Michigan Bankruptcy Law Centers specialize in helping clients through every step of the bankruptcy process. Our experience in bankruptcy law and procedures helps to ensure that your rights are protected. When seeking the help of a bankruptcy attorney in Livingston County or Washtenaw County, it is important that you consider hiring the services of an attorney with experience and expertise in all aspects of bankruptcy law.

Thursday, September 21, 2017

Time To Call In the Professionals

Hiring a professional, local bankruptcy attorney for your Chapter 7 bankruptcy comes with a lot of benefits.  An expert attorney will help you in discharging all eligible debts, while still keeping your household goods, home, and if possible your car. Although alimony, child support, and federal income taxes are not qualified for elimination, a good local bankruptcy attorney will assist you in dealing with financial situations you are unable to control yourself including large medical bills or being laid off, before you get overwhelmed with serious debt.

Why hire a Chapter 7 bankruptcy attorney
If you are indebt more than what you can actually afford to repay over time, then you need to hire a Chapter 7 local bankruptcy attorney. You will greatly benefit from their services. In a Chapter 7 bankruptcy, an individual that owes the money is typically relieved of financial obligations and then given a new financial start. However, in some cases, a Chapter 7 bankruptcy may as well require you to sell some of your assets in order to cover for your debts. If you are a creditor that often receive very little money from these settlements, you can also be affected by Chapter 7 bankruptcy. This is due to the fact that new bankruptcy laws are continually written and existing laws modified, but whatever the situation may be, a good Chapter 7 attorney can help creditors and debtors cope with bankruptcy issues and decisions.

Bankruptcy can be a time consuming and intimidating process even if you have a simple Chapter 7 case. You will need to perfectly and accurately fill out many forms, attend hearings and research the law. However, if you are not finding these bankruptcy processes comfortable, then the best thing to do is to consider hiring an attorney who will attend the hearings with you, prepare the forms, and also guide you throughout the process.

In other words, some Chapter 7 cases are more complicated than others. You will definitely have a very complicated Chapter 7 if you have income above the median level of your state, own a business, have creditors who can make claims against you based on fraud, or have a significant amount of assets. If you find yourself involved in any of these situations, then you are at the risk of having your case dismissed, your assets being sold or taken, or even have to face a lawsuit in your bankruptcy to determine that some debts should not be discharged. In situations like these, it is advisable to hire a professional local bankruptcy attorney to handle your Chapter 7 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.

Friday, August 25, 2017

Bankruptcy in Michigan

There are two main types of bankruptcy discharged in Michigan: chapter 7 bankruptcy and chapter 13 bankruptcy.  The act of going bankrupt refers to a legal proceeding where someone that is unable to pay their bills.  Bankruptcy is a fresh financial start that is provided by our federal government.
Unpaid bills and debt can accumulate which can lead to the threat of property repossession and/or banishment of wages thus, forcing many people to look into declaring personal bankruptcy.  This may seem like a workable approach but it is important to understand the two types of bankruptcy to have a basic understanding of how the process works.

With the help of a local bankruptcy attorney, Michigan residents who end up overwhelmed with debt can seek relief under the federal government’s bankruptcy laws.  Below we will discuss in depth the two most common types of personal bankruptcy in Michigan: Chapter 7 and Chapter 13.
  1. Chapter 7 Bankruptcy
Many people are forced to file for chapter 7 bankruptcies, known as liquidation, each and every year.  In chapter 7 bankruptcy, certain assets are handed over to an appointed trustee and are liquidated as payment for outstanding debts.
In chapter 7 bankruptcy it is right for debtors to keep some personal possessions or property. All other debts left are often cleared except for they cannot be discharged. After the sales of assets, creditors will receive what is available from the proceeds. Upon the discharge of a debtor, a creditor cannot make future collection attempts.
  1. Chapter 13 Bankruptcy
This involves debt adjustment and not liquidation assets - debtors are often permitted to keep almost all properties they own.  Creditors, trustee and the court must approve the reasonable repayment plan of which the debtor must give. Any reimbursement plan needs to enable creditors to get installments that are equal to what they could have gotten amid the Chapter 7 bankruptcy.

Upon acceptance of a plan, the trustee now collects payments from the debtor - this will make sure that available funds are given to creditors. The chapter 13 bankruptcy relies on the debtor having a stable source of income, plus the capacity to clear off debt balances. Repayment plans generally runs for 3 to 5 years - creditors are not allowed to take any form of collection action against debtors during this period.

Some tips to note before considering filing for bankruptcy

Here are few facts you must consider before taking up a bankruptcy file:

- Bankruptcy allows debtors to discharge all or part of their debt. In chapter 13 bankruptcy for instance, debtors repay all or part of their debt based on a reasonable payment plan.

- Under a bankruptcy, a debtor proposes a 3-5 years repayment plan to the creditors offering to repay all or part of the debts from the debtor's future income.

- For anyone to file for bankruptcy, he/she must have a regular source of income, including other disposable income - this is crucial when applying for a payment plan.

- A personal bankruptcy is generally employed by debtors who wish to keep secured belongings or assets, like a home or car, when they have much more collateral in secured resources than they can protect with the Michigan personal bankruptcy exemptions.

If you live in Michigan, you can always get bankruptcy guide and help from a competent local bankruptcy lawyer which will make the process easier for you.

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.

Monday, August 21, 2017

Tips to Follow When Hiring a Lawyer That Specializes in Bankruptcy

Bankruptcy is a legal method that allows an individual to declare their in ability to pay their debt.  A person usually opts to declare bankruptcy when all other debt relief options have not worked.  Bankruptcy is considered to be the last resort for an individual who has no other possibilities left to pay off debts that are owed.

Bankruptcy is not a form of punishment for not being able to pay your bills.  It can be a time where individuals feel embarrassed as they are berated by “predator creditors” that call daily and demand payment.  Let’s be honest, if individuals had the money to cover their bills they would but if you don’t have it you can’t just make it appear because it is due.

What people imagine bankruptcy to be is actually quite different than what it actually is.  Most people that find they seek bankruptcy advice from an attorney have tried everything before they have gotten to this point.  Many times individuals are seeking bankruptcy relief because of an unexpected job loss or something else beyond their control; life’s circumstances over personal behavior are to blame for a high percentage of all bankruptcy’s that are filed.

The benefit of filing bankruptcy is that it allows you a fresh start.  The best way to clear the field is to work with a bankruptcy attorney and the best way to start again is to meet with a financial advisor.  We do not treat ourselves when we are sick so don’t treat your damaged or broken finances alone either.

Although bankruptcy allows individuals to have a fresh start and begin again financially it is easier said than done.  Changes in bankruptcy laws have made it harder and more complicated than ever to file.  It is incredibly important to work with an attorney to ensure that paperwork is filed correctly and that nothing is missed.  Consult with a bankruptcy attorney, a professional will ensure that that the ins and outs of bankruptcy rules are followed.

Filing for bankruptcy is a onetime life event.  It allows you to clean out your financial closet however it is crucial that you do not go it alone.  New bankruptcy laws were enacted in 2005 that made it much more complicated for debtors to file bankruptcy.  With careful planning and a good lawyer it can be done.  A good attorney and careful planning will get you the results that you desire.  A good bankruptcy lawyer knows the ins and outs of the new laws and will get you the results that you deserve.  When looking for a bankruptcy attorney and before you hire one be sure that they have the capacity and expertise to get you what you need.

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.

Tuesday, August 30, 2016

The Best Bankruptcy Option For Your Situation

Have you ever been overwhelmed by debt? Have you ever considered if bankruptcy was the next step in your financial recovery? There are numerous advantages and disadvantages that come with filing for bankruptcy. We will look into common myths that surround bankruptcy and when it may be the best option for you.
Bankruptcy is an arrangement in federal law that allows individuals and businesses to get a reprieve from their debts and to get a fresh financial beginning. This system allows honest individuals who have fallen on hard times to get on with their lives without the harassment that comes from creditors.
There are two common categories within bankruptcy law that can be declared: chapter 7 bankruptcy and chapter 13 bankruptcy. In the most basic terms chapter 7 bankruptcy liquidates non-exempt assets and the proceeds are used to pay off creditors. This is a solid option when there is a large amount of unsecured debt to be covered by a small income. Chapter 13 bankruptcy helps individuals and businesses to reorganize and adjust their debts while using a repayment plan to cover the outstanding debt. This is a good option for those debtors that have an income and want to avoid foreclosure and catch up on outstanding bills.
A major advantage of filing for bankruptcy is that creditors are on notice to stop trying to collect outstanding debts from you. This means that they no longer can call you, send you letters, file lawsuits, garnish wages or seize your assets.
A major disadvantage in declaring bankruptcy is the devastation it wreaks on your credit score. Another issue that arises in bankruptcy is that certain non-exempt assets can be sold and debts from mortgages, student loans, taxes, alimony and child support cannot be discharged.
There are many myths in bankruptcy. One myth is that by just stating you want to file bankruptcy you have declared bankruptcy. This is not true. For bankruptcy to be legal you must file the right paperwork, go to credit counseling and pay the fees. It all reality it is best that a bankruptcy attorney is hired to facilitate the process to avoid legal complications from arising with improperly filed paperwork.
Another common myth is that you can go to jail for owing money. This is untrue. It is not against the law to owe money no matter how aggressive the debt collector is. One myth is that by just stating you want to file bankruptcy you have declared bankruptcy. This is not true. For bankruptcy to be legal you must file the right paperwork, go to credit counseling and pay the fees. It all reality it is best that a bankruptcy attorney is hired to facilitate the process to avoid legal complications from arising with improperly filed paperwork.
Another common myth is that you can go to jail for owing money. This is untrue. It is not against the law to owe money no matter how aggressive the debt collector is. Yes, creditors can sue you or take you to court but they cannot send you to jail.
Consider filing for bankruptcy if you are unable to meet your financial obligations. If you have been work for an extended period of time, delinquent on your taxes, nearing foreclosure on your home, having your wages garnished or pending a law suit on delinquent bills it may be time to meet with a bankruptcy attorney to further look into the benefit bankruptcy may have for your financial future.
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 athttp://www.bohikianlaw.com/ today.

Knowing When It Is Time Seek A Bankruptcy Attorney

When it comes to filing for bankruptcy different thresholds exist for when it is time to call it quits and throw in the towel.  For many clients filing for bankruptcy comes after months of calls from creditors threatening to garnish wages or threatening to take you to court for not paying your debts.   The media bombards us with nightmarish tales of bankruptcy and the stigma that we assume will follow often deters seeking assistance.  With all this going against you how do you truly know when it is time to throw in the towel, meet with a bankruptcy attorney and file for bankruptcy?
If you think you are reaching the financial danger zone there are a few questions you can ask yourself to determine if there is a way out or if bankruptcy is the only option.
First, look at the payments you are currently making on your outstanding debts.  Are you only making the minimum payment?
The next thing to address is the issue of creditors and harassing phone calls.  Do you find that you can’t make it a day without getting a phone call from someone that is seeking to collect on a debt that you owe?
When you begin to think about getting your financial house in order and sort out your finances do you get nervous?  Are you plagued with nightmares when you think about creating a budget?
Have you taken the time to add up the exact amount that you owe?  Is debt consolidation a consideration?  Does the amount of money that you have coming in make it feasible to buckle down and get ahead within the next five years?
If you can answer yes to any two or more of the questions listed above then it may be time to seek out the advice and counsel of a local bankruptcy attorney.  Bankruptcy is a definite option to assist you through uncertain financial times.   If you owe more than you can afford to pay while continuing to live a minimal standard of living then it is time to give bankruptcy a fair consideration.
You can seek relief from bankruptcy by voluntarily filing or if creditors ask the court order you to file for bankruptcy protection.  In either situation you will want to consult with a bankruptcy attorney to determine the next course of action for your current circumstance.  There are two different types of bankruptcy laws you can file for protection under: chapter 7 and chapter 13.  Meeting with an attorney that specializes in bankruptcy will allow you to proceed in the most appropriate manner.
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.

Monday, July 25, 2016

Reasons Behind Filing For Bankruptcy

Why do people end up filing for bankruptcy?  This is a question that is often posed to bankruptcy attorneys and the answer people expect to get back is that people just aren’t responsible with their credit cards.  This however, more often than not, is not the reason people end up faced with the option of bankruptcy.  In fact most people that are facing bankruptcy dread being there.  It isn’t a decision that has been made freely.  In fact, most people are almost forced into it after spending months on end of harassing calls from creditors and such.
One of the most commonly seen explanations for people looking into bankruptcy is because of illness or disability.  When a family member becomes ill the entire family has to adjust.  This may mean that the family is left without the same budget that they have become accustomed to.  An illness can fall on a parent or child contributing to a change in income.
Not only does the expense of medical care come into play but the loss of income when time off is needed to provide care.  This leaves many families falling behind on bills as payments that were being made were based off of the excepted income to stay the same.   This is a common development that bankruptcy attorneys see in family’s seeking debt relief under federal bankruptcy.
Another common reason that people find themselves filing for debt replied is unemployment.  When individuals are out of work and unable to find a source of income it becomes pretty difficult to pay your bills.  Often what we see is that people will go a period of time without a job and begin to fall short on paying their bills.  As payments start to add up, even after a person does find employment it is difficult to dig them out of the hole they have found themselves in.  For instance, a thirty thousand dollar debt at twenty percent interest is difficult at best to pay off when making only forty five thousand a year.  The debt starts to become overwhelming and leads to desperation.
About thirty percent of people that are going through bankruptcy have also divorce within the past five years.  The ramifications of a divorce aren’t often felt till a few years after the dust has settled on the process as a whole.  This is especially true of women who find they are raising children in a single parent home collecting less than needed to live and raise children.  They begin to fall back on the old standby of payday loans, credit cards and personal loans.  Eventually this catches up to them and they find that there is nowhere else to turn.
There are a number of myths that surround individuals finding they are at need to look into bankruptcy debt relief.  Don’t fall victim when it comes to categorizing things in a simplistic manner.  Most people going through bankruptcy are doing so because they are all out of options and they have nowhere else to turn.
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.

Misconceptions Surrounding Bankruptcy

There are several misconceptions surrounding bankruptcy and the individuals who seek the relief it can offer.  The biggest one of them is assuming that all individuals who are seeking financial reprieve through bankruptcy have done so because they couldn’t fight the urge of credit card spending.  This however, is not the case for many of the people that find that they are in need of filing bankruptcy.  Here’s a look at some of the other folklore surrounding bankruptcy.
Individuals that file for bankruptcy are financially irresponsible: Although there are some cases in which individuals need to file for bankruptcy because of their own financial irresponsibility this is not always the case.  It is more likely that an individual finds themselves in this situation because of one of the following events: job loss, divorce or illness.
Bankruptcy clears away all past debts: If you are looking for a be all to end all for debts, bankruptcy is not where you will get it.  Not all debt can be cleared away when filing for bankruptcy.  Several, including alimony, child support, restitution from a crime, tax debt and student loan expenses are just a few of the debts that cannot be expunged.  Although bankruptcy does give individuals a fresh financial start it does not completely clear you from all of your outstanding debt.
It’s a good idea to spend with reckless abandonment before bankruptcy:  People should not assume that just because they are about to file for relief that they can max out their current credit.  In the eyes of the court, this type of behavior is seen as fraudulent.  Many times the debt that is racked up in the ninety days before your discharge will need to be paid back.  You will not get away with spending recklessly and expecting it to be discharged.
Bankruptcy permanently ruins your credit: Although it is more difficult to obtain credit in the months after you have filed for bankruptcy it is not impossible.  Most bankruptcy attorneys and financial advisors recommend obtaining a secured credit card when you first are relieved of your debt through bankruptcy.  A secured credit card can be obtained through a bank or other financial institution.  This type of credit card requires a bank deposit to be drawn against.
If you are considering bankruptcy to get relief from debt that is piling up and creditors hounding there are still some things to think about.  First is the expense of filing for bankruptcy.  Hiring an attorney to represent you in filing for bankruptcy is the best option.  This can cost between nine hundred and fifteen hundred dollars depending on your attorney and the area in which you reside.
It is also crucial to consider the difference between chapter 13 bankruptcy and chapter 7.  In chapter 13 bankruptcy the court will assist you in reorganizing your debt and you will be in charge of paying expenses, like your house payment and such while living very modestly.  Chapter 7 discharges certain debts but in doing so you could have to sell secured assets to assist in paying some of your debt back.  Talk with a local bankruptcy attorney to see what option is the best for your situation.
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.