Sheehan & Associates, P.L.C.

Detroit Law Blog

The costs of a lowered credit score

Among the things debt troubles can lead to is a lowering of one’s credit score. A lowered score can have many negative implications for a person. For one, it could expose him or her to significant additional costs in the future.

This is because having a lower credit score can make getting loans much more expensive. Individuals with lower scores can face much higher interest charges. This can be seen in a recent study.

Can your neighbor claim adverse possession?

Home is a safe place. It’s a haven where you relax, unwind and refuel. It’s a place to host friends, or raise a family. It’s an investment that symbolizes your livelihood. You would protect it with everything you have. That’s why adverse possession is worth knowing about.

Tips for post-bankruptcy credit score recovery

Debt and missed payments have mangled your credit score. You know that bankruptcy is your only option. It is going to erase your debt and give you a fresh start.

What you worry about, though, is how you can rebuild your credit after declaring bankruptcy. How can you make the most of this fresh start? Below are a few key things to do:

  • Create a budget. Follow it. Do not let yourself spend more than you make in any month. A lot of debt happens accidentally because people simply do not budget.
  • Write down the dates when your bills are due. Do it for everything from the mortgage to the phone bill. Make sure you get all of those payments in on time, every time.
  • Use credit cards. This may sound counter-intuitive if your credit cards got you into debt, but responsible use is how you build your credit back up. You may even want to just pick a small amount of your budget, like $200 per month, and use the card for that amount of necessities. This keeps you out of trouble while building up your score.
  • Look into other credit options. For instance, you may be able to use a line of credit instead of a credit card. If you do not qualify for a traditional card, you may also want to consider a secured card.
  • Hold off on major purchases, like new cars. Build up your credit through smaller purchases and essentials first.

Precatory language does not replace a will

When considering how you will pass your assets on to your family, you need to use far more than precatory language. Essentially, precatory language is the act of verbally promising someone that he or she will get something. It may be specific or more general. Either way, it does not replace a will.

For instance, one woman said that her father, as he got older, told her repeatedly that his assets would be used to care for her after he passed away. She was under the impression that she would get an inheritance and benefit from his estate.

Bird-nesting after divorce may help children adjust

After divorce, you and your ex need to have a child custody plan in place. You also need to figure out how you can reduce stress on the children and help them adjust to this new living situation.

One potential solution is known as bird-nesting, and it is a relatively new approach that really puts the kids' needs first.

What you should know about Michigan's inheritance tax

An inheritance tax is a tool that governments sometimes use to tax assets that people get as part of an inheritance. As you can imagine, this tax can have a big impact when leaving a significant estate to your heirs.

You may think that Michigan doesn't have an inheritance tax. Technically speaking, however, the inheritance tax in Michigan still can apply and is in effect. However, it does not apply to any recent estate. It only counts for people who receive property from someone who passed away prior to or on September 30, 1993.

Should you file bankruptcy if you're retired?

A lot of senior citizens are finding themselves in a place that they simply never expected to be at their age: bankruptcy court.

Some seniors simply weren't able to earn enough money over the years to pay off their debts and put money away for their retirement. When they do retire, those debts weigh on them and make life very difficult. In other cases, a single serious illness with all the attendant medical debts will wipe out a savings and force a senior into bankruptcy despite their earlier good fortune.

Does a divorce mean your marriage failed? (No, not really)

For a long time, the end of a marriage by divorce was seen as an unmitigated failure -- which put a lot of social pressure on couples to stay together even when they were miserable together.

Well, therapists say that's changed. Divorce isn't necessarily a failure at all. Actually, it might be signs of personal growth by one or both members of a couple. When that's true, they should be congratulated on that growth and their marriage regarded as something that is simply past its time.

High BAC leads to serious penalties, even for first OWI offense

Michigan readers understand how important it is to defend themselves against various types of drunk driving charges. A charge of operating a vehicle while intoxicated can have detrimental penalties, even if it is your first offense. This is particularly true if you have an extremely high blood alcohol concentration at the time of your traffic stop.

Regardless of the details of your individual case, you would be wise to take steps to protect your interests and build a strong defense. The penalties for extremely high BAC levels can be quite serious, but it is possible to fight the charges against you. You always have the right and the option to defend yourself and work to mitigate any potential penalties that can arise from an OWI.

How to fire an employee (the right way)

Firing someone is stressful. It's never the goal of an employer to let someone go, but sometimes an employee makes it impossible to do anything else.

If you've tried warnings, reprimands and everything else you can think of doing to no avail, then follow these tips to fire an employee with the maximum amount of professional courtesy and a minimum of potential trouble:

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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