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Ann Arbor, Michigan Bankruptcy attorney Lander McLoyd explains, "Which is worse on your credit report Foreclosure or Bankruptcy?"
A foreclosure is very serious to mortgage lenders, more serious than bankruptcy, as long as the bankruptcy doesn't include the house.
Try to avoid the foreclosure. If you're having trouble making payments, or even behind by a month or two, contact your lender before the process goes any further. Even if you've gotten an official Notice of Default saying you're several months behind, you still have time before the formal foreclosure process begins.
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Read more... [Michigan Bankruptcy Attorney Explains - Which is worse on your credit report Foreclosure or Bankruptcy?]
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Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind. You are not alone. In 2007, the economy went into a recession and thousands of people are in the same position. The American Bankruptcy Institute (ABI) forecasts that total bankruptcies this year will exceed 1.4 million, the highest number since 2005.
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Read more... [Ann Arbor Bankruptcy Attorney - There's No Shame in Filing for Bankruptcy]
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If you are faced with unbearable debt that you know you will never be able to pay and are considering filing for bankruptcy in Michigan, here are a few things you should know about bankruptcy:
You will not lose everything you have. Do not let this common misconception keep you from filing. The court is not going to sell everything you have and leave you on the street to start all over again.
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Read more... [Bankruptcy Myth: You'll Lose Everything]
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Ann Arbor, Michigan bankruptcy attorney, Lander McLoyd, is a member of the National Association of Consumer Bankruptcy Attorneys.
NACBA is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy. Formed in 1992, NACBA now has more than 4,000 members located in all 50 states and Puerto Rico.
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Read more... [Ann Arbor Bankruptcy Attorney Lander McLoyd is a NACBA Member]
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There are 135,913 consumer bankruptcy filings in October 2009 represented a 27.9 percent increase over October 2009 monthly total of 106,266, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October 2009 consumer filings represented an 8.9 percent increase from the September 2009 total of 124,790. Chapter 13 filings constituted 28.5 percent of all consumer cases in October, a slight increase from the September rate.
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Read more... [October Consumer Bankruptcy Filings Up 28% Over 2008]
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