Bankruptcy might be the best choice

Bankruptcy might be the best choice

Bankruptcy is typically an option of last resort for debtors in Arkansas who can’t afford to continue making payments to creditors. While it may harm a person’s credit score, this isn’t always true. Furthermore, creditors may have to stop contacting individuals who have filed for bankruptcy. Filing for protection from creditors can also put a […]

The FDCPA was passed to rein in debt collectors

The FDCPA was passed to rein in debt collectors

The Fair Debt Collection Practices Act established strict rules that collection companies in Michigan and around the country must follow. The FDCPA was passed in 1977 to put an end to harassment, threats and intimidation, but some debt collectors routinely flout the 1977 law. However, the FDCPA only applies to companies that are acting on […]

Individuals are increasingly relying on credit cards

Credit Cards

A May report from CreditCards.com revealed that roughly 120 million Americans have credit card debt. That figure represents about 47% of adults in the United States, and the number of people who have credit card debt in Michigan and throughout the country has increased 4% since early March. According to the 2019 Wealth Report issued […]

The potential penalties for not paying credit card debt

The potential penalties for not paying credit card debt

Debt collectors might suggest that individuals who owe credit card debt could be sent to jail. However, Michigan residents who are struggling to pay current or past due balances generally don’t have to worry about being taken into custody for not paying what they owe. In 1833, the federal government outlawed debtors prisons. Furthermore, individuals […]

One case discharges student loans in bankruptcy

One case discharges student loans in bankruptcy

One of the long-held rules in a Michigan bankruptcy was that debtors could not escape their student loan debt, even after filing for bankruptcy. Now, a recent court case may give those who are struggling with unmanageable student loans some hope that bankruptcy can be a way out of their situation. Getting student loans discharged […]

The potential downfalls of a debt settlement

Debt Settlement

You may feel as if debt settlement is a preferable alternative to bankruptcy. However, Michigan companies that provide debt settlement services may not necessarily be able to convince your creditors to accept less than what they are owed. Furthermore, you may have to pay taxes on any amount that is forgiven, and engaging in debt […]

Bankruptcy may not be an impediment to employment

Bankruptcy Unemployment

Many people in Michigan and throughout the United States believe that the impact of a bankruptcy is disqualifying for future employment. People have been told that employers view bankruptcy as a sign of unreliability and hesitate to hire people who have filed for it. However, new research shows that this may be beginning to change. […]

EightWest

Covid-19 has disrupted our lives and it will likely disrupt some people’s financial lives. We know that not everyone will be able to travel to meet with an attorney to discuss their situation. Recently, attorneys Rebecca Johnson-Ellis and Jeremy Shephard went to EightWest to discuss some bankruptcy basics. The link below is a short video […]