Selling a Property with Unpaid Utility Bills? Find Out What Happens From the Sale

Any unpaid balances due to the utility company would become a lien against the real property and can be enforced against the real property. 

A lien is usually preserved with a Financing statement and by notifying the tax assessing authority to place it on record to be discovered and listed via a Title Search before closing. If a sale, refinancing, or foreclosure occurs, the unpaid balance may  be paid from the proceeds if there’s enough money to cover the lien. If there’s not sufficient proceeds to pay the lien, the lien will be extinguished. 

 

Learn more about utility bills as consumer debt in bankruptcy here.

 

Have Bankruptcy Questions? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

 

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441

Utility bills as consumer debt in Bankruptcy

Unlike most consumer debts, water and sewer bills are treated differently as far as being discharged in a Chapter 7 Bankruptcy.  Any unpaid balances due to the utility company would become a lien against the real property and can be enforced against the real property. 

Learn more about utility bills as consumer debt in bankruptcy here.

 

Have Bankruptcy Questions? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

 

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441

What You Need to Know About Mortgage Foreclosure Sales

A mortgage document contains a power of sale clause that has become operative by reason of a default in the condition of the mortgage. The mortgage company hires a debt collector to manage the process by notifying the mortgagee, arranging for the property to be sold through the county Sheriff’s office where the property is located, and post the appropriate auction sale notices on the property, and for publication in the legal newspaper of that county. The Sheriff's office will conduct the sale through an auction where bids are placed starting with a minimum bid of the amount due on the mortgage. Ultimately, the property will be sold to the highest bidder. 

Learn more about mortgage foreclosure sales here.

 

Get Started Today: Schedule Your Consultation!

 

It can be very complicated and tricky if you don’t know how to navigate these types of situations. Our competent Real Estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, PC, can help you understand this process and file your case. 734-665-4441 

What is a Mortgage Foreclosure?

Mortgage foreclosure is a non-judicial action to sell a property through an auction facilitated by a county Sheriff’s department. This type of action is commenced by a mortgage company or lender (Mortgagee) when a property owner or borrower (Mortgagor) falls behind in their mortgage payments, doesn’t make any other payment arrangements, and doesn’t wish to keep the property.  Eventually, the account goes into default. 

Learn more about mortgage foreclosure sales here.

 

Get Started Today: Schedule Your Consultation!

 

It can be very complicated and tricky if you don’t know how to navigate these types of situations. Our competent Real Estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, PC, can help you understand this process and file your case. 734-665-4441 

What You Need to Know About Creating a Limited Liability Company in Michigan

Once your Limited Liability Company is formed, it can be managed by a manager or run by a member or members. A manager would be designated by the LLC according to a clause or provision in the articles of organization stating that the business is to be managed by or under the authority of the manager(s). A member would be a person that has been admitted to an LLC as described in MCL 450.4101 Section 501. There are several ways of admitting a member, but usually, it’s defined in your operating agreement, as agreed to by the members. 

Learn more about member rights when it comes to a limited liability company here.

Contact the business attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, P.C. today, and let us help you set up your Limited Liability Company. Please contact us at 734-665-4441 or  fill out our contact form to schedule an initial consultation.

How to Create a Limited Liability Company in Michigan

In Michigan, Limited Liability Companies are regulated under MCL 450.4101, also known as the "Michigan limited liability company act" (the Act). According to the Act, “Limited liability company" or "domestic limited liability company" means an entity that’s an unincorporated membership organization. The term unincorporated differentiates this form of business entity from a corporation. In order for you to create a Limited Liability Company or LLC in MI, you must fill out an application and file it with the Department of Licensing and Regulatory Affairs (LARA)  in the State of Michigan Corporations Division. 

Learn more about limited liability companies in Michigan here.

Contact the business attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, P.C. today, and let us help you set up your Limited Liability Company. Please contact us at 734-665-4441 or fill out our contact form to schedule an initial consultation.

Do I Qualify for Chapter 7 Bankruptcy?

Debtors must pass the legally required ‘means test’, which checks whether the debtors’ income is higher than certain limits, to determine whether they’re eligible for chapter 7 bankruptcy. Debtors have the right to hold on to assets that have been exempt from being taken from them based on certain law-allowed exemptions that protect part of their property. There’s usually little or no nonexempt property in these cases to be sold. However, if any assets get liquidated by the trustee, only creditors holding unsecured claims (not supported by a collateral) and who have filed a proof of claim with the bankruptcy court for the particular debtor(s)’ case(s) would be eligible to receive any of the proceeds to satisfy all or part of their claims.

Learn more about the differences between chapter 7 and chapter 13 bankruptcy here.

Want to file for Bankruptcy? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441