Tag: Bankruptcy Attorney - page 2

Rebuilding Life After Bankruptcy

Posted on by Creative Programs and Systems

The task of rebuilding your life after you have filed for bankruptcy can seem quite overwhelming.  It is important to recognize that your life is in the midst of a transformation.   Bankruptcy allows individuals to start over; it provides a clean slate where you are in control of your life unlike your previous life which was being ruled by your debt.  This article will talk about restructuring your credit rating, finances and emotional health.

Individuals, who have recently filed for Chapter 7or Chapter 13 bankruptcy need to come to terms with their pasts, put it behind them and begin to chart a course of action to regain financial stability.  Bankruptcy offers a second chance to individuals.  A key element to ensure this second chance is not wasted is commitment.  Commit to recovering.  The post bankruptcy steps listed below will help to preserve the calm that you feel right after bankruptcy.

The first thing individuals must realize is that they are not alone.  Let go of any shame or guilt that you may be feeling.  Many individuals find themselves in a financial predicament where they must seek protection with bankruptcy.  There is no reason to be disappointed or to allow the feeling of humiliation to takeover your future.  To ensure success you must move forward with a positive mindset.  Make peace with your past and let it go.  There are many reasons that people declare bankruptcy: medical bills, divorce, losing a job and various other personal stumbling blocks.  Learn from the mistakes that were made and move towards your fresh start do not allow yourself to dwell in the past.

The next step individuals must take after bankruptcy is to create a realistic financial house with a professional support team in place.  It is time to create a budget and concentrate your efforts on making a plan that allows you to pay your bills on time, build an emergency fund and account for the future.  Live under your means to ensure that you never find yourself in an unpredictable financial situation again.

Next it is crucial that you begin to rebuild your credit rating.  The simplest way to achieve this is through paying your bills on time.  Once you have begun routinely paying your bills on time it is important to establish a line of credit.  This may mean taking out a car loan or obtaining a small line of credit.  It is important to note that after bankruptcy you make need a cosigner and may be required to pay higher than average interest rates.  It will take some time but you will once again prove yourself to be credit worthy once again.

Remember to fact check.  Never believe anything you hear about bankruptcy without fact checking with your attorney.  There are many myths and misconception that surround the bankruptcy process.  Bankruptcy attorneys are the best source of truth.

One of the most well known myths is that filing for bankruptcy will automatically disqualify you from receiving a mortgage for ten years.  This is false.  It is also not true that when you file for bankruptcy you have to wait at least seven years to obtain a credit card.  In fact ninety six percent of bankruptcy filers are offered a new credit card within the first year of declaring bankruptcy.  Separate fact from fiction with help from your bankruptcy lawyer.  They can help guide you through all of the falsehoods that surround building a financial future after 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.

Dickron Bohikian Law Group

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Bankruptcy and How The New Laws Affect You

Posted on by Creative Programs and Systems

If you are considering personal bankruptcy it is important to understand the laws and how they affect your situation.  New bankruptcy laws have been put into place to help individuals get out of their current situation before they have to resort to filing for bankruptcy.

New bankruptcy laws make credit counseling mandatory within one hundred and eighty days of an individual filing for bankruptcy.  Individuals must relay all pay stubs that are received within the sixty days prior to bankruptcy be filed with the court.  All creditors owed are entitled to a copy of the individuals most recent tax returns.  Filing individuals must attend financial management classes after filing for bankruptcy.

Before filing for bankruptcy under the current laws it is important to take a long hard look at your financial situation.  Answer the following questions honestly to determine if you really should consider bankruptcy and which option is best for you.

Is it reasonable to expect that your debt can be paid off completely within three years while maintaining a tolerable standard of living?  If the answer is yes then you are most likely on a solid financial foot and just need to adjust the way you are currently living to fit your current situation. If you cannot reasonably expect to be debt free in three years with a bit of adjusting to your current spending than you should look into the option of bankruptcy.

With chapter 7 bankruptcy many of your debts are forgiven immediately.  You will need to surrender any and all non exempt property.  It is important to note that ninety six percent of filers do not lose any assets when filing for chapter 7 bankruptcy.  Chapter 13 bankruptcy allows you to pay a portion of your debt back over the course of three to five years.  The type of bankruptcy you can file for will be dependent upon your current finances.

If your median income is greater than the median income for your state you may chose to file chapter 13 bankruptcy with a five year repayment plan.  A chapter 7 bankruptcy with an income greater than the state median may be dismissed if your debt is mostly consumer debt and you flunk the Means Test.  If your income is lower than the state median then you automatically fail the Means Test.  This means if you choose chapter 13 bankruptcy your repayment plan will only span three years.  You will not be committed to spending all of your disposable income to a five year repayment plan.

Do you need time to catch up on your mortgage? Do you have nonexempt property you wish to keep?  Do you owe taxes or support payments that you need time to pay off without the hassle of creditors?  The rules vary from state to state but generally homesteads, pensions, cars and household goods are all exempt.  If you answered yes you may consider chapter 13 bankruptcy.  If your income is greater than the state median you have to pay on your repayment plan for five years; if it isn’t the three year plan is your only option when filing for chapter 13.  If you answer no to these questions than chapter 7 bankruptcy is the better option.

To get more information on bankruptcy and the process, call to set up an appointment to meet with a qualified bankruptcy attorney today.  Your financial future depends on hiring the right person to represent you throughout the bankruptcy process.

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.

Dickron Bohikian Law Group

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Things You Should Consider When Filing Bankruptcy

Posted on by Creative Programs and Systems - Updated

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.

Michigan Bankruptcy Law Centers

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Help Filing Bankruptcy In Michigan

Posted on by Creative Programs and Systems - Updated

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.

Michigan Bankruptcy Law Centers

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Autonomy From Credit With Bankruptcy

Posted on by Creative Programs and Systems

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.

Michigan Bankruptcy Law Centers

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