Posted on May - 18 - 2011
Apparently, somebody didnt get the memo.
The Bankruptcy Court for the Eastern District of Michigan has held that creditors do have an affirmative duty to halt their pre-petition collection activities. To put a slightly finer point on it, in the Eastern District of Michigan, pre-petition garnishments of tax refunds must cease when the bankruptcy is filed. The duty is on the creditor to take action to stop garnishing:
In In re McCall-Pruitt, 281 B.R. 910 (Bankr. E.D. Mich. 2002), a creditor received a Chapter 7 debtors post-petition state income tax refund based on a pre-petition garnishment, and the debtor brought a motion for sanctions, arguing that the creditor violated the automatic stay. The Bankruptcy Court held that the creditor violated the automatic stay by accepting the tax refund. The court reasoned that the creditor had a duty to halt all collection proceedings when the debtor filed for bankruptcy protection.
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Posted on May - 16 - 2011
The results of a study conducted through the University of Illinois found that those who filed for bankruptcy protection have largely seized their chance at financial redemption and are changing their financial lives for the better, according to an article on Mother Nature Network.
Our bankruptcy lawyers in Joliet, Chicago and elsewhere in Illinois see the change in our clients, from their first office call or visit to the resolution of their case. Debt can create an enormous amount of stress in a household, particularly those under the relentless barrage of collection agencies.
Chapter 13 or Chapter 7 bankruptcy protection in Chicago affords families the opportunity to regain their financial freedom and independence and to begin enjoying life again. The study found mandatory counseling required by bankruptcy reform in 2005 is having a positive impact.
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Posted on May - 15 - 2011
Whether you’re stuck with one big financial burden or a ton of little issues that have piled up, it’s a good idea to reach out to a pro that can help guide you during this difficult time. Although some people try to handle everything on their own, usually they end up being more scared and frustrated. That’s why when you have creditors calling and you feel filing for financial ruin is your only option, make sure to contact a bankruptcy lawyer. This person will be on your side and can provide lots of guidance and expertise to help you sort through this matter.
Experience
Oftentimes, people don’t think about financial issues as something they need help with. Yet, so many people are drowning in a tremendous amount of debt and the help of an experienced professional could really take some of the heavy burden off their back. A good Read more…
Posted on May - 13 - 2011
Your credit score is a snapshot of the contents of your credit report on the day the score was calculated. Using objective impartial formulas to translate the contents of your credit report into a 3-digit score allows lenders to evaluate your application for credit in a faster, fairer and more consistent manner. Remember, the credit bureaus constantly update the information on your credit report so your credit score only represents the score a lender would receive at the moment when requested. If you have a high credit score lenders conclude that you are capable of repaying your debts allowing banks and lenders to offer you good interest rates and loan offers that are competitive. Lender offers will differ based on the information provided concerning your monthly income, employment history, and monthly debt and your credit score. This information determines whether you receive an excellent offer or just a good offer. Some cred Read more…
