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.

Monday, June 11, 2012

Things You Should Consider When Filing Bankruptcy

The economy is not in good shape. With a recession comes an inevitable increase in unemployment and personal debt levels. Too much debt can lead to bankruptcy and all of its ill effects. Continue reading this article for information about bankruptcy and whether it is the right choice.

If you are planning to file bankruptcy, avoid taking large cash advances from credit cards thinking that the debt will be erased. This is illegal. Its fraud and you can still be responsible for paying it back even after declaring bankruptcy.

The best bankruptcy attorneys will have a solid reputation. These are the lawyers you want to seek out. Once you have a short list of attorneys, ask if they give free consultations. Take all your financial records with you to your appointment. A good attorney will answer any questions you may have about the process.

You do not need to lose all your assets just because you file for bankruptcy. Many times you will be allowed to keep your personal property. These personal items include clothing, jewelry, household furnishings, electronics and other similar items. This depends on the laws in your state, the bankruptcy type for which you file, and your unique finance situation, but it may be possible to retain your home, car and other large assets.

Consolidate a list of what you owe. You need to gather every debt you know you have, because this list is the starting point for a bankruptcy filing. Search your financial records to be certain that every amount on your list is exactly correct. Avoid rushing through the bankruptcy paperwork; if you want each debt discharged, you need to make sure the numbers are right.

If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. There are a lot of things to do during bankruptcy and that may be hard for you to understand on your own. An attorney specializing in personal bankruptcies can assist and make certain things are being handled correctly.

Before ultimately deciding whether or not to file for bankruptcy, be sure to weigh the different options available to you. A lawyer that specializes in bankruptcy law can help advise you of other options, such as repayment plans and reducing interest rates to relieve some of the burden. Look into loan modification plans if you need to deal with an imminent foreclosure. Your creditors will be willing to work with you to allow you to pay off your debts. They may be able to take late fees off of your account, cut down your interest, or even extend the loan's repayment period. When all is said and done, creditors want their money and find repayment plans preferable to not getting paid at all.

The economy is not in great shape right now, and although things are slowly getting better, there are still large numbers of people out of work and in debt. Even if you do not have a steady income, you may still be able to avoid bankruptcy. Simply remain persistent and positive. Opportunities will eventually come your way. Keep these thoughts close and it will enable you to have a better chance of avoiding the need to file bankruptcy. Good luck.

Wednesday, May 23, 2012

Help Filing Bankruptcy In Michigan

Have you recently been put out of a job because your company is downsizing and eliminating positions? Are you facing a wall of debt that you are unable to conquer? Is your financial situation something that makes you feel vulnerable and uncertain?  If you are not able to pay off your debts or even make minimum payments you might be to the point to begin considering options for your financial future. It is possible to want to be able to pay your debt but unable to.  According to many bankruptcy attorneys that specialize in only bankruptcy law your future is not hopeless.
You may qualify to pay off your debts filing for bankruptcy under Chapter 7 bankruptcy law.  Interested in hearing more? Before getting into the details surrounding filing for bankruptcy you should know exactly what bankruptcy does for you and how it will affect your financial future.  

It is important to realize that bankruptcy involves a legal procedure that states a person is failing to meet their established debt obligations.  They file an agreement in bankruptcy court that agrees to help the individual seeking to pay off their debt.  With chapter 7 bankruptcy an attorney will help you file necessary paperwork to begin the process of selling assets off to pay debtors back. If property and assets of value are not owned individuals will have nothing to repay debtors and debt relief will come via your debts being relieved by the individual creditors owed. 

Filing for chapter 7 bankruptcy includes a step by step process which is best dealt with by an established, reputable bankruptcy attorney that specializes in bankruptcy law for your state.  The basic steps to follow in filing for bankruptcy are as follows:
·         It is important to get information pertaining to bankruptcy before you determine if this option is the debt relief option best suited for you.  If you feel there is no other way possible to get relief from your debt than bankruptcy is right for you.
·         The next step is to see if you are able to file for chapter 7 bankruptcy.  Do you qualify?  A means test is available to determine this for you.  You need to state your income, your family’s size and the amount of debt acquired.
·         You will then need to find a bankruptcy attorney.  The bankruptcy lawyer will help you in all aspects of your case and legal happenings surrounding the filing.
·         A petition will need to be filed within district court to get the proceeding started.
·         Paperwork is necessary to proceed with a bankruptcy case.  This will need to be submitted along with a detailed schedule that includes every asset and liability including your current incoming funds, expenditures and investments. 
·         Approximately a month to a month and a half later your petition will be signed and a meeting of all of your creditors will be scheduled.  You will go to this meeting.  Creditors will ask you questions in regards to your current financial situation and about the property you have available to use to cover your debts.
·         You will submit a certificate of compilation as instructed per the creditor’s correspondence with you.
·         The next step is to wait to receive the final correspondence from creditors and the bankruptcy trustees that your debt is discharged.
·         The last step is to get on with your financial future and start rebuilding your credit by paying bills on time.
Bankruptcy is not an easy thing to go through.  The stress involved will only be relieved upon receipt that your debt is discharged and you are free to begin the path to financial reconstruction. 

Tuesday, April 17, 2012

Simple Tips To Regaining Your Financial Future Hiring A Bankruptcy Attorney

The decision to begin the process of retaining a bankruptcyattorney can seem frustration and desperate.  Every emotion on the spectrum can be seen during this time.  Relief, loss of control, you name it if the time comes that you realize a bankruptcy is in your future you will feel it.  One more piece to this very frustration puzzle comes when it is time to find an attorney to represent your best interest through the entire bankruptcy process. 

When the process begins to feel overwhelming remember that there is an end in sight. There are many wonderful bankruptcy attorneys in your area that are ready to serve your best interest.  This is a time in your life where asking for a reference to an attorney who specializes in bankruptcy can be a bit of a challenge and leads to embarrassment so where are you to turn?  One option is to turn to the Internet.

The Internet can lead you into a wonderful direction when it comes to finding a bankruptcy attorney in your area that strictly practices in bankruptcy law.  This is important because an attorney that is only focused in on one area of specialty is better equipped to keep abreast of the changes in the law.  The best was to find a variety of attorneys in your area is to go into Google and search “bankruptcy attorney your location and state”.  This will be a good starting point in the process of locating representation.

Finding an attorney that is willing to meet with you for a consultation should come with ease.  Most bankruptcy attorneys offer clients a free initial consultation to meet and review your situation.  There are questions you need to ask.  Here are just a few examples:

·         How long have you been practicing Bankruptcy Law?
·         Are you a fully board certified in the laws surrounding Bankruptcy?
·         On average, how many clients do you assist in filing for Bankruptcy?
·         What is the ration between clients filing for Chapter 7 Bankruptcy, Chapter 11 and Chapter 13?
·         What are the fees involved in filing Bankruptcy?
·         Have you always been on time in meeting deadlines with the court for clients?
·         How successful have your Bankruptcy filings been?

You will instantly know if you feel comfortable speaking with this individual based on a call or an initial sit down meeting.  If you are hesitant at all this is not the attorney you will want to choose.  You will be divulging sensitive information with this person and should feel completely comfortable in doing so.  You will not want to hide anything from them so if this is not a person in whom you are fully able to disclose information then you will need to get your Google list back out and begin again. 

The factors in filing bankruptcy all wrap around the amount of money you bring in verse the amount of money you have going out.  If you find yourself in a situation with your home that you are completely upside down, your credit cards are maxed and you are barely able to make minimum payments or you have medical bills that make paying your other debt then it is possible bankruptcy is an option for you.  Not everyone will qualify to file for bankruptcy. It is a situation to use in extreme cases of individuals needing relief from an overwhelming debt.  Finding a bankruptcy attorney to represent your case is the first step towards a fresh financial future, choose wisely. 

Thursday, March 15, 2012

Regaining Your Financial Future Through Chapter 7 Bankruptcy

Life changes all the time.  One minute you are high on life, planning a wedding, buying a new home, furnishing it and racking up credit debt like no tomorrow.  You are on top of the world.  You are working in a position that gives you freedom and an unlimited expense account with an impressive salary.  Your beautiful wife has put her career on hold as she is expecting baby number two.  This is it you are living the ultimate dream in life.  What happens next is unforeseeable and devastating.  

The big boss is in from out of state.  He is very sorry but the company is looking to merge and with the merge many positions are going to be eliminated, yours being one of them.  You have three week severance coming and a small amount of money in savings.  It is possible you might be okay if you are able to find another position paying around the same amount.  

Three weeks later you are still scouring leads to find a position.  You know it will be impossible to live off of less than you were previously making, several places have offered however you know that with your current debt that is not a feasible option at the moment.  

After months of looking for a new position, getting further and further behind in on you payments you are left with few options.  You decide to take a position making less money and are incredibly nervous about making your mortgage, paying school loans, making minimum payments on your credit cards let alone having any money left over for groceries or necessities for your family.  This is when you realize that meeting with a bankruptcy attorney might be the best option for you and your family in the current circumstance that you are in.

Life changes it happens so fast that often there is little to know time to prepare. We are not taught to live with these thoughts in our heads.  Few people do.  Chapter 7 bankruptcies are a legitimate way to regain balance in your financial life and to move forward. Primarily chapter 7 bankruptcies are seen as a straight forward, simple and inexpensive way to clear unwanted debt and get a fresh start.

If you find yourself in a situation that is close to what I described above it is wise to seek out bankruptcy information.  You might find that it is exactly the help you need to get through this patch of time in your life that is overwhelming.  Individuals, after going through the chapter 7 bankruptcy process share stories of a weight being lifted off their shoulders as the trustees dismiss the financial burden of credit card debt, over extended mortgages and home loans.  Bankruptcy attorneys do not judge.  They work for you to come up with a feasible solution regarding the overwhelming debt you have accumulated.  The best option in a time of uncertainty is to gather information and resources to help alleviate your worry and improve your family’s situation.    

Thursday, February 2, 2012

Qualities To Look For In A Bankruptcy Attorney

Why have I accumulated this much debt?  This is a question many people find themselves asking before the bottom falls out on their financial lives.  Most of the time the answer to why debt has been accumulated is I don’t know why.  It may have taken a bit of time before things began to become overwhelming and bills started to pile up without an end in sight.  Although maybe it is because a lay off recently took away your income.  The reason does not really matter at the point when you can’t make the payments and start to think about options for you financial future.

This is when many people start to explore debt relief options.  Options such as bankruptcy, debit consolidation, cleaning out 401ks and other financial investments are all valid however should be talked over with someone who can be trusted to give you wise financial advice and solutions.  The person you will most likely find yourself turning to is a bankruptcy attorney. The last thing you need at a time such as this is the stress of weeding attorneys out.  There are a few qualities to look for to find a trusted attorney to help you with your financial crisis. 

Good bankruptcy attorneys should offer a free consultation to individuals seeking help especially with financial matters.  The last thing many people need to worry about at a time like this is the payment for meeting with an attorney.  When you are struggling with personal finances it is understandable that there is not room for extras before you meet with someone to consider options.

Another trait that is important when seeking out a law firm to help you through your financial struggle is finding an attorney who has experience and has been able to help previous clients.  Although a high success rate is not everything it does ease a bit of the stress to know you aren’t the first one and you won’t be the last.  As far as the length of time the attorney has been practicing look for over five years of experience in bankruptcy and financial cases.

Details are incredibly important when filing for bankruptcy.  An attorney specializing in bankruptcy should be known for meticulousness.  An attorney with a knack for details is well suited for bankruptcy cases.  There are many little details that need to be covered when calculating debt, income and determining means to pay or not pay.
It is important when dealing with a bankruptcy attorney that they are very empathetic and their demeanor is one that is helpful.  Even though they may have filed five thousand bankruptcies this is a first for the client.  They should be able to create a level of professionalism that lends to both their ability to be a hard-nosed attorney, looking out for the interests of his clients while representing them and a sympathetic ear for the stress level their clients are experiencing.

Financial issues are stressful on many levels.  Bankruptcy can take a toll on not only your finances but also your emotions. Once the bankruptcy process is free there is a good chance your debit will be wiped clean leaving you with few liabilities and limited assets.  It is a fresh start to begin controlling your financial life.  It will take effort and patience to determine a set financial plan.  Often times hiring a consultant is helpful to really create a meaningful budget and sticking to it to avoid debt issues in the future.  

Friday, January 20, 2012

Chapter 7 Bankruptcy and Debt Relief Qualification Facts

Chapter 7 bankruptcy is a common procedure for individuals seeking debt relief.  It is a legal process that allows individuals relief from overwhelming debt based on a meeting a set criteria.  Factors such as current income, amount of debt and the standings of their financial situation.  Debt situations can arise and burden individuals for a number of reasons; large medical bills, overextended credit and many other reasons. 
When an individual decides that their debt has become overwhelming and declares bankruptcy they can expect the entire process to take about three to six months.  An individual may file bankruptcy once every eight years. 
In order to file bankruptcy an individual must qualify and meet a standard of bankruptcy requirements. When individuals want to file for bankruptcy they must pass a means test first.  Individuals with income less than the state median for the state in which you live for a family the comparable size as yours qualify for chapter 7bankruptcy.  Another means test is if you find yourself with an income greater than the median for the state but unable to pay one hundred dollars towards your debt for the next five years.  You will not qualify for chapter 7 bankruptcies if you make more than the median income for the state in which you are filing bankruptcy for a family the same size as yours and you have the financial means to pay one hundred dollars towards your debt for the next five years.  This is a good guideline to follow when looking into chapter 7 bankruptcy.  Otherwise you can look into chapter 13 bankruptcy. 
During a chapter 7 bankruptcy assets are liquidated and sold to alleviate some of the debt you are responsible for to your creditors.  It is important to know that not all property has to be included in a chapter 7 bankruptcy some is exempt.  One of these exceptions is the homestead exception.  The homestead exception applies if there isn’t any equity in your home.  Under this circumstance you may keep the home and your current mortgage.  However, the payments on the home must be brought up to date before the bankruptcy hearing.
Another exception is a vehicle exception.  If the value on your vehicle is less than the remaining loan amount plus the allowed exception individuals may keep your vehicle.  Otherwise if the value is more than that amount you may be able to work out a deal with the bankruptcy trustee to actually buy the equity in the car yourself instead of someone else. 
The final exception is a retirement exemption.   During a chapter 7 bankruptcy your retirement assets are not allowed to be counted towards your bankruptcy estate.  This protects pensions, 401k, IRA and Roth IRA accounts.
When filing chapter 7 bankruptcies there are certain debts that are unforgivable.  Typically trustees will not forgive debt associated with child support, federal and state taxes, HOA fees or debt accrued through student loans.  Even without these loans and debts being forgiven it is possible to catch up on them when individuals have been forgiven in other areas of debt.  Another reason debt would not be forgiven is if it was accrued during criminal activity or if injury or death was caused during the use of drugs and alcohol.  Any debt left off or neglected to be associated with the original filing of chapter 7 bankruptcy is also not forgivable.