the Debtors creditors, those assets remain even where the Debtor has passed on.

In a Chapter 13 reorganization bankruptcy, the death of a filing Debtor will allow the Debtors attorney to file a notice dismissing the case.

Read more…

A recent plan submitted by Lehman Brothers Holdings Inc. is garnering greater support than their previous bankruptcy exiting plan.  The revised reorganization plan proposes giving creditors 21.1 cents to the dollar as opposed to the 21.4 cents proposed in the previous plan.

The new plan is believed to give less to bondholders and more to banks and hedge funds.  Lehman has approximately $325 billion in claims from creditors and has acquired around $65 billion in assets since their bankruptcy filing.

Lehman Brothers filed for bankruptcy in September 2008.  The filing is the largest bankruptcy filing in the history of the United States.

If you or someone you know is considering filing for bankruptcy protection, contact the Birmingham personal bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to discuss your situation with an experienced and compassionate bankruptcy attorney.

The latest in a series of chapter 11 bankruptcy filings related to professional sports franchises was filed on Thursday in the Eastern District of California bankruptcy court in Sacramento.  Cura Financial, LLC of Capitola, California filed an involuntary chapter 11 petition against an entity named Kings Professional Basketball Club, asserting its interest as that of a general partner.  No other alleged creditors or partners of  Kings Professional Basketball Club are listed on the involuntary petition (a copy of which is embedded below).  As laid out below, it appears that Kings Professional Basketball Club is a legal entity which is a minority owner of the Sacramento Kings.
Sacramento Kings Involuntary Chapter 11 Bankruptcy Petition

While the name of the entity suggests that the involuntary petition has been filed against the legal entity which owns the Sacramento Kings franchise of the National Basketball Association (NBA), it appears to actually be an entity which owns 7.06% of the legal entity that owns the Sacramento Kings.  Var Read more…

Payday loans are also known as cash advance loans. They are offered in cash and with very little requirements on the part of the borrower. This is the reason why a lot of people use this loan to get by in cases of emergencies. But it is not recommended that you use this loan regularly because it incurs high interest in the long run. The average APR for this loan can reach to 700% of the total amount of your loan, while there are some states that put caps on the interest rate for this loan, most of the states don’t. So you have to be very careful about the amount you are going to loan and the lender’s policy. You might find yourself in a more troublesome situation. It is still important to learn how to budget your money so that in cases of emergencies you won’t have to make any loans but if it comes to worse payday loans are available options.

Now, don’t think that payday loans are all negative because it is not. In fact a lot of people who’ve used this loan never had trouble with it. But you h Read more…