Category Archives: Michigan Bankruptcy Law Centers

Things You Should Consider When Filing Bankruptcy

The economy is not in good condition. Which has a recession comes an unavoidable increase in unemployment and private debt levels. A lot of debt can bring about bankruptcy causing all of its ill-effects. Read on this informative article for information about bankruptcy and whether it is the correct choice.

If you are intending to file bankruptcy, avoid taking large cash advances from bank cards thinking that the debt will probably be erased. This can be illegal. Its fraud and you may still produce paying it back despite declaring bankruptcy.

The most effective bankruptcy attorneys have a solid reputation. Necessities such as lawyers you wish to look for. Once you’ve a short listing of attorneys, find out if they offer free consultations. Take all of your financial records with you for your appointment. A great attorney will answer any questions you might have about the process.

You no longer need to lose your entire assets even though you register for bankruptcy. Many times you will be allowed to keep the personal property. These personal items include clothing, jewelry, household furnishings, electronics and other similar items. This relies for the laws in your city, the bankruptcy type that you file, and your unique finance situation, but it may be easy to retain your home, car and other large assets.

Consolidate a summary of your balance. You need to gather every debt you realize you have, simply because this list may be the kick off point to get a bankruptcy filing. Search your financial records to make sure that every amount on the list is precisely correct. Avoid rushing over the bankruptcy paperwork if you want each debt discharged, you must make sure the numbers are right.

If you are seriously considering filing bankruptcy, make sure that you make contact with an attorney. There are plenty of activities to do during bankruptcy and which may be hard that you can understand all on your own. Legal counsel dedicated to personal bankruptcies can assist and make sure everything is being handled correctly.

Before ultimately deciding if they should register for bankruptcy, be sure to weigh the different options accessible to you. Legal counsel that are experts in bankruptcy law will help give you advice of additional options, like repayment plans and reducing rates of interest to ease a number of the burden. Explore loan mod plans if you need to deal with an imminent foreclosure. Your creditors will likely be willing to work with you to allow you to repay your financial situation. They could possibly take additional fees off your account, cut down your interest, and even extend the loan’s payment term. When all has been said and done, creditors want their and discover repayment plans better to failing to get paid in any way.

The economy isn’t fit right now, and although things are slowly recovering, it is possible to large numbers of people underemployed along with debt. Even if you do donrrrt you have a stable income, might even have the ability to avoid bankruptcy. Simply remain persistent and positive. Opportunities could eventually cross your path. Keep these thoughts close and this will allow you to have an enhanced likelihood of avoiding the requirement to file bankruptcy. All the best.

Dickron “Zeke” Bohikian and Kurt Steinke are bankruptcy attorneys that specialize in chapter 7 and chapter 13 bankruptcies in Michigan. Contact today where you will find useful info about hiring a bankruptcy attorney.

Help Filing Bankruptcy In Michigan

Have you recently been relieved of a job because your business is reducing and doing away with positions? Are you facing a wall of liability that you are unable to conovercome your financial situation something that makes you feel open to attack and uncertain? If you are not able to pay off your debts or even make minimum payments you might be to the stage to begin considering options for your financial outlook. It is possible to want to be able to pay your debt but not able to. According to many bankruptcy lawyers that specialize in only bankruptcy law your future is not despairing.

You may qualify to pay off your debts filing for bankruptcy under Chapter 7 bankruptcy law. Interested in hearing more? Before getting into the details encompassing filing for bankruptcy you should know for certain what bankruptcy does for you and how it will affect your financial future.

It is important to realize that bankruptcy involves a legal process that states a person is failing to meet their determined debt obligations. They file an agreement in bankruptcy court that agrees to assist the individual seeking to pay off their debt. With chapter 7 bankruptcy an attorney will help you file necessary paperwork to begin the procedure of selling assets off to pay debtors back. If property and assets of value are not owned individuals will have nothing to repay debtors and debt relief will come via your debts being relieved by the individual creditors owed.

Filing for chapter 7 bankruptcy includes a step by step procedure which is advantageous dealt with by an established, reputable bankruptcy attorney that specializes in bankruptcy law for your state. The basic steps to follow in filing for bankruptcy are as follows:

It is valuable to get knowledge pertaining to bankruptcy before you find if this choice is the debt relief option best suited for you. If you feel there is no other way practicable to get relief from your debt than bankruptcy is right for you.
The next step is to see if you are able to file for chapter 7 bankruptcy. Do you qualify? A means test is accessible to determine this for you. You need to state your income, your family’s size and the amount of debt accrued.
You will then need to find a bankruptcy attorney. The bankruptcy lawyer will help you in all aspects of your case and legal happenings surrounding the filing.
A petition will need to be filed inside district court to get the proceeding started.
Paperwork is necessary to proceed with a bankruptcy case. This will need to be submitted along with a detailed schedule that includes every asset and money owed to others including your recent incoming funds, expenditures and investments.
Approximately a month to a month and a half later your petition will be signed and a meeting of all of your creditors will be scheduled. You will go to this meeting. Creditors will ask you questions in regards to your current financial status and about the property you have available to use to cover your debts.
You will submit a certificate of compilation as instructed per the creditor’s correspondence with you.
The next step is to wait to receive the final correspondence from creditors and the bankruptcy trustees that your obligation is released.
The last step is to get on with your financial future and start rebuilding your credit by paying bills on time.

Bankruptcy is not an simple thing to go through. The stress involved will only be alleviated upon receipt that your debt is let go and you are able to begin the path to financial reconstruction.

Dickron “Zeke” Bohikian and Kurt Steinke are bankruptcy attorneys that specialize in chapter 7 and chapter 13 bankruptcies in Michigan. Contact today where you will find useful info about hiring a bankruptcy attorney.

Autonomy From Credit With Bankruptcy

What happens when people are encased in credit? What happens when the money woes one has accumulate up and compacts them? What is the next step towards a future for them and their families? Bankruptcy can be an alternative for individuals who feel they have nowhere to turn. Bankruptcy can ruin your credit report for the next ten years but is an option in debt relief when there is nowhere else to turn.

When filing under chapter 7 or chapter 13 bankruptcy you can free a massive amount of debt that as acquired leaving you burdened. You will be shielded under the bankruptcy code and relieved from a multitude of debts that you are accountable for. Declaring bankruptcy, whether chapter 7 or chapter 13, you should analyze what you are doing. This step is major and should only be choosen in extreme cases after cautious considerations to other possible options have been taken into account.

The laws inside the bankruptcy codes alter over time. To ensure you are getting the best assistance with your bankruptcy process retain a bankruptcy attorney that specializes in the laws surrounding bankruptcy. Recent bankruptcy changes have made it more difficult to qualify for bankruptcy. This alternative is only considered for people that are battling to keep up with their payments. Not everyone will qualify for debt relief under the new rules and regulations associated with chapter 7 and 13 bankruptcy.

A chapter 7 bankruptcy allows individuals to completely discharge debt without any repayment plan put in place. There is a means test that will find if certain situations qualify for this type of filing. If however you make less than the median income for your state this law will not play into your bankruptcy proceedings.

It is significant to keep in mind that a bankruptcy filing will stay on your permanent report for ten years. It will ruin credit for the individual in the future. It does not mean you will never get credit just that you will pay higher interest rates on loans you are free to get. Over time you will be free to establish a new credit history and better interest rates will apply.

There is a thought that when individuals file for bankruptcy that they lose everything they have worked for. This is not always true. The security you get under bankruptcy relief will tell you for sure what assets you are able to keep. In most cases, if equity in your home is not established you are free to keep paying on your house. The same is true for your cars. Luxury items such as recreational vehicles or items of great value may need to be handed over to the trustee to gain money to equally distribute to your debtors.

In order for people to file for bankruptcy they must use complete disclosure of all of their current possessions and current debts. Nothing is personal when it comes to your personal info during a bankruptcy proceeding. A qualified bankruptcy attorney will guide you through the requirements prior to filing.

Some debts cannot be included in bankruptcy relief. Some of these include student loans and medical bills. For these types of payments a schedule will need to be made to accommodate funds being applied towards paying off this debt.

Dickron “Zeke” Bohikian and Kurt Steinke are bankruptcy attorneys that specialize in chapter 7 and chapter 13 bankruptcies in Michigan. Contact today where you will find useful info about hiring a bankruptcy attorney.

Simple Tips To Regaining Your Financial Future Hiring A Bankruptcy Attorney

The decision to begin the process of retaining a bankruptcy attorney can seem frustration and desperate.  Every emotion on the spectrum can be seen during this time.  Relief, loss of control, you name it if the time comes that you realize a bankruptcy is in your future you will feel it.  One more piece to this very frustration puzzle comes when it is time to find an attorney to represent your best interest through the entire bankruptcy process.

When the process begins to feel overwhelming remember that there is an end in sight. There are many wonderful bankruptcy attorneys in your area that are ready to serve your best interest.  This is a time in your life where asking for a reference to an attorney who specializes in bankruptcy can be a bit of a challenge and leads to embarrassment so where are you to turn?  One option is to turn to the Internet.

The Internet can lead you into a wonderful direction when it comes to finding a bankruptcy attorney in your area that strictly practices in bankruptcy law.  This is important because an attorney that is only focused in on one area of specialty is better equipped to keep abreast of the changes in the law.  The best was to find a variety of attorneys in your area is to go into Google and search “bankruptcy attorney your location and state”.  This will be a good starting point in the process of locating representation.

Finding an attorney that is willing to meet with you for a consultation should come with ease.  Most bankruptcy attorneys offer clients a free initial consultation to meet and review your situation.  There are questions you need to ask.  Here are just a few examples:

  • How long have you been practicing Bankruptcy Law?
  • Are you a fully board certified in the laws surrounding Bankruptcy?
  • On average, how many clients do you assist in filing for Bankruptcy?
  • What is the ration between clients filing for Chapter 7 Bankruptcy, Chapter 11 and Chapter 13?
  • What are the fees involved in filing Bankruptcy?
  • Have you always been on time in meeting deadlines with the court for clients?
  • How successful have your Bankruptcy filings been?

You will instantly know if you feel comfortable speaking with this individual based on a call or an initial sit down meeting.  If you are hesitant at all this is not the attorney you will want to choose.  You will be divulging sensitive information with this person and should feel completely comfortable in doing so.  You will not want to hide anything from them so if this is not a person in whom you are fully able to disclose information then you will need to get your Google list back out and begin again.

The factors in filing bankruptcy all wrap around the amount of money you bring in verse the amount of money you have going out.  If you find yourself in a situation with your home that you are completely upside down, your credit cards are maxed and you are barely able to make minimum payments or you have medical bills that make paying your other debt then it is possible bankruptcy is an option for you.  Not everyone will qualify to file for bankruptcy. It is a situation to use in extreme cases of individuals needing relief from an overwhelming debt.  Finding a bankruptcy attorney to represent your case is the first step towards a fresh financial future, choose wisely.

Regaining Your Financial Future Through Chapter 7 Bankruptcy

Life changes all the time.  One minute you are high on life, planning a wedding, buying a new home, furnishing it and racking up credit debt like no tomorrow.  You are on top of the world.  You are working in a position that gives you freedom and an unlimited expense account with an impressive salary.  Your beautiful wife has put her career on hold as she is expecting baby number two.  This is it you are living the ultimate dream in life.  What happens next is unforeseeable and devastating.

The big boss is in from out of state.  He is very sorry but the company is looking to merge and with the merge many positions are going to be eliminated, yours being one of them.  You have three week severance coming and a small amount of money in savings.  It is possible you might be okay if you are able to find another position paying around the same amount.

Three weeks later you are still scouring leads to find a position.  You know it will be impossible to live off of less than you were previously making, several places have offered however you know that with your current debt that is not a feasible option at the moment.

After months of looking for a new position, getting further and further behind in on you payments you are left with few options.  You decide to take a position making less money and are incredibly nervous about making your mortgage, paying school loans, making minimum payments on your credit cards let alone having any money left over for groceries or necessities for your family.  This is when you realize that meeting with a bankruptcy attorney might be the best option for you and your family in the current circumstance that you are in.

Life changes it happens so fast that often there is little to know time to prepare. We are not taught to live with these thoughts in our heads.  Few people do.  Chapter 7 bankruptcies are a legitimate way to regain balance in your financial life and to move forward. Primarily chapter 7 bankruptcies are seen as a straight forward, simple and inexpensive way to clear unwanted debt and get a fresh start.

If you find yourself in a situation that is close to what I described above it is wise to seek out bankruptcy information.  You might find that it is exactly the help you need to get through this patch of time in your life that is overwhelming.  Individuals, after going through the chapter 7 bankruptcy process share stories of a weight being lifted off their shoulders as the trustees dismiss the financial burden of credit card debt, over extended mortgages and home loans.  Bankruptcy attorneys do not judge.  They work for you to come up with a feasible solution regarding the overwhelming debt you have accumulated.  The best option in a time of uncertainty is to gather information and resources to help alleviate your worry and improve your family’s situation.

Qualities To Look For In A Bankruptcy Attorney

Why have I accumulated this much debt?  This is a question many people find themselves asking before the bottom falls out on their financial lives.  Most of the time the answer to why debt has been accumulated is I don’t know why.  It may have taken a bit of time before things began to become overwhelming and bills started to pile up without an end in sight.  Although maybe it is because a lay off recently took away your income.  The reason does not really matter at the point when you can’t make the payments and start to think about options for you financial future.

This is when many people start to explore debt relief options.  Options such as bankruptcy, debit consolidation, cleaning out 401ks and other financial investments are all valid however should be talked over with someone who can be trusted to give you wise financial advice and solutions.  The person you will most likely find yourself turning to is a bankruptcy attorney. The last thing you need at a time such as this is the stress of weeding attorneys out.  There are a few qualities to look for to find a trusted attorney to help you with your financial crisis.

Good bankruptcy attorneys should offer a free consultation to individuals seeking help especially with financial matters.  The last thing many people need to worry about at a time like this is the payment for meeting with an attorney.  When you are struggling with personal finances it is understandable that there is not room for extras before you meet with someone to consider options.

Another trait that is important when seeking out a law firm to help you through your financial struggle is finding an attorney who has experience and has been able to help previous clients.  Although a high success rate is not everything it does ease a bit of the stress to know you aren’t the first one and you won’t be the last.  As far as the length of time the attorney has been practicing look for over five years of experience in bankruptcy and financial cases.

Details are incredibly important when filing for bankruptcy.  An attorney specializing in bankruptcy should be known for meticulousness.  An attorney with a knack for details is well suited for bankruptcy cases.  There are many little details that need to be covered when calculating debt, income and determining means to pay or not pay.

It is important when dealing with a bankruptcy attorney that they are very empathetic and their demeanor is one that is helpful.  Even though they may have filed five thousand bankruptcies this is a first for the client.  They should be able to create a level of professionalism that lends to both their ability to be a hard-nosed attorney, looking out for the interests of his clients while representing them and a sympathetic ear for the stress level their clients are experiencing.

Financial issues are stressful on many levels.  Bankruptcy can take a toll on not only your finances but also your emotions. Once the bankruptcy process is free there is a good chance your debit will be wiped clean leaving you with few liabilities and limited assets.  It is a fresh start to begin controlling your financial life.  It will take effort and patience to determine a set financial plan.  Often times hiring a consultant is helpful to really create a meaningful budget and sticking to it to avoid debt issues in the future.