When you file your bankruptcy petition in Michigan, an “automatic stay” goes into effect. The “automatic stay” prohibits and stops any action against you to collect any debt, to foreclose on any real estate mortgage or repossess any vehicle. The “automatic stay” also stops creditor harassment, IRS and Michigan Department of Treasury collections, utility shut…
Archives for chapter 7
What famous people have filed bankruptcy?
Many famous people have filed for bankruptcy relief.
If I am working on a loan modification, will that stop the foreclosure process?
The answer is no. Your bank can proceed with a foreclosure even if you are working on a loan modification. You may have to consider filing for bankruptcy in Michigan. Filing for bankruptcy will stop the foreclosure process temporarily. If you file a Chapter 13 bankruptcy you have up to five (5) years to catch…
What happens to my credit rating if I file for bankruptcy in Michigan?
If you are thinking about filing for bankruptcy in Michigan, there is a good chance that your credit rating is already bad and getting worse. The only way to stop the slide from bad to worse is to file for bankruptcy. Once you file for bankruptcy, your credit report is wiped clean and reset. And…