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Today I helped a young lady from Warren, MI file for Chapter 13 Bankruptcy. Her car had recently been repossessed for delinquent payments. I was able to recover her vehicle and work out a payment that was substantially lower than her prior car note since I could reduce the interest rate on the vehicle to 5% and extend the time to pay the vehicle off over 60 months. In addition I was able to retain relief from her other creditors which I was able to reduce to approximately 10% of the amount she owed. |
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Today our Detroit bankruptcy law firm helped a couple from the Detroit area file for Chapter 7 Bankruptcy. They earned approximately $3,000.00 per month which was just enough for them to maintain their living expenses. Half of the income was from social security. They owned a house and car which they plan on keeping. They had approximately $18,000 in bills from credit cards and utilities. They were quite relieved to get out from under the debt. |
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Today I helped a teacher from Detroit file a Chapter 7 bankruptcy. She earned approximately $70,000 annually and was just under the median income for a household of 4. She had over $316,000 in debt and although a large amount was for student loans which are not dischargeable she was able to discharge over a $100,000 in other bills such as credit cards, medical bills, utilities etc. In addition her house was worth substantially less than the mortgage and she wanted to discharge the mortgage debt since she planned on eventually surrendering the house. I advised that she could still reside in her house for approximately a year under current Michigan foreclosure procedures. During this period she could save money for rent. In addition client can now devote her income to pay down her student loans. |
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