The Defense of Marriage Act [DOMA] , 1 U.S.C. 7, defines the word spouse in federal law to only include a person of the opposite sex. DOMA has been cited to preclude same sex married couples or couples joined by same sex civil unions from jointly filing bankruptcy. A February 23, 2011 order from President [...]
Family Debt Problems
Bankruptcy clients of the month: Parents. Specifically, parents with adult kids that need monetary help. I seem to be seeing a lot more people whose adult children have moved in with them. As the economy grows worse, children seem to be moving home in greater numbers. The parents I am seeing are seniors living on fixed incomes, or people who are earning just barely enough money [...]
This past week, I had a consultation with a frantic debtor who really did not want to file bankruptcy. She was facing a garnishment of her wages and did not understand the garnishment. Back in 2003, a debt collector had sued her and obtained a judgment for approximately $1100.00. No payments were made from 2003 [...]
On Groundhog Day, it is fitting to consider whether you are living in a financial ‘Groundhog Day.’ Remember the Bill Murray movie? A self-absorbed weatherman is doomed to repeat the same day over and over, until self- awareness is achieved. David Pitt of Today points out the financial corollary: Is there a shadow cast over [...]
Dear Jane, Your mother entrusted her funeral expense money to you last year. You spent it on living expenses. You don’t want your mother to get notice of the bankruptcy as a creditor because you are very much ashamed. You said that you were hoping to repay your mother with your expected tax refund, and asked if we could forget that [...]
As banks go back to having lending standards, they turn down more borrowers. A new industry has sprouted in between traditional lender, like banks and finance companies, and traditional loan sharks like HBO’s Tony Soprano. They call themselves payday lenders. Some states, unfortunately not Michigan, have outlawed these parasites. Payday lenders charge effective annual interest [...]
