Yes. Your credit score will improve dramatically 2 to 3 years after you file and you will be able to finance the purchase of a car and a house.
All posts by Mike Shovan
Will I lose everything if I file for bankruptcy?
No. The purpose behind the bankruptcy law is to give you a “fresh start.” The exemption provisions of the law allow you to keep your house, your car, your personal possessions and your 401(k) or other retirement plan.
Doesn’t the new law prevent me from filing bankruptcy?
No. You can still file bankruptcy under the new law. The new law imposes some additional requirements including credit counseling and a financial management course. The new law also requires you to complete a means test if you make more than the median income. If you make too much money, you may have to file…
What is the difference between a Chapter 7 and a Chapter 13?
A Chapter 7 – or straight bankruptcy – is a process where all of unsecured debt (credit cards and medical bills) are discharged. In a Chapter 7, you get to exempt or keep equity – your house, your car, your personal property and up to $1,000,000.00 in your 401k or other retirement account. A Chapter…
Serving these communites
Saginaw County, Saginaw, Carrollton, Freeland, Hemlock, Bridgeport, Frankenmuth, Buena Vista, Birch Run, Chesaning, St Charles, Shields, Bay City, Pinconning, Auburn, Linwood, Kawkawlin, Essexville, Munger, Quanicassee, Midland, Sanford, Edenville, Coleman, Arenac County, Standish, Au Gres, Iosco County, Tawas City, East Tawas, Hale, Oscoda, Clare County, Clare, Harrison, Gladwin County, Gladwin, Gratiot County, Alma, Ithaca, Isabella County,…
I am behind on everything and I just don’t know what to do – what should I do?
If you came in to my office today and said that you were behind on your house payments and that your house was about to be foreclosed, that you were behind with your auto loans so the repo man was looking for your automobile, and they were thinking about garnishing your wages, and you had…
How much does it cost to file for Bankruptcy in Michigan?
A common question I hear from clients looking into filing bankruptcy in Michigan is: “How Much Does It Cost to File Bankruptcy” You can sign up and start the process and open a file for as little as $100 down. I will open a file for you immediately, which allows you to refer all creditors to us the…