Michigan
Bankruptcy Attorney.com
Michigan Bankruptcy Laws
Michigan Bankruptcy Court
Michigan Chapter 7
Bankruptcy
Chapter 13 Bankruptcy
in Michigan
Chapter 11 Business
Bankruptcy in Michigan
Chapter 12 Bankruptcy
in Michigan for Farmers
Bankruptcy, Chapter 7 or 13? Bankruptcy is a
Federal Law Provided to you designed to get you a fresh start free from
harassing creditor phone calls, lawsuits, repossessions and
garnishments. It is a privilege granted to you under the United States
Constitution. It is a very powerful law because it forces your creditors
to permanently wipe out your debts (chapter 7) or to accept a repayment
plan which you have proposed (chapter 13).
Should I file for Bankruptcy?
Financial problems lead to great stress and can disrupt one's personal
and family relationships, yet many people are scared at the thought of
having to file for bankruptcy relief. This is exactly what your
creditors want you to think. They do not want you to use your right
under the law. They would much rather you pay the minimum monthly
payment for the rest of your life at 20 to 25% interest!
Will I lose my Property? No, as long as you tell the court what you own
and what you think it's worth, the law will allow you to keep your
property as the basis for your "fresh start" subject to certain
limitations. The law is very generous in allowing you to exempt your
home equity, automobiles, household goods and furnishings, clothing,
jewelry, bank accounts, stocks and bonds, pension and 401k plans, etc.
The most important thing to do is make an accurate list of what you own
and what you think it is worth (at a garage sale or auction.)
Can I keep my house and car?
Yes, you an file a bankruptcy and keep your
house and car provided you continue to make payments to the finance or
mortgage company.
Where are you located? My office is located downtown Detroit, at the
corner of Griswold and Fort street in the historic Penobscot Building,
Suite 3156.
I'm married, can I file alone or must my spouse file jointly? If your
married the law recognizes you as one entity and can file either
together as a couple (jointly) or either spouse (husband or wife) can
file on their own. The law does not require that both file.
Will filing Bankruptcy mean I can't get credit for 7 years? I have heard
this wives' tale so many times and cannot figure out where it came from.
Straight bankruptcy is called Chapter 7, maybe that is where the seven
years came from, but the truth is that many people have a better chance
of getting credit after they file Bankruptcy. Bankruptcy is definitely a
negative mark on a credit report and can be reported for 10 years after
filing after which is must be removed. Most people who are considering
filing Bankruptcy however already have a negative credit report due to
non or late payments, repossessions, charge offs or judgments. A
bankruptcy which wipes the slate clean will be an improvement. Keep in
mind that credit is not your friend, its what got you here in the first
place. Credit is the reason people end up filing for bankruptcy. Credit
equals Debt.
I can't live without my MasterCard, what will I do? Believe it or not,
most retail establishments still accept cash! (Yes, even hotel rooms and
car rental agencies). For most people credit cards cause more harm than
good. They lead to impulse buying and mask the real pain of paying with
cold hard cash or even writing a check. Most of my past clients report
to me that they continue to be bombarded with new credit card offers
after filing bankruptcy. This is because the credit card companies want
to get you back into the game. RESIST at all cost! Consider getting a
debit card or a secured credit card.
I'm current on all my payments. I've never been late. Can I still file
Bankruptcy? I have many clients who look good on paper and appear to be
"making it" but realize that the house of cards is about to come
crashing down because they have depleted their savings and the ability
to transfer balances or "Robbing Peter to pay Paul" just doesn't work
anymore. If after you pay your normal monthly living expenses like rent
or house payment, utilities, food, clothing, transportation, recreation,
insurance and medical care, you don't have enough income left over to
make even the minimum monthly payment on your credit card or loan debt,
then you are already bankrupt! If you have used one credit card to
obtain a cash advance to pay another, the writing is on the wall. Seek
relief before you drown in debt.
I'm an honest person and want to pay my debts, I don't want to cheat my
creditors? First understand that bankruptcy is not about cheating your
creditors. Bankruptcy laws are designed to provide a person facing
financial difficulty with relief from the stress and burden of debt to
allow that person (or family) a "fresh start" while at the same time
being fair to the creditors. Chapter 7 Bankruptcy will discharge your
"legal" obligation to pay your debts, it will wipe them out. This means
that the creditor can't call you at home or at work to try to collect
the debt, they can't garnish your wages or seize money out of your bank
account. They must leave you alone permanently. After the bankruptcy, if
you win the lottery or come into some money and wish to repay those
creditors, you may do so of your own free will. If you can afford to pay
some amount to your creditors right now, but just not as much as they
want, the law encourages you to file a Chapter 13 Bankruptcy in which
you make payments to your creditors through the Court for 3 to 5 years.
Driver's License or State ID & Social Security card
