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Recovery of Surplus Money after Foreclosure

  • March 16, 2020
  • by Admin

For property owners in Michigan facing foreclosure, the prospect of being entitled to money can seem like a hard-to-believe reality. But the truth is, many property owners are not aware of a clear, yet under-utilized, statutory provision that could help some redeem their homes. As […]

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Preparing for a Possible Recession

  • June 23, 2022
  • by John Stoddard

Charlie Scharf says there is “no question” we’re headed into an economic downturn and likely a recession. Jamie Dimon says to “brace yourself” for an economic hurricane.  Elon Musk has a “super bad feeling” about the economy.  (Even though Elon thought we’d have zero Covid cases […]

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Is Your Cryptocurrency Safe if Your Crypto Exchange Files for Bankruptcy?

  • May 26, 2022
  • by John Stoddard

Cryptocurrency has been around for almost 15 years, and it keeps landing in the headlines—but not always for good reasons. Now, crypto owners are worried about exchange bankruptcies. Most crypto owners hold their assets in custodial wallets, or on an exchange. This is because the customer […]

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Will Upcoming Changes from Credit Reporting Agencies on Medical Debt Actually Make Things Worse?

  • March 29, 2022
  • by John Stoddard

Equifax, Experian, and TransUnion, the three major consumer credit reporting agencies, recently announced that as of July 1, 2022, they will make changes to the way medical collection debt is reported. These changes may provide some initial benefits to consumers. But it’s unclear whether they […]

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How to Get Your Business Ready for the Next Round of Financial Distress

  • March 4, 2022
  • by John Stoddard

I’ve written previously about the likely increase in delinquencies and bankruptcies coming this year, but the numbers have yet to back up that prediction.  In 2021, according to the American Bankruptcy Institute, consumer bankruptcies decreased by 24%, commercial bankruptcies decreased by 31%, and Chapter 11s […]

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A Surge of Collections and Bankruptcies in 2022?

  • January 17, 2022
  • by John Stoddard

Many of us who monitor the economy for signs of repayment distress were certain in early 2020 that the pandemic would result in a dramatic increase in consumer and commercial collections and bankruptcy filings.  Some bankruptcy firms even hired additional lawyers in anticipation of the […]

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Homeowners’ attempt to declare foreclosure proceeding untimely fails

  • November 27, 2020
  • by Admin

  Most if not all mortgage agreements contain a debt acceleration clause. That clause allows the bank to declare the entire balance due upon the occurrence of an event—like the failure to make a payment. In Akouri v. Comerica Bank, one of the questions addressed […]

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Business Owners Get More Flexibility with PPP Loan Forgiveness

  • June 8, 2020
  • by Zana Tomich

PPP loan recipients got some welcome relief on Friday when the Paycheck Protection Program Flexibility Act of 2020 was signed into law, extending the amount of time to use the loan and making it easier to be eligible for loan forgiveness.  Originally, in order to […]

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Consumer Financial Protection Bureau Publishes New Guides

  • October 20, 2014
  • by Zana Tomich

As reported by the Michigan Bankers Association, the Consumer Financial Protection Bureau (CFPB) issued a new “updated” mortgage rules readiness guide. The update attempts to simply the cumbersome regulations into guidelines including readiness charts and compliance aids to assist in interpreting existing mortgage regulations. The […]

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Michigan Right of Inspection Law First of its Kind

  • June 2, 2014
  • by Zana Tomich

As reported by the Michigan Bankers Association (MBA), the new Michigan Right of Inspection law is the first of its kind in the country. The law addresses an occupant's responsibliity to the new purchaser after a foreclosure. The intent is to circumvent the damages and […]

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Michigan proposes a "Pay it Forward" college tuition plan

  • March 19, 2014
  • by Daniel P. Dalton

As reported in today's Governing magazine, a proposal has been floated in the legislature allowing students to attend college for free if they agree to pay a fixed percentage of future income for a number of years that would pay other students college bills. A […]

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The attorneys of Dalton & Tomich, PLC have the experience and the knowledge to work with you to develop a legal solution that helps accomplish your goals. Our collaborative approach has helped leaders like you grow businesses and banks, develop and expand churches, and build nonprofit organizations nationwide.