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May 1, 2008
Today, in the United States, states have created usury laws in order to set a maximum legal interest rate limit. Because Congress has chosen not to regulate interest rates on a national level, individual states have made the decision to to protect their consumers. Unfortunately, the usury cap is still at a very questionable rate and in the last twenty or so years it has only risen. In the state of Michigan, the usury rate is currently 25%. Which begs the question, why have interest rates been allowed to soar to such outrageous amounts?
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January 28, 2008
As it stands now, Chapter 13 bankruptcy is the most effective tool in saving your home from foreclosure. It allows you to get caught up, while freeing you from other debt you may have. However, there is a call to allow bankruptcy judges to help even more. Jack Kemp, the former secretary of Housing and Development, recently wrote an opinion for the Los Angeles Times. In it, he outlines changes that could make Chapter 13 bankruptcy more helpful to homeowner ’s and the economy in general.
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Lawsuits & Bankruptcy |
Q: Can someone file a bankruptcy when facing a lawsuit?
A: Being faced with a lawsuit is one reason many people contemplate filing bankruptcy. It's a factor, but only one, that should be considered.
 Q: What happens to future judgments?
A: If there is a lawsuit (or lawsuits) against you, bankruptcy may be a wise course. This would cease all attempts to collect on the future judgment the plaintiff may get.
Q: Should I answer the complaint?
A: If you don't answer it, you have no defense if it goes to trial. Doing nothing could get a judgment against you.
Q: Judgment then bankruptcy — or bankruptcy first?
A: When the option is available, it is best to avoid having judgments against you. YES — the bankruptcy will avoid and remove judgments, but given a choice, it's preferable to file the bankruptcy before there is a judgment against you.
Q: Is bankruptcy a catch all?
A: Bankruptcy is not a magic pill that works for all people. Each individual and case has its own unique circumstances and you should contact an attorney in your area who can properly assess your overall situation. If you are in the state of Michigan or live in the metro Detroit area, just ask for help here.
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