Generally, a bankruptcy should have no impact on eligibility for federal student aid. However, most bankruptcies will impact the eligibility for a private loan.
Beware of Loan Modification Scams in Michigan
All home owners should be cautious in dealing with any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan. The scam artists will attempt to require a fee in advance. Often in the majority of cases, the scam artists never perform any work and simply steal your money….
How Can I Get a Free Copy of my Credit Report?
You are entitled to a free credit report once a year from each of the three major credit reporting agencies including: Equifax, Experian and TransUnion. You can order your free credit report by mail at: Annual Reporting Credit Report Request Services P.O. Box 105281 Atlanta, GA 30348-5281 -or- You can contact them by telephone at…
Glossary of Bankruptcy Terms to help you understand the process
I put together this list of the more common terms that you might run across in your bankruptcy. Don’t hesitate to call me anytime. Don’t suffer in silence. Abandonment – A disclaimer of any interest by the trustee or debtor in property that is burdensome or of inconsequential value. Administrative Claim (Or Administrative Expense Claim)…
What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?
The biggest difference between a Chapter 7 and a Chapter 13 is that in a 13 you repay a portion of your unsecured debt. In a Chapter 7, your unsecured debt is discharged. The 3 primary reasons why people file Chapter 13 are as follows: 1. Their household income exceeds the median income for their…
What are the new median income levels in Michigan effective March 15, 2011?
Effective March 15, 2011, the Median Income figures for Michigan will change as follows: 1 person: $42,562 UP FROM $41,875. 2 persons: $50,738 DOWN FROM $52,433 3 persons: $60,161 DOWN FROM $61,517 4 persons: $71,158 DOWN FROM $74,558 5 persons: $79,258 DOWN FROM $82,058 6 persons: $86,758 DOWN…
What happens if I get sued by a creditor?
If you get sued by a creditor, you have to be aware of some basic civil procedure rules. The first thing to do is to make a note of the date that you are served. If you are served by personal service, you have 21 days to respond to the complaint. If you are served…