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, December 14, 2017

Complications of Bankruptcy When Paperwork Is Filed Improperly

Imagine that you are drowning in debt. You turn to the bankruptcy courts in hopes to petition them to release you from the liability of your debt, only later to be told there are legal discrepancies involving your paperwork.  The frustration that is felt can be overwhelming.  It is important to work with an attorney that specializes in bankruptcy to assist you in all aspects of filing.
Filing for bankruptcy with the assistance of a lawyer is the best way to ensure that you are following the proper steps.  However, it is important that you have some knowledge regarding the bankruptcy process.

Important Information When Filing For Chapter 7 or 13 Bankruptcy

  • Before a judge will agree to discharge your debt you will be required to get mandatory credit counseling. This usually will occur during the six month period prior to filing for bankruptcy. 
  • In order to prove that you can pass the chapter 7 bankruptcy means test, you are required to file a wallet of forms in court. This includes a bankruptcy petition, a number of forms listing financial information, and an income and expense form.
  • The court will appoint a bankruptcy judge to handle your bankruptcy case thus including processing your paperwork and petitioning the court.
  • You will receive a notification from the court telling you when the meeting of creditors will take place. During this meeting you will be asked vital questions under oath, with your attorney present, about your personal finances and bankruptcy forms. 
  • At some point during this process your eligibility to file for Chapter 7 bankruptcy will be confirmed or denied.
  • All of your nonexempt property will be reviewed and handled as will your debts that have been backed by collateral.
  • Before you get your bankruptcy discharged you will be required to take a financial management course. Upon approval you will receive your bankruptcy discharge.  This usually occurs three to six months after you first file for bankruptcy.

Why Using A Professional Is Best

Although the main reason for declaring bankruptcy is to give those in debt a chance to start their financial life with a clean slate, bankruptcy still remains on your credit report for 7 – 10 years. This process is lengthy and costly therefore the last thing you need is your paperwork to be filed incorrectly.  This is one of the many reasons that filing for bankruptcy is best done using an attorney specializing in bankruptcy law.

Providing accurate and truthful information to your bankruptcy lawyer about every aspect of your financial situation on the papers you file with the court is always recommended in order to avoid misfiled paperwork. The following are common mistakes that can cause serious complications when filing for bankruptcy:
  • Filing for bankruptcy without cause or filing the wrong type of bankruptcy, under the wrong chapter
  • Failure to complete and file the right forms
  • Failure to exempt your property
  • Transferring your assets before filing for bankruptcy
  • Failure to attend your meeting of creditors hearing

Fixing Mistakes

Filing an amendment to your bankruptcy petition and informing your bankruptcy attorney is one way to fix the mistakes on your petition. Whether the mistake was premeditated or innocent, failure to amend your petition and in a timely manner will raise suspicion about the accuracy of your petition, especially if the “mistake” ultimately allows you to keep more money or property than you are permitted to, and you may have unwittingly opened yourself up for investigation by The Federal Bureau of Investigation (FBI).  An improper disclosure of all relevant information to your bankruptcy attorney will also result in the denial of your discharge.  This is why it is so important to have proper representation throughout the bankruptcy process.

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.

Wednesday, November 15, 2017

Choosing A Bankruptcy Attorney

It’s important to remember that bankruptcy is always considered a negative thing to have within your credit history. It will have a serious impact on any kind of credit loans in the future. With that said, sometimes the process of filing for bankruptcy is the best course of action for the situation you are in.  It is possible that you can and will bounce back with the help from the right bankruptcy lawyer.

Knowledge On Your Options Is Key

Understanding the difference between the various options for filing for bankruptcy is going to be important as well. You need to have a clear idea of what you can expect to do when you are involved in this kind of situation. A good bankruptcy lawyer is going to give you proper advice on what kind of procedure is going to be the best for you.

Understanding the differences between chapter 7 and chapter 13 bankruptcies is essential for you to make a good decision. Once you are able to hire an efficient lawyer for this purpose, you should be able to understand the difference and the consequences of each of those different options.

Your Credit Score Should Recover

The process of maintaining a good credit history is important, but don’t expect filing for bankruptcy to be some kind of final nail on your credit score possibilities. This is something that many people end up doing and they are able to recover from it, so don’t see it as some kind of extreme measure that is impossible to bounce back from. Just see it as something that is going to help you when there are no other viable options for you.

If you want to know as much as possible about chapter 7 and chapter 13 bankruptcies are the best thing to do is to schedule an appointment with a competent lawyer. One that is going to be able to help you clear any doubts you might have. Once you do this, you are going to be able to get the most reliable outcome when you finally decide to file for bankruptcy in order to put your finances back in order.

There Is Nothing To Fear

This process is not the end of the world and you should not be ashamed of having to go through it. It happens to major corporations and to wealthy individuals all the time. It happens to highly successful people and even to those who always play it safe. The only thing you can do is be prepared if you need to do this at any point.

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, October 17, 2017

The Difference between Chapter 13 and Chapter 7 Bankruptcy

Sometimes situations arise when you can no longer pay your bills. Although you may have the best intentions of paying off your debt, you simply may not have the means to make this happen. When you can no longer pay your bills, you may need to consider filing bankruptcy for debt resolution. Hopefully, you will have considered your alternatives, but sometimes bankruptcy is the most viable option.
You’ll find both the chapter 7 and chapter 13 in the US bankruptcy code and they both deals with individuals. There are significant differences between the two, and if you plan on filing your petition, meaning without the help of a bankruptcy attorney, then you need to be aware of these differences and make sure you prepare your bankruptcy petition accordingly, though it is not recommended that you go it alone, it's just too easy to make mistakes and get denied.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy means that every non-exempt asset you own will be liquidated to pay your creditors. It is likely that much of the property you own is considered exempt and, therefore, not subject to liquidation. A skilled bankruptcy attorney can take a look at your case and let you know what you would be able to keep should you file for Chapter 7 bankruptcy. If you choose to file for bankruptcy under Chapter 7, you will be required to take a "means test" to ensure your income is not higher than a certain amount. Should your income exceed that certain amount, you will not be considered eligible to file for Chapter 7 relief?

What is Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy can be called "payment plan" bankruptcy. A debtor makes monthly payments to the bankruptcy trustee over the course of 3 - 5 years. Once all payments have been completed, most debts are discharged. How much does a debtor have to pay each month? In a nutshell, a debtor's monthly payment will be the debtor's monthly take-home pay minus the debtor's "reasonable monthly expenses." A competent bankruptcy attorney will be able to assess your income and expenses and help estimate what your monthly payment will be.

What are the Differences between Chapter 7 and Chapter 13 Bankruptcy?

Individuals can file both forms, and they will both have a negative impact on future ability to obtain credit; however, there are some fundamental differences to be aware. The main differences are the control of property and assets and the length of time for court involvement. Under Chapter 7 Bankruptcy, individuals give up their rights to excess property and assets and can get out of bankruptcy quickly. In a Chapter 13 filing, the individual will get to keep control of his or her property, but be under court supervision for a more extended period.
Both the chapter 7 and chapter 13 come with pros and cons. So, before you commit to either one, you should sit down with a bankruptcy attorney and go over your obligations and options completely. Weighing out the pros and cons of both types and basing your decision on your current situation, you will be able to decide which route you should go with smoothly.
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.

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.