Category Archives: Bohikian Law

Call In the Professionals

Hiring a professional, local bankruptcy attorney for your Chapter 7 bankruptcy comes with a lot of benefits.  An expert attorney will help you in discharging all eligible debts, while still keeping your household goods, home, and if possible your car. Although alimony, child support, and federal income taxes are not qualified for elimination, a good local bankruptcy attorney will assist you in dealing with financial situations you are unable to control yourself including large medical bills or being laid off, before you get overwhelmed with serious debt.

Why hire a Chapter 7 bankruptcy attorney

If you are indebt more than what you can actually afford to repay over time, then you need to hire a Chapter 7 local bankruptcy attorney. You will greatly benefit from their services. In a Chapter 7 bankruptcy, an individual that owes the money is typically relieved of financial obligations and then given a new financial start. However, in some cases, a Chapter 7 bankruptcy may as well require you to sell some of your assets in order to cover for your debts. If you are a creditor that often receive very little money from these settlements, you can also be affected by Chapter 7 bankruptcy. This is due to the fact that new bankruptcy laws are continually written and existing laws modified, but whatever the situation may be, a good Chapter 7 attorney can help creditors and debtors cope with bankruptcy issues and decisions.

Bankruptcy can be a time consuming and intimidating process even if you have a simple Chapter 7 case. You will need to perfectly and accurately fill out many forms, attend hearings and research the law. However, if you are not finding these bankruptcy processes comfortable, then the best thing to do is to consider hiring an attorney who will attend the hearings with you, prepare the forms, and also guide you throughout the process.

In other words, some Chapter 7 cases are more complicated than others. You will definitely have a very complicated Chapter 7 if you have income above the median level of your state, own a business, have creditors who can make claims against you based on fraud, or have a significant amount of assets. If you find yourself involved in any of these situations, then you are at the risk of having your case dismissed, your assets being sold or taken, or even have to face a lawsuit in your bankruptcy to determine that some debts should not be discharged. In situations like these, it is advisable to hire a professional local bankruptcy attorney to handle your Chapter 7 bankruptcy.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

 

Bankruptcy in Michigan

There are two main types of bankruptcy discharged in Michigan: chapter 7 bankruptcy and chapter 13 bankruptcy.  The act of going bankrupt refers to a legal proceeding where someone that is unable to pay their bills.  Bankruptcy is a fresh financial start that is provided by our federal government.

Unpaid bills and debt can accumulate which can lead to the threat of property repossession and/or banishment of wages thus, forcing many people to look into declaring personal bankruptcy.  This may seem like a workable approach but it is important to understand the two types of bankruptcy to have a basic understanding of how the process works.

With the help of a local bankruptcy attorney, Michigan residents who end up overwhelmed with debt can seek relief under the federal government’s bankruptcy laws.  Below we will discuss in depth the two most common types of personal bankruptcy in Michigan: Chapter 7 and Chapter 13.

  1. Chapter 7 Bankruptcy

Many people are forced to file for chapter 7 bankruptcies, known as liquidation, each and every year.  In chapter 7 bankruptcy, certain assets are handed over to an appointed trustee and are liquidated as payment for outstanding debts.

In chapter 7 bankruptcy it is right for debtors to keep some personal possessions or property. All other debts left are often cleared except for they cannot be discharged. After the sales of assets, creditors will receive what is available from the proceeds. Upon the discharge of a debtor, a creditor cannot make future collection attempts.

  1. Chapter 13 Bankruptcy

This involves debt adjustment and not liquidation assets – debtors are often permitted to keep almost all properties they own.  Creditors, trustee and the court must approve the reasonable repayment plan of which the debtor must give. Any reimbursement plan needs to enable creditors to get installments that are equal to what they could have gotten amid the Chapter 7 bankruptcy.

Upon acceptance of a plan, the trustee now collects payments from the debtor – this will make sure that available funds are given to creditors. The chapter 13 bankruptcy relies on the debtor having a stable source of income, plus the capacity to clear off debt balances. Repayment plans generally runs for 3 to 5 years – creditors are not allowed to take any form of collection action against debtors during this period.

Some tips to note before considering filing for bankruptcy

Here are few facts you must consider before taking up a bankruptcy file:

– Bankruptcy allows debtors to discharge all or part of their debt. In chapter 13 bankruptcy for instance, debtors repay all or part of their debt based on a reasonable payment plan.

– Under a bankruptcy, a debtor proposes a 3-5 years repayment plan to the creditors offering to repay all or part of the debts from the debtor’s future income.

– For anyone to file for bankruptcy, he/she must have a regular source of income, including other disposable income – this is crucial when applying for a payment plan.

– A personal bankruptcy is generally employed by debtors who wish to keep secured belongings or assets, like a home or car, when they have much more collateral in secured resources than they can protect with the Michigan personal bankruptcy exemptions.

If you live in Michigan, you can always get bankruptcy guide and help from a competent local bankruptcy lawyer which will make the process easier for you.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

 

Tips to Follow When Hiring a Lawyer That Specializes in Bankruptcy

Bankruptcy is a legal method that allows an individual to declare their in ability to pay their debt.  A person usually opts to declare bankruptcy when all other debt relief options have not worked.  Bankruptcy is considered to be the last resort for an individual who has no other possibilities left to pay off debts that are owed.

Bankruptcy is not a form of punishment for not being able to pay your bills.  It can be a time where individuals feel embarrassed as they are berated by “predator creditors” that call daily and demand payment.  Let’s be honest, if individuals had the money to cover their bills they would but if you don’t have it you can’t just make it appear because it is due.

What people imagine bankruptcy to be is actually quite different than what it actually is.  Most people that find they seek bankruptcy advice from an attorney have tried everything before they have gotten to this point.  Many times individuals are seeking bankruptcy relief because of an unexpected job loss or something else beyond their control; life’s circumstances over personal behavior are to blame for a high percentage of all bankruptcy’s that are filed.

The benefit of filing bankruptcy is that it allows you a fresh start.  The best way to clear the field is to work with a bankruptcy attorney and the best way to start again is to meet with a financial advisor.  We do not treat ourselves when we are sick so don’t treat your damaged or broken finances alone either.

Although bankruptcy allows individuals to have a fresh start and begin again financially it is easier said than done.  Changes in bankruptcy laws have made it harder and more complicated than ever to file.  It is incredibly important to work with an attorney to ensure that paperwork is filed correctly and that nothing is missed.  Consult with a bankruptcy attorney, a professional will ensure that that the ins and outs of bankruptcy rules are followed.

Filing for bankruptcy is a onetime life event.  It allows you to clean out your financial closet however it is crucial that you do not go it alone.  New bankruptcy laws were enacted in 2005 that made it much more complicated for debtors to file bankruptcy.  With careful planning and a good lawyer it can be done.  A good attorney and careful planning will get you the results that you desire.  A good bankruptcy lawyer knows the ins and outs of the new laws and will get you the results that you deserve.  When looking for a bankruptcy attorney and before you hire one be sure that they have the capacity and expertise to get you what you need.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.