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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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Michigan Bankruptcy Court |
The Michigan Bankruptcy court is really in a couple of different locations. The main courtrooms are at:
Michigan - Downtown
The phone number is 1-800-SAVEDME (728-3363) ,
and they're open from 9am to 4pm, Monday through Friday.
 Some
individuals may find that while their
debts are indeed overwhelming, they
still have a strong enough cash flow
to continue making decreased payments
to their creditors.
Under this structure,
the debtor prepares a plan with their attorney which takes into account
all sources of income and estimated
living expenses. The income that remains
after living expenses are satisfied
is then divided up among the creditors
in a "plan" that must
be approved.
Not from Michigan? Other district courts
and bankruptcy courts.
If you need help with filing
bankruptcy, please contact a Michigan
bankruptcy attorney.
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