(picture from University of Pennsylvania blog on regulations) The most common question I get for a long time is what happens if I do not, or cannot, pay my mortgage? If you can afford to continue paying, and are current, there is really no bankruptcy alternative. The so-called “strategic default” option is to simply stop [...]
Personal Finance
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 [...]
Filing bankruptcy if you have an interest in a corporation or a limited liability company requires some extra work for you and your bankruptcy lawyer. Preparing an accurate balance sheet listing the company’s assets and debts is a critically important part of this process. As we’ve written before, just because you file bankruptcy doesn’t mean [...]
So you have no money. You”ve come to that realization. You’ve sat down and figured out your goals – you know where you want to go. So, what now? If you have nothing to lose, then you have nothing to lose by doing nothing. A valid option that can apply to some people is to [...]
