A new amendment was recently enacted in Michigan which expands the scope of receivership proceedings, which are a liquidation alternative to bankruptcy. Previously, the receivership statute in Michigan applied only to receiverships over commercial real estate. Now it is applicable to all operating businesses in Michigan, and commercial and industrial loans irrespective of whether real estate collateral is involved.

A new amendment was recently enacted in Michigan which expands the scope of receivership proceedings, which are a liquidation alternative to bankruptcy. Previously, the receivership statute in Michigan applied only to receiverships over commercial real estate. Now it is applicable to all operating businesses in Michigan, and commercial and industrial loans irrespective of whether real estate collateral is involved.

If you are struggling with debt that you cannot repay, you should look closely into filing bankruptcy. Financial problems and debts are often caused by sudden unemployment, divorce, or emergency medical expenses that you have to pay off.  If you are tired of receiving unending creditor notices and calls from individual debt collectors, collection agencies, or credit card companies, consult with reliable bankruptcy attorneys. Aside from helping you understand the essentials of bankruptcy law, they can explain to you how to rebuild and have a fresh start through the bankruptcy process.

CFPB Charges Performance SLC and Performance Settlement, Daniel Crenshaw, with Using Deceptive Tactics

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 FICO and Personal Bankruptcy

The FTC alleged that Midwest Recovery, and owners Brandon M. Tumber, Kenny W. Conway and Joseph H. Smith, collected more than $24 million from consumers on such debts, largely by debt parking.
What is “debt parking”, also known as “passive debt collection?”

A bankruptcy proceeding has pros and cons, be it a Chapter 7 liquidation or a Chapter 13 reorganization. While filing bankruptcy can help, keep in mind that not all types of debt can be wiped out when you file for bankruptcy. Bankruptcy proceedings can wipe out your credit card debt, medical debt, and certain tax debt but not alimony, child support, student loans, and other secured debt. Below are other things that will help you see how declaring bankruptcy may or may not help with your financial problems.
How can a bankruptcy petition help you?