Bankruptcy

Warren Michigan Bankruptcy Attorneys

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Michigan Bankruptcy | Chapter 7 or Chapter 13?



There is no shame in filing for bankruptcy. It can be one of the most important financial decisions you will ever make!! The bankruptcy laws were created so that hard-working people just like you could work their way out of debt. We understand that many circumstances can lead to financial disaster for families and for businesses.

Sometimes things happen in our lives beyond our control that lead to financial disaster, forcing people to use credit cards to live on, basically robbing Peter to pay Paul. Job loss, loss of overtime, illness, etc. can all contribute to your present circumstances. There is no shame in taking the steps to get out from your present situation and finding a way to move forward into the future debt-free. Why take the chance of losing your home because you are trying to make the minimum monthly payments to your credit cards instead of making your house payment.

Filing for bankruptcy is an option that has helped millions of people eliminate their debt and get a second chance at a bright financial future.

Filing may allow you to:

  • Erase Debt
  • Stop Creditor Harassment
  • Save Your Home, Car, and Personal Items
  • Start Fresh

Filing under Chapter 7 in most cases will immediately place a hold on all collections activities, home foreclosure proceedings, wage garnishments, harassing creditor calls, and repossessions. Speaking with a bankruptcy attorney is the first step to obtaining financial freedom.

Free Consultation | Speak with a Bankruptcy Lawyer

If you are considering bankruptcy and would like to learn more about your options, we would be glad to meet with you and review your situation during a free no obligation consultation.

Give us a call at 586-303-2211 to schedule a free consultation.


Filing Options | Chapter 7 or Chapter 13 in Michigan?

As a Michigan consumer, the U.S. Bankruptcy code offers you two options, depending upon your unique
circumstances.

Chapter 7 Bankruptcy – Commonly referred to as a liquidation bankruptcy, the general idea is that the debtor’s assets are sold by a court appointed trustee to satisfy the debtor’s debts. However, an actual liquidation is a rarity. Once the bankruptcy petition is filed, an automatic stay is ordered. An automatic stay temporarily stops all collection activity, including creditor calls, home foreclosure, wage garnishments, car repossessions and other related activities.

Chapter 13 Bankruptcy – A Chapter 13 bankruptcy is referred to as a reorganization bankruptcy. Similar to a Chapter 7 bankruptcy, once a debtor files for a Chapter 13 bankruptcy, the court issues an automatic stay, which temporarily halts all collection activities. The debtor is then placed into a repayment plan which is typically stretched up to five years.

Your debt relief options will vary depending upon your unique circumstances. During your free consultation, we will:
  • Determining whether filing under Chapter 7 or Chapter 13 is right for you
  • Learn whether any other debt-settlement options is right for you
  • Answer any and all questions you may have regarding your financial situation