With attorney fees starting at $599.00, our bankruptcy attorneys have eliminated hundreds of millions of dollars in debt over the past twenty years and will eliminate your debt. Now, thousands in Michigan are debt free now because of our help. They made the right decision for themselves, their families, and their financial future and they filed for bankruptcy. Do you have bills you can’t pay or are you behind on your house or car payments? I can help. CALL 313-291-0240 FOR HELP.
Chapter 7 Bankruptcy
Also called a “straight” bankruptcy, it is fairly straightforward. First, file a voluntary Chapter 7 bankruptcy petition, show your income, expenses, assets, debts, and the last couple of years of financial history and, if eligible, the Bankruptcy Court will discharge your debt. It’s not as scary as you may think it is especially with the help of an experienced and qualified lawyer.
Discharge Your Debt, Keep Your Stuff
This is the most common type of bankruptcy. It does not require you to repay any of your discharged debts. Most debts are eliminated but there are some exclusions. While Chapter 7 wipes out credit cards, medical bills, old utilities, personal loans, lawsuits, judgments, and other debts like these, but it does not eliminate child support, spousal support, student loans, recent tax debt or fraudulent debts. We will help you understand what debt you can expect to have discharged because we know you need to plan your financial future.
After the filing of the bankruptcy, the automatic stay goes into effect. This gives you the breathing room you need. The stay stops all creditor activity, telephone calls, collections, lawsuits, garnishments, and foreclosures. Your creditors cannot do anything outside of bankruptcy court to collect debts or harass you.
Most of my clients get to keep their house, cars, tax refunds, pretty much everything. The Federal exemptions cover a lot. We will maximize your exemptions to protect most, if not all, of your property.
About a month after your case is filed, there is a Meeting of the Creditors where a Chapter 7 Trustee asks you questions about your financial situation and any property you own. It usually takes about five minutes. Assuming there are no issues, you will get an Order of Discharge about two months after the Meeting. Every single Chapter 7 case we have filed has received a discharge.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is the wage earner’s plan in which the debtor reorganizes finances and proposes a repayment plan to repay some or all of their debt over a three to five year period. You must have a reliable source of income to fund the repayment plan. The classic example of a Chapter 13 saving your house from foreclosure and forcing the bank to allow you to catch up any arrears.
It seems most of my clients want to file a Chapter 7 and not file a Chapter 13 but, if your income is high enough, the Court will expect you to make your best efforts to repay something to your creditors. It doesn’t have to be all of the debt but you have to make your best efforts to pay as much as you can. Our Taylor, Chapter 7 and Chapter 13 bankruptcy attorneys will help you decide which is right for you.
When Should You File a Chapter 13?
Why would you file a Chapter 13? Here are nine good reasons that you won’t find in a Chapter 7:
- You can dismiss your Chapter 13 if you change your mind.
- Attorney fees are paid after the case is filed.
- You may be able to get rid of second mortgages and equity lines.
- Keep all of your property.
- Change the interest rate on your car payment.
- Catch up your late house or car payments.
- Penalties and interest on unpaid income tax debt stops.
- Pay off IRS debt.
Please call today at 313-291-0240 and set an appointment for a review of your bankruptcy matter. We will explain your options and give you enough information for you to make an informed decision.