Sterling Height Bankruptcy Attorney ,Warren Bankruptcy Attorney- Michigan | In Depth Analysis of Bankruptcy

An In depth Analysis of Bankruptcy 

Simply put, bankruptcy is federal debt relief. It is a process without which individuals, businesses, or any other enterprise risks being stripped of their hard-earned assets.  This law affords them federal protection from this embarrassing situation and helps them reduce their debts. In Michigan, going bankrupt is a common occurrence. It is something that has been there for decades and the number of bankruptcy lawyers setting up there can attest to this. However, despite the massive number of bankruptcy attorneys, many of them still offer expensive services to clients and have little experience. In order to make the process smooth and hassle-free, experienced and affordable bankruptcy lawyers such as those of A Better Way Bankruptcy in Michigan should be hired. It has its offices in Southfield and Sterling Heights and serves residents from diverse areas within Michigan.

The bankruptcy process is emotionally and financially draining. Very few attorneys can competently handle this process since it requires an in-depth knowledge of the law. Furthermore, they need to constantly update themselves on the small changes to the law. Experience, therefore, should be one of the requirements used when looking for a bankruptcy attorney. One should also consider the client reviews on their website. Without thinking about these things beforehand you may hire a lawyer who will run dry your finances and leave you in a worse state.

Bankruptcy is broadly grouped into two types; liquidation and re-organization debt relief. Liquidation debt relief is Chapter 7 and re-organization debt relief is Chapter 13 of the bankruptcy code. Both are filed by individuals (not a business or corporation) and it gives protection against losing your personal assets such as clothes and household items such as furnishings. Property can only be sold to pay off the debts but the bankruptcy allows for assets to be exempted and protected. Our bankruptcy attorney has a lot of knowledge of how to let you keep all your assets. By hiring A Better Way Bankruptcy during this process you can rest assured that all will go well from the beginning to the end.

Whether you qualify for a Chapter 7 or a Chapter 13 is determined by a means test. Our attorney can perform this means test at the free consultation to tell you which chapter you should file.

Chapter 7 bankruptcy discharges all unsecured creditors with the exception of student loans, child support, and certain tax debts. From filing to discharge, Chapter 7 takes an average of 5 months. Chapter 13 bankruptcy is a reorganization which takes into account your income, expenses, and all the creditors you owe. A Chapter 13 is filed if you own a home that is going into foreclosure and you want to keep it or if you have a car that will be repossessed by the finance company. The Chapter 13 Plan allows you to be able to repay those and other creditors and let you keep your house and car. A Chapter 13 bankruptcy plan lasts 3 or 5 years.

Bankruptcy can be a challenging process. Let A Better Way Bankruptcy help you through this process.

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Stop Garnishment By Hiring An Experienced Bankruptcy Attorney-Michigan

                            Stop Garnishment Now !!

 

A Better Way Bankruptcy’s experienced attorney can help stop garnishments by filing bankruptcy. With the current economic crisis more and more people find themselves in bankruptcy situations. Whether the garnishment has begun or it is still pending, A Better Way Bankruptcy can help stop it.

It is advisable that one hires a lawyer who has specialized in bankruptcy since you are certain that they will be committed to your case. Those who handle many different types of law may not have sufficient time to analyse your case and give the right guidance. With over 24 years of experience, the attorney at A Better Way Bankruptcy has filed many cases to stop garnishments.

At A Better Way Bankruptcy we will take the time at the free consultation to discuss your situation and determine whether or not you need to file a bankruptcy. In some cases, even with a garnishment filed, a debtor cannot be garnished. If the filing of a bankruptcy is needed, the attorney will determine whether Chapter 7 or Chapter 13 is best to be filed and draft the appropriate documents.

In some cases, our attorney is able to get some of the garnished money returned. It depends on certain factors and he will gladly discuss those with you.

All the details relating to bankruptcy may seem complex but with an experienced attorney, you can understand them well. At A Better Way Bankruptcy we can help stop your garnishment and make filing a bankruptcy easy and hassle free.

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Detroit Bankruptcy Attorney Helps You Take Control Of Your Insolvency Issues !

Are you struggling  with your financial obligation ? 

In case you are in Detroit and due to some financial issues and wrong investments you are facing insolvency or are on the verge of insolvency just don’t panic. Detroit bankruptcy Attorney is there to help you out in terms of your financial crisis. As an experienced individual who deals in insolvency proceedings, you can be sure that you will receive expert and skilled advice that will not only bring the whole situation under control but will also help you understand and analyze the situation in a more clear manner. Therefore it is very essential to seek the advice of a lawyer who is experienced enough to help you out in the present situation. There are different kinds of bankruptcies, so be careful that you select the appropriate attorney. Just because you are broke does not mean that your rights will be taken away from you.

Bankruptcy Attorney

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CHAPTER 7  &  CHAPTER 13 BANKRUPTCY:

Generally, insolvency/bankruptcy falls under chapter 7 and 13. In case you are filing for chapter 7, it means that you will payback and clear your debts within a stipulated period within a predefined plan. When you are hiring a Detroit bankruptcy Attorney, make sure that he is an expert in this area and has a reputation of handling such cases before as well. As a result this attorney will be able to sketch out a plan that will be mutually beneficial to your creditors as well as for you also. These two chapters were enacted by the congress so that all those individuals who are willing to clear of their debts are given the opportunity to do so. As per this chapter, the individual can liquidate some of his assets to clear of a certain portion off his debt on the condition that he will make regular payments to clear off the rest of his debts.

The chapter 13 bankruptcy allows the individual to retain most of their property on the condition that the individual will pay off his debts as per his new payment plans as suggested by your Detroit bankruptcy Attorney.  This plan is between the individual and the creditor and the best part is one will be able to keep their property which was not possible under the chapter 7. In chapter 13 gives one the opportunity to clear his debts whereas as in chapter 7 one can start a fresh with all his debts being discharged. As such one who files for insolvency under chapter 13 will clear off his debts in a much faster way than under chapter 7.

In case of chapter 13, insolvency will be shown on your financial records for 7 years whereas under chapter 7 it will be for 10 years.

Don’t even think for once that you will be able to take care of your financial situation all by yourself, although it may appear easy on paper but it is not so. Hence it is advisable that you take the help of an attorney who will be able to guide and assist you in the most proper manner.

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