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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