Bankruptcy: Chapter 7 and Chapter 13
Bankruptcy is a hard decision but it provides the opportunity for a fresh financial start when you need it most. Bankruptcy does not necessarily mean that you were irresponsible, and in fact, many bankruptcies happen because of unexpected medical expenses, accidents, or layoffs. Dividing property in a divorce will often cause severe financial hardship. The bankruptcy laws were put into place to help people and not punish them. Bankruptcy can help you reduce the amount you owe on your home, stop foreclosure, and on occasion reduce the amount that you owe on your vehicle. Bankruptcy is a complicated legal process with steps that must be closely followed. Failure to follow the legal requirements may result in your bankruptcy not being approved or your debts not being discharged.
YOU NEED A LAWYER WHO KNOWS. I don't judge, I fix your problem.
For assistance in filing for bankruptcy, including determining which of the following forms of bankruptcy is right for you, contact us today. Hire someone local. Why go to Southfeild, Novi, Troy or wherever.
CHAPTER 13 BANKRUPTCY If you have a steady income that is at or above the average, but your debts are still out of control Chapter 13 can help. Layoffs put you behind? Sudden expenses/medical have become overwhelming? The IRS is levying on your property or bank account.They want the house! Chapter 13 bankruptcy can be right to you.
A Chapter 13 bankruptcy allows you to enter into a repayment agreement with your creditors that reduces your payments to levels you can afford. You impose the agreements and not ask permission. You are protected from all collection activity while you are in bankruptcy. In most cases you only pay a percentage of what you actually owe and the remainder is discharged after the plan is finished. A Chapter 13 plan can last either 3 or 5 years depending on your particular situation. You simply have a specific amount of money taken out of your paycheck or bank account every month and the bankruptcy Trustee pays most of your bills. If you are behind on your house or car payments, a Chapter 13 helps you catch up so that you can keep that vital property.
CHAPTER 7 BANKRUPTCY We are here to wipe the slate clean.. In a Chapter 7 the majority of your debts are discharged – wiped clean – when the case is completed. This allows you to have a completely fresh start. If you are feeling bogged down with debt or if you are currently being sued for a debt because you simply cannot catch up, Chapter 7 may be an option for you.
Many people believe that if you file a Chapter 7 bankruptcy you will have to give up your house and everything else you own to the court. This is not true. In fact, in the majority of Chapter 7 cases we file, no assets are given to the court at all. We can determine what, if anything, you may have to give up before you even file.
We also do bankruptcy related litigation. Is the Trustee or one of your creditors suing you in the bankruptcy court? You need to even things up.
Call me today.
YOU NEED A LAWYER WHO KNOWS. I don't judge, I fix your problem.
For assistance in filing for bankruptcy, including determining which of the following forms of bankruptcy is right for you, contact us today. Hire someone local. Why go to Southfeild, Novi, Troy or wherever.
CHAPTER 13 BANKRUPTCY If you have a steady income that is at or above the average, but your debts are still out of control Chapter 13 can help. Layoffs put you behind? Sudden expenses/medical have become overwhelming? The IRS is levying on your property or bank account.They want the house! Chapter 13 bankruptcy can be right to you.
A Chapter 13 bankruptcy allows you to enter into a repayment agreement with your creditors that reduces your payments to levels you can afford. You impose the agreements and not ask permission. You are protected from all collection activity while you are in bankruptcy. In most cases you only pay a percentage of what you actually owe and the remainder is discharged after the plan is finished. A Chapter 13 plan can last either 3 or 5 years depending on your particular situation. You simply have a specific amount of money taken out of your paycheck or bank account every month and the bankruptcy Trustee pays most of your bills. If you are behind on your house or car payments, a Chapter 13 helps you catch up so that you can keep that vital property.
CHAPTER 7 BANKRUPTCY We are here to wipe the slate clean.. In a Chapter 7 the majority of your debts are discharged – wiped clean – when the case is completed. This allows you to have a completely fresh start. If you are feeling bogged down with debt or if you are currently being sued for a debt because you simply cannot catch up, Chapter 7 may be an option for you.
Many people believe that if you file a Chapter 7 bankruptcy you will have to give up your house and everything else you own to the court. This is not true. In fact, in the majority of Chapter 7 cases we file, no assets are given to the court at all. We can determine what, if anything, you may have to give up before you even file.
We also do bankruptcy related litigation. Is the Trustee or one of your creditors suing you in the bankruptcy court? You need to even things up.
Call me today.
