Hey, the lockdowns and sudden economic decline were supposed to lead to a pile of new bankruptcy cases, right? Everyone said so. At the start of the pandemic shutdown, I felt confident that bankruptcy filing rates would soar by the time we hit the third quarter of...
The post What Happened To The Predicted Michigan Bankruptcy Tsunami? appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.
Hey, if you cannot pay your bills, why file a payment plan bankruptcy case? Payment plan does NOT mean 100% payment of all your debts. Credit Card Interest Lovely industry, credit cards. The business model is based on you falling behind so that the default...
The post Why Do A Chapter 13 Payment Plan Bankruptcy In Michigan? appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.
Credit Card debt down, so, bankruptcies should go down, right? That is historically true – but, as my daughter says, it’s 2020. The amount of consumer revolving credit, which is mostly credit cards, plunged by another $24 billion in May, the Federal Reserve said Wednesday....
The post Michigan Bankruptcy News appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.
LVNV Funding, Midland, there are a bunch of zombie debt buyers out there. They buy bad debts for pennies on the dollar, then try to collect on them, frequently by filing lawsuits. You can file bankruptcy to stop such lawsuits but that should never be...
Still waiting for the other shoe to drop on the economy as far as increased bankruptcy filings. The political class is intent on increasing the national debt to keep the economy afloat – at least until after the election. So, small businesses still don’t know...
Back when I started in the bankruptcy business in 1980, the main category of Chapter 13 bankruptcy cases was folks stopping foreclosure to catch up on missed mortgage payments to save their homes. With the forbearance lots of folks are getting with suspended mortgage payments,...
Yes. Well, that would be a short blog post. What Is A Charge-off? On your credit report, it means: “Charge off” means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an...
Yes. Just not sure when. Americans are skipping payments on mortgages, auto loans and other bills.
The Pandemic has brought relief to folks on my side of the fence – the consumers, the borrowers, from the banks and mortgage and finance companies due to government orders or voluntarily refraining from collection action – but for how long? Michigan Eviction Freeze Among...
Talked to another caller today with payday loan issues.