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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Detroit Bankruptcy Lawyer- Michigan | Review Of Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Review -Detroit Bankruptcy Lawyers

Chapter 7 bankruptcy is the most popular type of bankruptcy. It is also referred to as liquidation bankruptcy. This type of relief clears out your debts with only a few exceptions: child support, student loans, and taxes within the last 3 years. It can be filed by either one person or by a married couple. From filing to discharge, it takes approximately 4 months to wipe out the debt.

When compared to Chapter 13, Chapter 7 bankruptcy is the most common bankruptcy filed by most married couples and individuals. The cases received under this type of relief are classified as either consumer debt or business debt. Between these two, consumer debt is the most common and includes debts such as credit cards, mortgages, personal loans, medical bills, taxes, and vehicle purchases. Business debts on the other hand refer to debts that occur out of business operations or business ownership.

If the client debt falls on consumer debt, then it is a requirement that he or she must go through a credit counseling class before filing the petition and a debtor education class before they can receive a discharge. Various federal agencies have been given the role of carrying out the counseling and have been approved by the US Trustee.

The various aspects that are covered by Chapter 7 bankruptcy may seem complicated but detroit bankruptcy lawyers will help you to understand each of the steps and requirements.

Before the case is filed, the attorney prepares the bankruptcy documents. The client is required to disclose all their assets and creditors. When the case is filed the bankruptcy court will send out notice of filing to all the creditors listed in the bankruptcy.

Under Chapter 7 bankruptcy, clients will not lose their possessions. The bankruptcy code protects some of their possessions such as household goods and furnishings, jewelry, books, and clothes. The client should disclose all of their possessions even if they think they have no value. They should understand that everything they own is an asset and therefore must be listed in the bankruptcy. These things will be exempted and protected in the bankruptcy.

Once the bankruptcy is filed, the court schedules a 341 Meeting of Creditors. This takes place about 30 days after the date of filing. It is very painless and takes about 5 minutes. The client, the attorney, and the trustee sit at a table and the client verifies their social security number, that they signed the documents, and that their assets are what has been listed in the bankruptcy. The trustee may also ask any additional questions they have regarding the bankruptcy paperwork. While this is called a Meeting of Creditors, it is rare that any creditors appear.

After the 341, the court has to wait two months to allow for any creditors or the trustee to object to the debtor receiving a discharge. In the rare case that this happens, our experienced bankruptcy attorney can help you through that and help you receive a discharge.

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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

Detroit Bankruptcy Attorney

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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How Bankruptcy can help you build wealth.

Give a fresh start for financial freedom through bankruptcy 

Bankruptcy is a new beginning, not the end of the world.

In days long past the word “bankruptcy” had such a stigma attached to it that the average person or family could run the risk of being thought of as a pariah, ostracized by family and friends, excommunicated by their places of worship, even attacked by the very creditors that they needed protection from.

Thankfully, today the perception of bankruptcy is very different. Our modern society is so dependent on the availability of credit to make both major and minor purchases that bankruptcy has become an everyday occurrence, with filings being from every rung of the social and economic ladder. Whether your personal perception of someone or some business entity filing for a bankruptcy is a positive one or a negative one, the reality is that for the foreseeable future, bankruptcy is here to stay.

Bankruptcy has been a facet of the United States government as far back as 1800 under President Thomas Jefferson. While many changes have been made from the earliest days, the core ideal of bankruptcy remains unchanged; Provide protection to an individual or business that no longer had the ability to repay debt that they incurred legally. Sounds simple enough, however more than 200 years ago, you simply could not be the one that took advantage of that protection because the personal consequences you would suffer, would in most cases be far more severe than anything a creditor could do to you.

However, in the United States today, everyone is filing for bankruptcy. Ok, maybe not everyone, but the list of famous people that have had to file for bankruptcy is a veritable who’s who of Hollywood and the professional sports world.
Toni Braxton, Walt Disney, Sherman Hemsley (George Jefferson), Don Johnson, Larry King, Willie Nelson, Wayne Newton, Burt Reynolds, Donald Trump, Mike Tyson and Michael Vick have all filed for bankruptcy, and many have made the best out of a bad situation and have become as, if not more wealthy than they were before filing bankruptcy.

Now of course, as a reader of this article it is very likely that you are not a movie star, professional athlete, or business mogul but the principal of bankruptcy still stands as it did when Milton Hershey (founder of Hershey Chocolate Company) filed in 1882, that a fresh start financially can give you the opportunity to regain control of your finances and let you start to rebuild wealth without dragging along excess baggage.

Now of course when you do finally transform your current situation of excess debt and a mountain of bills into one of being debt free and building toward a brighter financial future, it is doubtful that they will put your picture on the fifty dollar bill, but every time you see one, keep in mind that even Ulysses S. Grant, the 18th President of the United States, filed for bankruptcy in 1884.

Alright, enough of the history lesson, well sort of. How many times have you said to yourself, “If only I would have been able to do (insert random mistake here) again and do it differently”? Well, I personally could write a book on my “do-over” list, but it might take some of the luster off of your opinion of me and I don’t want that. But I assume that your story contains just as many moments that you would like to do differently as mine does. While you may not be able to reconsider who you chose for a wife/husband, choose a different college degree to pursue, or which career path you chose, how poorly you handled your finances and credit, or if it was a one-time event that caused you to be overwhelmed by debt is one area where you can get a fresh start and truly begin anew.

Just imagine how much easier your life could be if only you could obtain credit, whether for a credit card, automobile, or home mortgage loan at the same interest rates that the banks offer to their highly desirable “very good credit” borrowers. As an example if you had a mortgage loan for $100,000 and your interest rate is 8.75% (poor credit), your monthly payment for the principal and interest would be $786.00 per month, conversely if you had the same $100,000 mortgage at 3.5% (very good credit) you would be paying only $449.00 per month. That is a savings of $337.00 per month and the only difference is your credit score. So how does bankruptcy fit into your boosting your credit score from poor credit to very good credit? The answer is actually quite simple. When you have a fresh start financially you begin to rebuild your credit rating almost immediately. Think of it as ripping a bandage off quickly, sure your credit score is going to be affected by the bankruptcy filing, but if your credit is already poor, this is the least of your worries. With simple regular maintenance and repaying your bills on-time going forward, your credit rating will begin to rise almost overnight. It is not unusual for someone that filed a Chapter 7 Bankruptcy to add one hundred or more points to their credit score within the first year without doing anything but paying their ongoing bills on time.

Want to purchase a new home or refinance the one you are currently living in? The popular misconception is that since bankruptcy remains on your credit for ten years that buying a home or refinancing your mortgage is impossible. However, the reality is that a homeowner or someone looking to buy a home can do so in
three years after a bankruptcy. Mortgage financing is usually the most difficult credit to obtain, automobile financing and credit cards are available much sooner.

If you are truly looking for a fresh start to your financial life, bankruptcy can be the first step toward total financial restoration and open doors to previously unavailable credit, savings and wealth.

Now is the time to maximize your potential by erasing your debt and moving forward.

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