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.

Wednesday, June 29, 2016

Consult A Bankruptcy Attorney If You Are Thinking About Filing Bankruptcy

There is a certain appeal to bankruptcy.  By the time you have reached the point in which you are considering bankruptcy you have endured countless hours of harassing phone calls from debt collectors and have spent many sleepless nights stressing about making minimum payments.  The idea that you could move forward into a financial future that is wiped completely debt free or with a detailed court ordered repayment plan is tempting.  This is especially true when faced with an overwhelming debt and little means to pay the funds back.

Bankruptcy is of course more complicated than running a few numbers.  There are some long lasting affects that should be taken into consideration before filing for either Chapter 7 or Chapter 13 bankruptcy.  The impact that bankruptcy has on your credit lingers and impacts a variety of aspects within your life.

Not only does bankruptcy wipe most of your debts away it also makes it difficult to establish yourself financially for years to come.  It will be difficult to open new credit accounts, buy or rent a home, find a company for insurance, get a cell phone and even possibly impact your employment.  In fact most bankruptcy attorneys will tell you that bankruptcy should be considered as a final, extreme method to resolving your financial issue, only considered after trying other budgeting, credit counseling and financial efforts to remedy the situation.

In order to begin the bankruptcy process it is recommended that you seek counsel from an experienced, reputable attorney that specializes in bankruptcy cases.  In order to seek relief from bankruptcy you must first take a step towards credit counseling from a government approved organization.  This must have occurred within six months of filing.  A means test will be performed to confirm that your income does not exceed an amount specified by the state.

After this is accomplished, with help from your bankruptcy attorney you will properly fill out the forms applicable to your bankruptcy situation.  An attorney should be present with you throughout all proceedings going forth.

The type of bankruptcy in which you choose to file for will be directly related to your situation including the assets and property you own, including your home, your income and several other factors.  Those debtors with a consistent income are encouraged to look into filing Chapter 13 bankruptcy over Chapter 7.

Chapter 13 allows individuals with a consistent income to keep their homes and cars which may be lost under a Chapter 7 bankruptcy.  With Chapter 13 bankruptcy the bank will create a repayment plan to allow you to hold on to certain property.  You must repay certain debts such as outstanding child support, student loans, taxes and other debts that are specified by the court.

Chapter 7 bankruptcy essentially allows you discharge most all of your debts.  Property of value is collected and then sold off.  A trustee of the court will take the funds raised and split them accordingly to creditors.  Certain debts may not be written off such as child support, spousal support, student loans and such.

If you are considering bankruptcy the first step you should take is to meet with legal representation.  They will offer you advice on how to proceed including those items that can hinder your ability to receive a discharge of your debt through 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.

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