tag:blogger.com,1999:blog-23794909266023641172024-02-19T23:09:19.845-08:00Michigan Bankruptcy Law CentersThe Law Offices of Dickron Bohikian, P.C.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-2379490926602364117.post-23773705799326319222019-03-08T11:23:00.001-08:002019-03-08T11:23:43.699-08:00A Fresh Financial Start
Each year when the New Year rolls over, we all begin to think of New Year’s resolutions and how we want to improve our lives from the previous year. We start to set goals for our future to improve certain aspects of our lives whether it is health, personal hardships, or financial difficulties. We sometimes take a step back and realize life did not take us down the path we were expecting to be on and instead of sitting back and relaxing on a beach somewhere we are stuck with piling personal debts from student loans, credit cards, home foreclosure and are now feeling the sting of <strong><a href="https://bohikianlaw.com/">bankruptcy</a></strong>. Making the first steps after bankruptcy can sound difficult but you can and will bounce back from it and below are some tips on how to get started.<br />
<h2>
<strong>Let Go of Your Shame and Negativity</strong></h2>
When hearing the word “<strong>Bankruptcy</strong>” we instantly are given such a negative image of this situation. Growing up, we are taught what obligations and responsibilities we have and as adults, we pay our bills no matter the circumstance. Unfortunately, life is never that simple and the honest truth is that it is not always possible to repay all of our debts even when trying our best to do so. If thinking that bankruptcy is your only answer, you are not alone. The fastest growing group of bankruptcy filers is people older in life. A study done in May 2011 by University of Michigan Law School found that 1 in 8 adults in the U.S. which is about 13% of general population have thought about filing for bankruptcy. <br />
Even when people know that bankruptcy is a common practice, people still can’t help but feel guilt and disappointment when filing. The best advice is to turn those negative emotions into a more purposeful thought and think of bankruptcy as a learning experience. Truly take the time and look at what you could have done differently to prevent this situation from occurring. The next step is to accept your failure and free yourself by forgiving your mistakes and start to move on.<br />
<h3>
<strong>Recovering From
Foreclosure </strong></h3>
Studies done by <a href="https://www.aarp.org/">AARP’s Public Policy Institute</a> shows a record amount of homeowners above the age of 50 that went through foreclosure or at least 90 days or more overdue on house payments from 2007 through 2001. One of the biggest issues after losing your home is a good chance you have probably drained most of your savings as well. Some people may never want to own a home again and are content just renting the rest of their life but one way to bounce back from foreclosure is to start rebuilding your savings account or rainy day funds. These accounts typically have $500- $2000 saved in them. The reason of having this type of account is to help deal with emergency or unexpected expenses like a car or home repair that suddenly needs attention. Without this type of savings, you would be forced to use payment options like credit cards to pay everyday expenses that will in turn make you overuse them and hurt credit even further. <br />
<h4>
<strong>Setting Up an Emergency Fund</strong></h4>
An Emergency fund differs from a rainy day mainly by being a
larger amount saved in a separate account. This account should accumulate
anywhere between $3,000 and $10,000 or above if can afford it. The reason for
this larger amount saved is for this fund to assist you longer term if
something should occur in a personal dilemma such as losing your job or medical
issues arise for example. An emergency fund can also help you in a financial
disaster such as a bad business investment or loaning money to a family member
that never got repaid. These funds should have enough money saved to be able to
keep you afloat for 3 to 6 months by paying all your current bills in that time
frame. Of course it will take time and energy to make a savings such as this
but is a important goal to have in mind. <br />
<h4>
<strong>Get Help From the
Professionals</strong></h4>
Investment mistakes whether it is watching your 401(k) change drastically or you invest in a friends/ family’s business that doesn’t make it will always take a toll on your confidence. If you are uncertain and nervous on how to manage your assets, it may be best to <strong>consult with someone who specializes in this field </strong>like a financial planner. A professional can help evaluate your needs and develop a plan to guide you through your financial plan and set new goals after a setback has occurred. <br />
<h4>
<strong>Repairing your credit
after divorce</strong></h4>
Divorce’s can be very draining on an emotional standpoint as well as financially. Once the worst part is over, you can start to move on from this set back as well. To start fresh from a financial view, you will first need to reestablish your credit in your own name. You can find where you stand credit wise by obtaining a credit report from three of the credit bureaus- Equifax, Experian and TransUnion. Secondly, it is best to get rid of any joint credit accounts with previous spouse and be sure to pay all new bills on time to sustain your credit rating. Some people may not have very much credit in their own names so it may be a good idea to look into a secured credit card. These types of cards need to be paid cash up front for the credit line. It can be somewhat surprisingly how quickly after filing bankruptcy an bank will allow regular unsecured credit cards mainly because lenders know that a user can not <strong><a href="https://bohikianlaw.com/">file for bankruptcy protection</a></strong> again for several years. <br />
Bohikian Law Group
specializes in bankruptcy services including chapter 7 and 13 bankruptcy. More information can be found at <a href="https://bohikianlaw.com/">https://bohikianlaw.com</a>. <br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-84874212589261872312019-02-14T13:43:00.000-08:002019-02-14T13:43:24.258-08:00Is Bankruptcy The Solution?
The prospect of <strong>declaring bankruptcy</strong> is frightening. Not feeling like you are in complete control over your finances can make you feel like a failure. When you are in a situation in which you are contemplating the pros and cons of bankruptcy it is important to note that you are in complete control. Bankruptcy allows individuals to regain control over their finances. It gives you the ability to start over from scratch. There is no need to live in debilitating debt any longer. <br />
Bankruptcy can be the solution if you can answer yes to 2 or
more of the following questions:<br />
<ul>
<li>Are you only making minimum payments on your
credit card?</li>
<li>Do bill collectors call you regularly?</li>
<li>When you are paying bills or sorting through
your finances, do you feel anxious?</li>
<li>Are you paying for necessities with credit
cards?</li>
<li>Have you considered debt consolidation?</li>
<li>Do you have any idea to how much you owe?</li>
</ul>
<h2>
Accessing Your Financial Situation</h2>
Answering yes to two or more of these questions is a sure sign you should give your financial status a bit more thought. <strong><a href="https://bohikianlaw.com/">Bankruptcy</a></strong> is a situation where relief is offered when you owe more than you can afford to pay. <br />
It is important first to review your liquid assets. This includes checking and savings accounts,
retirement funds, stocks, bonds, real estate, college savings accounts, and
other bank and non-bank assets. A rough
estimate will do.<br />
The next step is to create a list of your debts including all credit cards, car payments, monthly bills, house payments, and such. <strong>Declaring bankruptcy</strong> is an option out of a tricky financial situation when your assets are less than your debt. <br />
<h3>
Steps in Declaring Bankruptcy</h3>
There are two ways in which an individual can declare bankruptcy. The most common method is to voluntary file. The second is for creditors to ask the court to order an individual bankrupt. For the best outcome and restart to your financial future <strong><a href="https://bohikianlaw.com/">consulting with a bankruptcy lawyer</a></strong> is important. An attorney specializing in bankruptcy can determine the best option for your individual circumstances. <br />
<h4>
Chapter 7 Bankruptcy </h4>
<strong>Chapter 7 bankruptcy</strong> is the most common option for individuals when filing bankruptcy. Some of the most common reasons that individuals are forced into bankruptcy include unemployment, medical expenses, overextended credit, and divorce. Chapter 7 bankruptcy is a straightforward option to settle debts. In this type of bankruptcy any assets you may have that are considered above and beyond necessary will be liquidated. The cash from these assets will be liquidated and distributed to your creditors. <br />
<br />
Four months later a discharge will be received. The bankruptcy will stay on your financial record for the next ten years. This doesn’t have to mean your financial life is over. Even with a bankruptcy on your record you can begin to rebuild your credit. Chapter 7 offers a fresh start to individuals quicker than other <strong>bankruptcy options</strong> such as <strong>Chapter 13</strong>. <br />
If you are experiencing financial hardship take time to schedule a free consultation with Bohikian Law Group.<br />
<br />
Bohikian Law Group specializes in bankruptcy services
including chapter 7 and 13 bankruptcy.
More information can be found at <a href="https://bohikianlaw.com/">https://bohikianlaw.com</a>.
<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-64576891058899485522019-01-10T13:07:00.000-08:002019-01-10T13:07:11.242-08:00How to Recover After Declaring Bankruptcy?
Some of the most responsible people find themselves in financial trouble. At times these issues becomes so bad that there is simply no way they can get out from under them. One solution for individuals that find themselves in such a situation is to <strong>file bankruptcy</strong>. <br />
<br />
Filing for bankruptcy is known to take a toll on individuals both emotionally and financially. It takes years after filing for bankruptcy for you to rebuild your credit profile. It is estimated that in 2017 there were upwards of 750,000 bankruptcy filings, not including businesses. Bankruptcy is a legal action that individuals or businesses can take in order to dismiss a portion or all of an accumulated debt. It is important to note that this is not done without meeting certain criteria and without consequence. There are advantages and disadvantages to the <strong>bankruptcy process</strong>. It is important to understand bankruptcy, how it can impact your financial future, and just how you can survive and thrive after.<br />
<br />
Bankruptcy is a legal process that is used to eliminate or lessen the debts that individuals and businesses are responsible for paying. Due to the complexity of the process it is important that a <strong>bankruptcy attorney</strong> is hired. Each bankruptcy is unique and will be evaluated as such. Courts need to determine what the financial burden is and the ability the individual or business has to pay it. <strong><a href="https://bohikianlaw.com/">Hiring a bankruptcy lawyer</a></strong> is crucial because of the ramifications it has on your credit, getting new loans, and new credit. <br />
<br />
Bankruptcy is not always a good idea however, for many it can be the only way to achieve financial stability. Bankruptcy can relieve you from a portion of or all of your debt. If only a partial portion of your debt is relieved the bankruptcy court will assign a repayment budget for the remaining debt. Once you have started the <strong>bankruptcy proceedings </strong>foreclosure on your home, repossession of your car, wage garnishments, utility shut offs, and so forth will cease. Creditors and collection agencies will no longer be allowed to call you without a fine. <br />
<br />
Each bankruptcy case is unique and requires a one on one evaluation. Some debts are commonly reduced or dismissed such as credit cards, medical bills, past utility bills, and even sometimes rent. Others, however, are rarely dismissed through bankruptcy including child support, alimony, taxes, and <a href="http://www.studentloans.gov/">student loans</a>. If you are no longer required to pay on your car there is a high probability that it will be repossessed. <br />
<br />
Once the bankruptcy process has been concluded it is time to get back on the saddle. Let’s face it, we all need credit at one point or another. Using credit and credit history is how many people buy homes, cars, and larger purchases. Bankruptcy will impact your credit and have a negative effect on your credit report. You will not be able to get a loan or credit for a while after bankruptcy. When you do start to accumulate credit again you should expect to pay higher interest rates, increased security deposits, and larger down payments. When accumulating new credit after bankruptcy it is important to stay within your budget, pay your bills on times, and avoid accumulating debt. <br />
<br />
<strong><a href="https://bohikianlaw.com/">Filing for bankruptcy</a> </strong>is not a decision that should be made without a lot of thought. If you think you have no way out of your debt it is best to meet with a bankruptcy attorney for a free consultation to determine the pros and cons of this action in regards to your unique situation. <br />
Bohikian Law Group specializes in bankruptcy services
including chapter 7 and 13 bankruptcy.
More information can be found at <a href="https://bohikianlaw.com/">https://bohikianlaw.com</a>.
<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-69693156689134555762018-12-13T10:57:00.001-08:002018-12-13T10:57:04.502-08:00Bankruptcy: When There Is No Where Else to Turn For Debt Relief
<figure class="wp-block-image is-resized"><img alt="" class="wp-image-2225" height="320" src="http://www.business-babble.com/wp-content/uploads/2018/12/Dickron-860x1024.jpg" width="269" /></figure>
You have hit the point where there is nothing else you can do, <strong>bankruptcy</strong> is the only way out of the financial avalanche that is weighing you down. You tried cutting back, you sold what you could, you have been working day in and day, and still find that you are not making a dent in your debt let alone continue to live a feasible lifestyle. It is a conclusion that no one wants to get to because it comes with the stigmatism of failure. The shame that comes with <strong>filing bankruptcy</strong> maybe real to you, it may be what you are feeling and experiencing however, you should know that there is no disgrace in finally deciding that you need help. This help can make all the difference in your future. A future that your past self wasn’t considering when mismanaging income vs debt.<br />
Filing for bankruptcy can be quite confusing. It is a very serious legal matter that should only be done with proper representation from a <strong><a href="https://bohikianlaw.com/">bankruptcy attorney</a></strong>. Here are some things to take into consideration as you take the first steps towards financial freedom.<br />
Bankruptcy is a legal proceeding that puts you in front of a judge where you explain that you can no longer financially afford to pay your debts. The judge will work with trustees to look into your assets and liabilities to decide if the debt should be discharged or there are means to repay a portion or all of it. If the court concludes that you cannot payback these debts, they will declare you bankrupt. <br />
Although bankruptcy can stop foreclosure, repossession, and garnishment of wages it doesn’t cancel all of your debts. Bankruptcy does not clear:<br />
<ul>
<li>Student loans</li>
<li><a href="https://www.usgovernmentdebt.us/">Government debt</a>: taxes, late fees, and penalties</li>
<li>Child support</li>
<li>Alimony</li>
<li>Expenses purchased right before declaring bankruptcy</li>
</ul>
Once you have filed the paperwork for bankruptcy, all creditors receive notice that they can no longer take steps to collect money from you. Creditors will no longer be allowed to call, write, or take legal action of their own against you once the bankruptcy process has begun. <br />
There are many types of bankruptcy that can be filed both consumer and commercial. The most common consumer bankruptcies files are <strong>Chapter 13 and Chapter 7</strong>.<br />
In <strong>chapter 13 bankruptcy</strong> the court will approve a plan for you to repay some or all of your debt over the span of three to five years. You will keep all of your assets and follow a strict timeline and monthly payment schedule set forth by the court.<br />
In <strong><a href="https://bohikianlaw.com/">chapter 7 bankruptcy</a></strong> the court will decide what reasonable assets are vs “luxury” items. Things will be sold to pay off debt if they are deemed over and above what is reasonable. Once you have paid back as much as is thought to be reasonable the remaining unpaid debt will be erased. <br />
Bohikian Law Group specializes in bankruptcy services including chapter 7 and 13 bankruptcy. More information can be found at <a href="https://bohikianlaw.com/">https://bohikianlaw.com</a>.<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-18144301561356699582018-11-16T13:34:00.000-08:002018-11-16T13:34:06.609-08:00Five Things To Not Do Before Filing BankruptcyBelieve it or not there are some things that you should not do before you file for <a href="http://bohikianlaw.com/"><strong>Chapter 7 and 13 bankruptcy.</strong></a> Finding debt relief in bankruptcy is not as simple as filing a few pieces of paper, appearing before a federal judge and whoosh all of your bills are gone. There are a lot of considerations that go into the act of declaring bankruptcy and seeking relief from your debt.<br />
One of the first steps to take when considering the different options available to you is to determine your totally debt. When you are in a situation where you are experiencing stress financially, it may be tempting to do whatever you can to free yourself from that pressure. However, bankruptcy discharge is a very serious, legal action therefore it is crucial that you understand what is going to happen before, during, and after bankruptcy.<br />
<h1>
<em>Don’t Rush</em></h1>
Bankruptcy is a federally governed method of debt elimination. There are limitations on how often you can file for bankruptcy.<br />
<ul>
<li>Chapter 7 bankruptcy discharge is something that can only be done once every eight years.</li>
<li>Chapter 13 bankruptcy discharge is something that can only be done once every six years.</li>
</ul>
If you are <strong>considering bankruptcy</strong> due to medical debt but are still experiencing severe health issues it is probably important to wait until your health has stabilized before filing. The last thing you want to do is to find yourself accumulating more and more debt after you have already discharged your initial debt. There are a number of problems that crop up when bankruptcy comes into view like unemployment, foreclosure, eviction, and car repossession. It is important to file bankruptcy at a point when you know you are going to be able to get back on your feet once a discharge is granted. The last thing you want is to have your debt cleared only to find yourself swimming in debt a year later when no relief can be given.<br />
<h2>
<em>Don’t Wait Too Long</em></h2>
There are times however that bankruptcy can’t wait and that it is in your best interest to<strong> file for bankruptcy right away</strong>. If a wage garnishing is in place, it is important to file sooner rather than later so that you have more money to pay bills. Filing for bankruptcy in a timely manner is also important if a creditor has a lawsuit against you. Your <strong>bankruptcy attorney</strong> will want to make sure to look at the complaint to see if it includes any allegations of fraud. If it does, the matter will go into judgment and you likely won’t be able to wipe out this debt in bankruptcy.<br />
<br />
A creditor that has won money in a judgement against you, the lien that accompanies it allows the creditor to take wages directly from your check, attach to your bank accounts, repo cars, and foreclose on your home in an effort to reclaim the money that is owed. If you file for and receive a bankruptcy discharge before the creditor wins a case against you, filing bankruptcy will stop the lawsuit in its track and wipe out that debt as well.<br />
<h3>
<em>Don’t Drain Retirements Account</em></h3>
<a href="https://www.forbes.com/retirement/">Retirement funds</a> are protected from bankruptcy. It is important not to withdrawal funds from your retirement accounts in order to pay off debts. Before taking money from any type of account that is labeled for retirement <a href="http://bohikianlaw.com/"><strong>speak with a bankruptcy lawyer</strong></a> to figure out the best option for you. Most often you will find that your attorney will recommend that you do not deplete your accounts to better your financial situation.<br />
<h4>
<em>Don’t Provide Information That Is Inaccurate</em></h4>
It is crucial to be completely open when it comes to your bankruptcy paperwork. You are required to provide accurate information on your paperwork including your assets, debt, income, expenses, and financial history. Misrepresenting information could lead to penalty of perjury.<br />
<h5>
<em>Don’t Add in New Debt or Move Assets</em></h5>
Any debt that is incurred seventy to ninety days before filing bankruptcy paperwork, unless it is a necessity, a creditor may object. Debt within this time frame may be considered fraudulent. As a rule, don’t take out cash advances or use credit cards to buy luxury items. It is also critical that you don’t try to hide or move assets for safekeeping before filing for bankruptcy. If you have sold property to pay for expenses before declaring bankruptcy it will be important to document the way in which you spent the money to pay for necessities.<br />
As with any legal procedure it is important that the rules are followed to prevent any sort of confusion when it comes to discharging your debt.<br />
<br />
Bohikian Law Group specializes in bankruptcy services including chapter 7 and 13 bankruptcy. More information can be found at <a href="http://bohikianlaw.com/">http://bohikianlaw.com</a>.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-91560141009118974102018-10-10T11:59:00.000-07:002018-10-10T11:59:41.854-07:00What Can You Expect from Your Bankruptcy Attorney?<a href="http://www.business-babble.com/wp-content/uploads/2018/10/Image-to-use-with-Dickron-blog-post.jpg"><img alt="" class="alignnone size-medium wp-image-2024" height="300" src="http://www.business-babble.com/wp-content/uploads/2018/10/Image-to-use-with-Dickron-blog-post-200x300.jpg" width="200" /></a><br />
One of the ways that people get out from under an oppressive debt is through <strong><a href="http://bohikianlaw.com/">filing for chapter 7 or chapter 13 bankruptcy</a>.</strong> Having debt discharged through bankruptcy can offer many people a great sense of relief. The process itself however can be quite daunting without hiring a proper <strong>bankruptcy lawyer</strong> helping your through the process and forms. When you are seeking an attorney’s assistance with the bankruptcy it is important to find one that offers you: competence, sound legal advice, preparedness, and representation.<br />
<h1>
Competence</h1>
Bankruptcy cases can range from straightforward to utterly complex. The attorney you hire to handle your bankruptcy should have the skills that you need to have your bankruptcy proceed properly. Your bankruptcy’s difficulty will range depending on a number of elements including:<br />
<ul>
<li>The facts of your particular situation</li>
<li>The chapter of bankruptcy you are filing: chapter 7 or 13</li>
<li>The assets that will need to be sold</li>
<li>The status of employment and business ownership</li>
<li>The involvement of interested parties</li>
</ul>
<h2>
Sound Legal Advice</h2>
Once you have established a relationship with a <strong>bankruptcy attorney</strong> a contract will be signed to specific the working agreement between you and your lawyer. This agreement will state what services you should expect that they will provide vs what you are to provide for yourself. The first thing that your attorney will discuss with you is whether it is in your best interest to file for chapter 7, chapter 13, or another option. This decision is based on what makes the most sense for you to achieve your financial goals. Your attorney should also brief you on what you can expect throughout the <a href="http://www.uscourts.gov/services.../bankruptcy/bankruptcy.../chapter-7-bankruptcy-basics"><strong>bankruptcy process</strong></a> along with the difficulties of your unique case.<br />
<h3>
Preparedness</h3>
Your attorney is in charge of making sure all of the paperwork that you need is filed and properly and within the timeline provided for your case. You are required to disclose proper financial information to your attorney including: income, expenses, assets, and information pertaining to your debt. Once this information has been received it will be processed and the two of you will review the information before it is filed.<br />
You may be asked for more information by the court or the court’s trustee. If you or your attorney fail to provide this information in a timely manner and you miss the deadline the following consequences may occur:<br />
<ul>
<li>Delay in your bankruptcy proceedings</li>
<li>Dismissal of your case</li>
</ul>
Because of the serious nature of the consequences it is critical that the<a href="http://bohikianlaw.com/"> <strong>bankruptcy attorney</strong></a> you hire is diligent with paperwork and following required deadlines.<br />
<h4>
Representation</h4>
After the paperwork has been filed and the court has received everything it needs all debtors will be required to attend a hearing known as a 341 meeting of the creditors. Depending on your case you or the bankruptcy attorney representing you may need to go to other hearings as well. Your attorney will advise you when you meet with them on what type of hearings you will be required to attend. Your <strong>bankruptcy lawyer</strong> should attend all hearings with you. Some of these can include:<br />
<ul>
<li>Chapter 13 bankruptcy confirmation hearing</li>
<li>Chapter 7 bankruptcy reaffirmation hearing</li>
<li>Motion/objection hearings</li>
</ul>
<br />
Bohikian Law Group specializes in bankruptcy services including chapter 7 and 13 bankruptcy. More information can be found at <a href="http://bohikianlaw.com/">http://bohikianlaw.com</a>.<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-61268478992269296792018-09-13T07:28:00.000-07:002018-09-13T07:28:27.560-07:00Costs Involved with Filing BankruptcyWhen you are <strong>considering bankruptcy</strong> as an option to relieve your financial burdens the last thing you want to be worrying about is how much it is going to cost to hire an attorney and file the necessary paperwork. After all, money is tight which is the reason you are contemplating this option in the first place. In this installment we will discuss the fees involved with filing, hiring an attorney, and additional fees you may encounter.<br />
<h1>
Fees for Filing Bankruptcy</h1>
There are many bankruptcy options to choose from but the most popular being <strong>Chapter 7 and Chapter 13</strong>. The filing fee for Chapter 7 is $335 and for Chapter 13 is $310. There may also be a fee charged by the Bankruptcy Trustee which can range between $15 and $20 dollars. Another fee you may need to cover is the cost for mandatory credit counseling and <a href="http://www.cgma.org/finance/management%E2%80%8E">financial management classes</a>. These classes can cost upwards of $100 depending on where you are filing for bankruptcy and the options that are available.<br />
<h2>
Attorney Fees in Bankruptcy</h2>
Many people will unsuccessfully <strong>file for bankruptcy</strong> without the help of an attorney. Paperwork often is incorrectly filed, the steps necessary are not taken, and many other hiccups plague individuals filing “pro se”, (without the help of an attorney). The truth is that filing for bankruptcy successfully most often requires the help of a <a href="http://bohikianlaw.com/"><strong>bankruptcy attorney.</strong></a><br />
<br />
Bankruptcy attorneys are responsible for setting their own fees. On average bankruptcy attorneys charge $1,250 for their services. This fee varies depending on where you are filing, the complexity of your litigation, your attorneys experience and reputation. The fees for <a href="http://bohikianlaw.com/"><strong>filing Chapter 7 bankruptcy</strong> </a>are often less than those found in <strong>filing for Chapter 13</strong>. This is most likely due to the extra services that go into filing Chapter 13 such as setting up a repayment schedule and executing automatic payments.<br />
<br />
This fee may seem like a lot at the moment. It is to be assumed that your filing bankruptcy because you are lacking the ability to pay the debt. When you take into consideration the average debt that is written off in bankruptcy is $15,000 that fee seems relatively reasonable as it takes a large debt down to pennies on the dollar.<br />
<br />
Filing for bankruptcy isn’t an option that is easy for individuals to make. It is one that should be made only after much research and contemplation.<br />
Bohikian Law Group specializes in bankruptcy services including chapter 7 and 13 bankruptcy. More information can be found at <a href="http://bohikianlaw.com/">http://bohikianlaw.com</a>.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-57428270367054848462018-08-09T12:23:00.000-07:002018-08-09T12:23:33.424-07:00The Purpose of BankruptcyNo one ever really wants to <a href="http://www.bohikianlaw.com/"><strong>file for bankruptcy</strong></a>, but there are times when it can be unavoidable for many. People will want to file for bankruptcy if they have quite a bit of debt and no way to possibly pay it off during their lifetime.<br />
<br />
The main purpose of bankruptcy is to give everyone a fresh start in life without a mountain of debt hanging over their head, while also allowing their creditors to collect at least some of the money that is owed to them. After paying their creditors the amount that the bankruptcy courts tell them to, they will no longer be responsible for any of their remaining debt to those creditors.<br />
<br />
There are six different types of <strong>bankruptcy filing options,</strong> although, only two of them are meant for regular people. <strong>Chapter 7 bankruptcy</strong> will find people liquidating everything that they own to pay off their debts, while <strong>Chapter 13</strong> will allow a person to keep their home as they are repaying all their creditors. However, both options will allow everyone to keep most of their property and assets in the end if they qualify for certain exemptions.<br />
<br />
The other four bankruptcy options include Chapter 9, Chapter 11, Chapter 12, and Chapter 15. Chapter 9 can only be filed by a municipality and basically requests a reorganization process for that area. <a data-wplink-url-error="true" href="https://www.blogger.com/null">Chapter 11</a> is usually used by commercial organizations as they try to reorganize their assets to pay off debts.<br />
<br />
Chapter 12 is the bankruptcy code that farmers and fishermen need to file under if their business is not going well due to circumstances out of their control. Through this process, a <strong>bankruptcy lawyer</strong> can help them create a plan to get out of debt within three years, unless the court allows for a longer time frame.<br />
<br />
Chapter 15 is for cross-border cases, where the creditor and debtor live in different countries.<br />
Everyone is encouraged to <a href="http://www.bohikianlaw.com/"><strong>hire a bankruptcy lawyer</strong></a> to assist them through the entire bankruptcy process, so that they can file for the proper chapter of bankruptcy. After all, the entire bankruptcy system is quite complex and there are many legal terms and phrases that people may not know or understand. It can be quite easy for a person to get lost in the process, which is why the <strong>guidance of a bankruptcy lawyer</strong> is always a good option.<br />
<br />
Anyone that chooses to not hire a bankruptcy lawyer may find themselves worse than they were before, especially if they need to pay their creditors more than they should in a shorter amount of time. The goal of bankruptcy is to get out of debt and move on with life, not continue to feel stuck for a longer period of time.<br />
<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-30841230855156036322018-06-14T08:27:00.000-07:002018-06-14T08:27:53.451-07:00Why Should You File for Bankruptcy?You are always going to have bills to pay, but what happens if they come in faster than you can pay them, or you are barely paying the minimum payment every month? You may feel like you are drowning in debt, especially if you need to continue using your charge cards to pay for everyday necessities.<br />
While <strong>filing for bankruptcy</strong> is never a person’s top choice, you may have no choice but to <strong>hire a bankruptcy lawyer</strong>, so you can get back on track with your life. After all, once you have gone through the process and then work hard to improve your credit, you will find that your life is much easier in the future.<br />
An <a href="http://www.bohikianlaw.com/"><strong>attorney specializing in bankruptcy</strong></a> can walk you through all the steps of the process, starting with whether or not you have a good reason to file. Your <strong>bankruptcy lawyer</strong> may even encourage you not to file for bankruptcy if they do not think that you have a good enough reason.<br />
Here are 5 reasons why you should file for bankruptcy:<br />
<ol>
<li><h1>
Your Home is in Foreclosure</h1>
</li>
</ol>
A bankruptcy will immediately put a stop to the foreclosure on your home. This is important, even if you are not planning on staying in your home, because you may not need to pay the difference of the unpaid mortgage balance if the proceeds from the sale are not enough.<br />
<ol start="2">
<li><h2>
You are Being Evicted</h2>
</li>
</ol>
If you happen to rent an apartment or a house, filing for bankruptcy can prevent you from being evicted. You will still need to catch up on your rent payments, but a bankruptcy can give you a little more time.<br />
<ol start="3">
<li><h3>
Your Car is Being Repossessed</h3>
</li>
</ol>
<a href="http://www.bohikianlaw.com/"><strong>Filing for bankruptcy</strong></a> can prevent a lender from repossessing your car if you are behind on payments. This will allow you to catch up on payments, so you can keep your car.<br />
<ol start="4">
<li><h4>
You Have Medical Debt</h4>
</li>
</ol>
If you have major medical debt from an illness, you should talk to a <strong>bankruptcy lawyer</strong>, so you are not responsible for all those bills. They can give you your options, so you do not lose your home or other assets.<br />
<ol start="5">
<li><h5>
You Just Got Divorced</h5>
</li>
</ol>
Financial changes occur after a <a href="https://www.marriage.com/advice/divorce/">divorce</a> and you may find that it is difficult to live the lifestyle that you are used to with just your income. If you find yourself in debt after getting a divorce, you will want to speak to an <strong>attorney specializing in bankruptcy</strong> to see what options you may have.<br />
<br />
No one ever wants to have a lot of debt to deal with, but bankruptcy may or may not be your best option. They only way you will know if you should file is to speak with a bankruptcy lawyer and see what they recommend for the situation that you are in.<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-9160773798511667922018-05-15T12:08:00.000-07:002018-05-15T12:08:33.813-07:00Getting Your Financial Future in Order with BankruptcyAlthough we don’t intentionally do it, sometimes we make ill-advised financial moves that lead to bankruptcy. While <a href="http://www.bohikianlaw.com/"><strong>filing for bankruptcy</strong></a> can provide a reprieve for those who are unable to repay their debts, there are consequences which may affect your future, for instance:<br />
<ul>
<li>Bankruptcy may place some restrictions on your employment or running a business</li>
<li>It doesn’t necessarily release from all debts, and your trustee may sell all your assets</li>
<li>Your name may permanently appear on the National Personal Insolvency Index (NPII)</li>
<li>You must inform a credit provider of your bankruptcy when trying to obtain future credit</li>
<li>While bankruptcy lasts for three years and a day, your trustee can lodge an objection to extend the bankruptcy for up to eight years</li>
</ul>
Do not be discouraged because there is life after bankruptcy. First, a <strong>good bankruptcy attorney</strong> can help you in initializing a debt management plan and ensure that you attend credit counseling sessions where you can receive free advice on important steps to take in the future to help you abate the damaging impact of insolvency.<br />
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There is no denying that bankruptcy can be a daunting and very emotional decision, however, having a <a href="http://www.bohikianlaw.com/"><strong>bankruptcy lawyer</strong> </a>by your side, he or she can help you find various debt relief options that may be available to you and most importantly, he or she can stop creditors from harassing you. It is also your <strong>bankruptcy attorney’s duty</strong> to help you negotiate, review and sign any reaffirmation agreements on secured property that you want to keep. Your bankruptcy attorney may appear in further court required appearances on your behalf to satisfy the bankruptcy court’s administrative requirements. While that is happening, consider the following ways of getting your financial future in order after filing for bankruptcy:<br />
<ul>
<li><h1>
Stick to a budget</h1>
</li>
</ul>
If living beyond your means is what may have got you in a bankruptcy pickle, creating and sticking to a realistic budget will help you become extra vigilant about your finances and prevent you from incurring unnecessary debts.<br />
<ul>
<li><h2>
Set up automatic bill payments</h2>
</li>
</ul>
One of the single, most important things you can do to restore your finances and your credit is making it a priority to pay all your current bills on time and offset any existing bills that you may have accrued in the past.<br />
<ul>
<li><h3>
Get a secured credit card</h3>
</li>
</ul>
By obtaining a secured <a href="http://www.visa.com/">credit card</a>, you start depositing a prearranged amount of money into a bank account, which becomes your credit limit. Charging small amounts each month and repaying your debts as agreed is yet another strategy to rebuild your credit rating after bankruptcy.<br />
<ul>
<li><h4>
Save</h4>
</li>
</ul>
Now that you’re free from most of the debt, it’s up to you to manage your money. Start by building an emergency fund. Also look for financial coaching offered by various financial advisers to help you in managing and keeping your finances in check.<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-70765793268579002492018-04-18T12:00:00.000-07:002018-04-18T12:00:46.105-07:00Emerging Financially After declaring BankruptcyCan you believe that we are already into the month of April? How are those New Year’s Eve resolutions working for you; how about those financial resolutions? Are you rolling your eyes? Financial hardships can add significant stress to personal hardships. Perhaps you resolved to pull yourself out of the financial funk left by a recent divorce or foreclosure on your home. There are many reasons that this might not have been possible for you, a job loss, a significant pay decrease, an extra mouth to feed, and so on can lead to a lack of money needed to pay off existing debts. There are times that <a href="https://www.debt.org/bankruptcy/"><strong>personal bankruptcy</strong></a> is the only way out.<br />
<br />
An element common to most survivors of going through a bankruptcy is the worry about moving forward and bouncing back financially. Below you will find several ways to help you get started at getting back on your feet after a financial blow like declaring bankruptcy.<br />
First and foremost, it is important to recognize that bankruptcy does often come with a terrible stigma. For many of us it has been drilled into our heads that our financial obligations need to be paid under any circumstance. The simple truth however is that even despite our best efforts there are times when we are unable to pay our debts.<br />
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It is crucial that once you have decided you have no other choice but to <a href="http://www.bohikianlaw.com/"><strong>file for bankruptcy</strong></a> you realize you are in fact not alone. In fact, the number of cases of bankruptcy has grown significantly over time; 13% of all U.S. citizens have considered it. With that said, sulking and harboring feelings of failure and disappointment won’t do anything to help you begin to move forward. Think of the experience as one that you have learned from. Forgive yourself, <strong>meet with a professional in personal finance</strong>, and move on from your bankruptcy; the bankruptcy does not define who you are.<br />
Start by creating a fund that is set aside specifically for use after the loss of a job. This fund should consist of enough money to cover all your expenses, both essential and not, for at least 6 months. It can take a significant amount of time to find a new job and the last thing that is needed during this situation is the financial stress of not being able to pay your bills.<br />
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As previously mentioned, seek the help of a <a href="http://www.bohikianlaw.com/">professional who specializes in personal finance</a>. Learn to make smart financial investments and budget spending. The creation of a detailed financial plan can help you stay on track towards a healthy financial future while continue to live comfortably. Begin to slowly re-establish your credit. Eventually, everyone ends up needing some type of credit. Most of us will never be able to come up with the amount of money it takes to purchase a house. Also, if we do have that type of cash it is more likely going to make you more investing than it is paying cash for a home. A good credit score can occur even after declaring bankruptcy; it just takes time and patience.<br />
<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-84039728026095078792018-03-13T11:00:00.002-07:002018-03-13T11:00:53.379-07:00When Chapter 13 Bankruptcy Is Better Than Chapter 7If you’ve reached the point where you’re <a href="https://en.wikipedia.org/wiki/Swimming_(sport)">swimming</a> in debt and can’t pay your bills, you may be wondering which type of bankruptcy is best. You may need a Chapter 7 bankruptcy lawyer or a Chapter 13 <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a>. There are differences between each type.<br />
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Bankruptcy is never a simple process in the United States. Each type depends on your current income, assets, debts, and future financial goals.<br />
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<a href="http://www.bohikianlaw.com/">Chapter 7 bankruptcy</a> is a type of liquidation bankruptcy that will clear out any unsecured debts you may have, including medical bills, and credit card balances. To declare <strong>Chapter 7 bankruptcy</strong>, you must currently have no income or little income. If you make over a certain amount of money, you’ll automatically have to claim for Chapter 13 bankruptcy.<br />
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<a href="http://www.bohikianlaw.com/">Chapter 13 bankruptcy</a> is a type of reorganization bankruptcy. You must have a regular income and be able to pay back a portion of your debts through a repayment plan. There can be many benefits for filing for this type of bankruptcy than Chapter 7.<br />
<br />
<strong>Chapter 13 bankruptcy</strong> will allow you to catch up on your missed <a href="https://www.mortgagecalculator.org/">mortgage</a> payments. It may also allow you to clear unsecured liens on your house. This means that you will be able to keep your house, unlike filing for Chapter 7 where you can lose your property. You may also keep your nonexempt assets. How it works it that you pay back all or a portion of your debts through a repayment plan. This plan is based on your current income against expenses, and what types of debt you may have. Therefore, it’s commonly referred to as “reorganization bankruptcy”.<br />
<br />
Another benefit is that Chapter 13 will allow you to get caught up with car loans without losing your car, and to pay off other non-dischargeable debts including alimony or child support arrears. In order to hire a Chapter 13 bankruptcy attorney, you must be an individual and not a business. For Chapter 13, you must not have more than $394,7255 of unsecured debt or $1,184,200 of secured debt. While the discharge is a lot longer with Chapter 13 than Chapter 7, 3-5 years versus 3-5 months, you’ll receive a full discharge.<br />
<br />
It’s important to note that if you own property, Chapter 13 is a lot better than Chapter 7, as debtors will be able to keep all their property, whereas the trustee in Chapter 7 will sell your property to pay off your creditors. Your liens will also be stripped in Chapter 13, whereas in Chapter 7 they are not, leaving you with future debt loads to pay off in the future.<br />
<br />
Before deciding which type of bankruptcy is right for you, you should talk to a Chapter 7 bankruptcy lawyer, or a Chapter 13 bankruptcy attorney, to get the best advice that pertains to your financial situation. You may just discover that you do qualify for Chapter 13 and will be able to keep your house and car!<br />
<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 <a href="http://www.bohikianlaw.com/">bankruptcies</a> in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-78991474248830865602018-02-15T10:29:00.000-08:002018-02-15T10:29:51.953-08:00Not All Debts Are Treated Equally When Filing For Bankruptcy With a struggling economic climate, millions of people file for bankruptcy every year for varied reasons, most notably due to medical expenses, reduced income or job loss. According to US bankruptcy court statistics, <strong>personal bankruptcy</strong> has increased at an alarming rate and not just as a result of irresponsible spending, but because something like a divorce means taking on a partner’s debt if you had “regrettably” co-signed or opened joint accounts with them.<br />
<h1>
Filing For Bankruptcy</h1>
Unexpected catastrophes can also quickly drain savings that took years to accumulate including mountains of student loans, the rising costs of utility payments, inflation, foreclosure the list is endless. <a href="http://www.bankruptcy.com/"><strong>Bankruptcy laws</strong></a> are in place to give people whose finances have collapsed and need a second chance to start over. According to statistics from the American Bankruptcy Institute, nearly 95% of <strong>Chapter 7 bankruptcy</strong> cases decided in 2016 were discharged, meaning the individual was no longer legally required to pay the debt. But what about the other 4.5%?<br />
<br />
If you are contemplating bankruptcy, you should consider discussing your options with an <a href="http://www.bohikianlaw.com/"><strong>experienced bankruptcy attorney</strong></a> who works on liquidation bankruptcies where most of your debts are discharged or liquidated under bankruptcy law. A <strong>bankruptcy lawyer</strong> will also help you in compiling all your financial records, including debts, assets, income, and expenses.<br />
<h2>
The Length of Bankruptcy Process</h2>
Once you have filed for bankruptcy, the process usually takes six months or longer to complete, but the good thing is that during this time it triggers the automatic stay that prevents creditors from calling you, suing you, sending you letters, or even repossessing your property.<br />
<h3>
Items Not Discharged In Bankruptcy</h3>
When your petition is accepted, your case is assigned to a court trustee who then sets up a meeting with your creditors that you must attend. But not all petitions are accepted, for example; student loans are not discharged under a declaration of bankruptcy owing to the fact they are funded or guaranteed by the government and students are required to pay them off once they start working.<br />
<br />
Another example of a non-dischargeable that can’t be in a Chapter 7 bankruptcy at are debts from a divorce because they are owed to a spouse but not as a domestic obligation. However, they can be included in a <a href="http://www.bohikianlaw.com/"><strong>chapter 13 bankruptcy</strong></a> provided the debt becomes part of a payment plan, and the overdue payments will be continued and paid in full.<br />
<br />
A debt incurred through fraudulent means, including one that was obtained to take advantage of the bankruptcy code, cannot be discharged. Unemployment benefits overpayments that you may be required to repay the excess, tax penalties, fines on speeding tickets and vehicle registration fees will also not be discharged in a bankruptcy.<br />
<br />
Also, fees that are considered a priority debt, meaning you owe the federal government or local state in payroll taxes, past tax debts from previous years, current tax liability, any fees or penalties cannot be discharged under a declaration of bankruptcy, therefore, you must make an effort to pay or deal with the IRS directly.<br />
<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-31398289564866439782018-01-17T11:36:00.000-08:002018-01-17T11:36:50.672-08:00It’s A New Year and Time for You to Get Your Finances In OrderIt’s now 2018 and time to get a new start on your life. If your finances have suffered miserably in past years, it’s now a new year and time for you to get your finances in order. Many people have increasing amounts of debt from mortgages, car loans, student loans, medical bills, and credit card debt. Often it can become unmanageable and you can feel like there is nothing to look forward to. There is help, there is a way to forgive some or all your debts. A <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> can help facilitate filing for chapter 7 or chapter 13 bankruptcy.<br />
<h1>
Filing for the Right Chapter</h1>
Without the assistance of a <strong>local bankruptcy attorney</strong> many people end up confusing the two chapters of bankruptcy. To get back on track in life, you should have a solid understanding of what each one offers to your future, and your finances. It can be a serious condition to have to <a href="http://www.debt.org/bankruptcy">file for bankruptcy</a>, and both can affect your future. It’s important to file for the one that’s right for you, so you can get back to good finances in the future.<br />
<h2>
Chapter 7 Bankruptcy</h2>
<a href="http://www.bohikianlaw.com/">Chapter 7 bankruptcy</a> is a certain liquidation bankruptcy that is made to rid you of unsecured debts. These may involve credit card debt or medical bills. To qualify for chapter 7 bankruptcy, you must currently have no income, or little disposable income. If you make too much money, you automatically must file for Chapter 13 instead.<br />
Chapter 7 bankruptcy involves selling any property that you own so creditors can be paid back. If you have no assets, they won’t get anything. This type of Chapter 7 bankruptcy is best for low income or no-income people who have few or no assets.<br />
<h3>
Chapter 13 Bankruptcy</h3>
Chapter 13 bankruptcy is best for debtors who have a regular income. They can pay back at least some of their debts on a regular payment schedule. This is the path you’ll take if you don’t qualify for chapter 7. Even if you qualify for chapter 7, many debtors may decide to go the route of chapter 13. This is because there are additional benefits in 13 that 7 doesn’t have.<br />
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The benefits of <a href="http://www.bohikianlaw.com/">chapter 13 bankruptcy</a> include the ability to catch up on missed mortgage payments without losing your home. You may also be able to remove any unsecured junior liens from your house. With chapter 13 bankruptcy, you’ll be able to keep your house or property. This will also include non-exempt assets. To qualify for chapter 13, you must repay your debt through a special repayment plan.<br />
<br />
The amount you pay back will depend on your current income, expenses, and your type of debt. Therefore chapter 13 is commonly called a <strong>reorganization bankruptcy</strong>. It’s meant strictly for debtors who can afford to make monthly payments and get caught up on car payments, child support arrears, or alimony debts.<br />
<h4>
Know Your Rights</h4>
It’s important to be aware of your rights if you choose to file for chapter 7 or chapter 13 bankruptcy. Choose the route that’s most pertinent to you. Now you’ll be on your way to financial freedom.<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-26293670503997419572017-12-14T11:29:00.000-08:002017-12-14T11:29:27.638-08:00Complications of Bankruptcy When Paperwork Is Filed Improperly Imagine that you are drowning in debt. You turn to the <a href="http://www.debt.org/bankruptcy">bankruptcy courts</a> 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.<br />
<strong>Filing for bankruptcy</strong> 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.<br />
<h1>
Important Information When Filing For Chapter 7 or 13 Bankruptcy</h1>
<ul>
<li>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. </li>
<li>In order to prove that you can pass the <strong>chapter 7 bankruptcy</strong> 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.</li>
<li>The court will appoint a bankruptcy judge to handle your bankruptcy case thus including processing your paperwork and petitioning the court.</li>
<li>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 <strong>attorney</strong> present, about your personal finances and bankruptcy forms. </li>
<li>At some point during this process your eligibility to <a href="http://www.bohikianlaw.com/">file for Chapter 7 bankruptcy</a> will be confirmed or denied.</li>
<li>All of your nonexempt property will be reviewed and handled as will your debts that have been backed by collateral.</li>
<li>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.</li>
</ul>
<h2>
Why Using A Professional Is Best</h2>
Although the main reason for <strong>declaring bankruptcy</strong> 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 <a href="http://www.bohikianlaw.com/">attorney specializing in bankruptcy law</a>.<br />
<br />
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:<br />
<ul>
<li>Filing for bankruptcy without cause or filing the wrong type of bankruptcy, under the wrong chapter</li>
<li>Failure to complete and file the right forms</li>
<li>Failure to exempt your property</li>
<li>Transferring your assets before filing for bankruptcy</li>
<li>Failure to attend your meeting of creditors hearing</li>
</ul>
<h3>
Fixing Mistakes</h3>
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 <strong>bankruptcy attorney</strong> will also result in the denial of your discharge. This is why it is so important to have proper representation throughout the bankruptcy process.<br />
<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-90441273033613662972017-11-15T08:23:00.000-08:002017-11-15T08:23:13.425-08:00Choosing A Bankruptcy AttorneyIt’s important to remember that <a href="http://www.bankruptcy.com/"><strong>bankruptcy</strong> </a>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.<br />
<h1>
Knowledge On Your Options Is Key</h1>
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 <strong>good bankruptcy lawyer</strong> is going to give you proper advice on what kind of procedure is going to be the best for you.<br />
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Understanding the differences between <strong>chapter 7 and chapter 13 bankruptcies</strong> is essential for you to make a good decision. Once you are able to <a href="http://www.bohikianlaw.com/"><strong>hire an efficient lawye</strong>r </a>for this purpose, you should be able to understand the difference and the consequences of each of those different options.<br />
<h2>
Your Credit Score Should Recover</h2>
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.<br />
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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 <strong>competent lawyer.</strong> 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 <a href="http://www.bohikianlaw.com/">file for bankruptcy</a> in order to put your finances back in order.<br />
<h3>
There Is Nothing To Fear</h3>
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.<br />
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-27474397687828348202017-10-17T07:46:00.000-07:002017-10-17T07:46:06.629-07:00The Difference between Chapter 13 and Chapter 7 BankruptcySometimes 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 <strong>filing bankruptcy</strong> for debt resolution. Hopefully, you will have considered your alternatives, but sometimes bankruptcy is the most viable option.<br />
You’ll find both the chapter 7 and chapter 13 in the<strong> US bankruptcy code</strong> 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 <a href="http://www.bohikianlaw.com/"><strong>bankruptcy attorney</strong></a>, 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.<br />
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What is Chapter 7 Bankruptcy?</h1>
<strong>Chapter 7 bankruptcy</strong> 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?<br />
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What is Chapter 13 Bankruptcy?</h2>
A<strong> Chapter 13 bankruptcy</strong> 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 <a href="http://www.debt.org/bankruptcy">bankruptcy attorney</a> will be able to assess your income and expenses and help estimate what your monthly payment will be.<br />
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What are the Differences between Chapter 7 and Chapter 13 Bankruptcy?</h3>
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.<br />
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.<br />
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-85324560803141239372017-09-21T10:50:00.004-07:002017-09-21T10:50:50.803-07:00Time To Call In the ProfessionalsHiring a professional, local bankruptcy attorney for your<a href="http://www.bohikianlaw.com/"> Chapter 7 bankruptcy </a>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.<br />
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Why hire a Chapter 7 bankruptcy attorney<br />
If you are indebt more than what you can actually afford to repay over time, then you need to hire a<a href="http://www.bohikianlaw.com/"> Chapter 7 local bankruptcy attorney</a>. 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 <a href="http://www.michiganbankruptcy.com/">Chapter 7 bankruptcy</a>. 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.<br />
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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.<br />
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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.<br />
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.<br />
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-13404266546250762282017-08-25T11:02:00.003-07:002017-08-25T11:02:54.588-07:00Bankruptcy in MichiganThere 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.<br />
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.<br />
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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.<br />
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<li><a href="http://www.bohikianlaw.com/"><strong> Chapter 7 Bankruptcy</strong></a></li>
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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.<br />
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.<br />
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<li><a href="http://www.bohikianlaw.com/"><strong> Chapter 13 Bankruptcy</strong></a></li>
</ol>
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.<br />
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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.<br />
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<strong>Some tips to note before considering filing for bankruptcy </strong><br />
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Here are few facts you must consider before taking up a bankruptcy file:<br />
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- 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.<br />
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- 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.<br />
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- 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.<br />
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- 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.<br />
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If you live in Michigan, you can always get bankruptcy guide and help from a competent<a href="http://www.bankruptcy.com/"> local bankruptcy lawyer</a> which will make the process easier for you.<br />
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-46529632794404858132017-08-21T07:10:00.002-07:002017-08-21T07:10:35.486-07:00Tips to Follow When Hiring a Lawyer That Specializes in BankruptcyBankruptcy is a legal method that allows an individual to declare their in ability to pay their debt. A person usually opts to declare <a href="http://www.debt.org/bankrupcy">bankruptcy</a> 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.<br />
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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.<br />
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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.<br />
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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.<br />
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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.<br />
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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<a href="http://www.bohikianlaw.com/"> bankruptcy laws</a> 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 <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> and before you hire one be sure that they have the capacity and expertise to get you what you need.<br />
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-4701571614098120602016-08-30T11:19:00.002-07:002016-08-30T11:19:25.131-07:00The Best Bankruptcy Option For Your Situation<div style="background-color: white; box-sizing: border-box; color: #141412; font-family: "Source Sans Pro", Helvetica, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 24px;">
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.</div>
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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.</div>
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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.</div>
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A major advantage of <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">filing for bankruptcy</a> 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.</div>
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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.</div>
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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.</div>
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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.</div>
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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.</div>
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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 <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorney</a> to further look into the benefit bankruptcy may have for your financial future.</div>
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorney</a> that will help you in debt relief at<a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">http://www.bohikianlaw.com/</a> today.</div>
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-25969219135266931222016-08-30T11:18:00.001-07:002016-08-30T11:18:26.629-07:00Knowing When It Is Time Seek A Bankruptcy Attorney<div style="background-color: white; box-sizing: border-box; color: #141412; font-family: "Source Sans Pro", Helvetica, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 24px;">
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?</div>
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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.</div>
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First, look at the payments you are currently making on your outstanding debts. Are you only making the minimum payment?</div>
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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?</div>
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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?</div>
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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?</div>
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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 <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">local bankruptcy attorney</a>. 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.</div>
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You can seek relief from bankruptcy by voluntarily filing or if creditors ask the court order you to <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">file for bankruptcy protection</a>. 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.</div>
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">http://www.bohikianlaw.com/</a> today.</div>
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-71129162119553120872016-07-25T13:23:00.002-07:002016-07-25T13:23:45.120-07:00Reasons Behind Filing For Bankruptcy<div style="background-color: white; box-sizing: border-box; color: #141412; font-family: "Source Sans Pro", Helvetica, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 24px;">
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.</div>
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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.</div>
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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 <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorneys</a> see in family’s seeking debt relief under federal bankruptcy.</div>
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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.</div>
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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.</div>
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There are a number of myths that surround individuals finding they are at need to look into <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy debt relief</a>. 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.</div>
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">http://www.bohikianlaw.com/</a> today.</div>
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-8387775954111308202016-07-25T13:22:00.001-07:002016-07-25T13:22:51.445-07:00Misconceptions Surrounding Bankruptcy<div style="background-color: white; box-sizing: border-box; color: #141412; font-family: "Source Sans Pro", Helvetica, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 24px;">
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.</div>
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<strong style="box-sizing: border-box;">Individuals that file for bankruptcy are financially irresponsible: </strong>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.</div>
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<strong style="box-sizing: border-box;">Bankruptcy clears away all past debts: </strong>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.</div>
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<strong style="box-sizing: border-box;">It’s a good idea to spend with reckless abandonment before bankruptcy: </strong>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.</div>
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<strong style="box-sizing: border-box;">Bankruptcy permanently ruins your credit: </strong>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.</div>
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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. <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">Hiring an attorney</a> to represent you in <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">filing for bankruptcy</a> 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.</div>
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It is also crucial to consider the difference between chapter 13 bankruptcy and chapter 7. In <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">chapter 13 bankruptcy</a> 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. <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">Chapter 7</a> 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 <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">local bankruptcy attorney</a> to see what option is the best for your situation.</div>
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/" style="box-sizing: border-box; color: #bc360a; text-decoration: none;">http://www.bohikianlaw.com/</a> today.</div>
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0tag:blogger.com,1999:blog-2379490926602364117.post-28259634685088689322016-06-29T11:48:00.002-07:002016-06-29T11:48:48.769-07:00Is It Finally Time To Talk With A Bankruptcy Attorney<div class="entry-content">
How do you know if it is finally the time for you to throw in the
financial towel and start a serious discussion about filing for
bankruptcy? The term itself is one that invokes an array of emotions:
failure, sadness, defeat, relief, disappointment and more. Bankruptcy
doesn’t just involve individuals it is also something that can occur to
corporate companies. In a world where living in debt seems to be the
norm how do you know when it is time to finally call it quits and meet
with a bankruptcy attorney to seek relief.<br />
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When assessing if you are in the financial disaster zone there are a few questions to ask yourself.<br />
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1) Is it only financially possible for you to make the minimum payment on your credit cards?<br />
2) Do you have bill collectors calling you on a regular or semi-regular basis?<br />
3) When you think about sitting down and working out a plan for
your financial future are you scared? Do you feel like your life is
spinning out of control?<br />
4) Are you using your credit cards for necessities such as gas and groceries?<br />
5) Have you considered debt consolidation?<br />
6) Does it make you nervous to total the amount you actually owe?<br />
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If you have answered yes to more than one of the questions about it
is possible that you need to give our financial situation a serious
look. Bankruptcy is a very viable solution when you actually owe more
than you can afford on a regular basis.<br />
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The first step is to make a list of your liquid assets. This should
include items such as real estate, stocks, bonds, college savings
accounts, non-bank assets, real estate and more. A rough estimate of
these figures should be good enough for these purposes.<br />
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The next step is to create a detailed list of bills and credit card
statements. When the value of your assets is less than the amount of
debt that you owe one way out of this situation is speaking with a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a>
and declaring bankruptcy. This is not an issue that is ever easy.
Bankruptcy is not a simple, sure all for debt that is spinning out of
control.<br />
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Bankruptcy can happen in two different manners. The most common routes for individuals and corporations is to voluntarily <a href="http://www.bohikianlaw.com/">consult with an attorney</a>
who will assist you through the proper channels in filing bankruptcy. A
second manner in which bankruptcy is filed is that creditors ask the
court to order individuals into bankruptcy.<br />
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Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a <a href="http://www.bohikianlaw.com/">bankruptcy attorney</a> that will help you in debt relief at <a href="http://www.bohikianlaw.com/">http://www.bohikianlaw.com/</a> today.</div>
CPShttp://www.blogger.com/profile/03783097592449917907noreply@blogger.com0