Hiring A Bankruptcy Attorney To Represent You

If you are considering bankruptcy the last thing you need is stress over hiring an attorney.  It is best to find a qualified individual to represent you throughout the bankruptcy proceedings.  Don’t thoughtlessly choose a bankruptcy attorney based on criteria such as their fees or the fancy advertisements.   Below you will find the five “musts” in choosing a lawyer to represent you.

Bankruptcy Lawyer Essentials

Many individuals choose an attorney based on their fees.  This can be one element in the decision process but must not be the key factor in deciding on an attorney.  Depending on where you are located bankruptcy attorneys can charge between one thousand and three thousand dollars to process either a Chapter 7, liquidation or Chapter 13, personal reorganization.

Reputable bankruptcy attorneys will never quote a fee over the phone.  The cost of the bankruptcy should include considerations specific to your current situation.  An attorney’s flat fee will include a consultation that reviews and analyzes the client’s current financial situation, preparing the bankruptcy petition, reviewing the petition with the client, meeting with creditors, following up with creditors all the way through the discharge of the bankruptcy.

Theoretically, any lawyer can process your bankruptcy however it is best to hire only an attorney specializing in bankruptcy to handle your proceedings.  An attorney that limits the number of specialties they focus on is a better bet than one that dedicates their practice to ten different areas of law.

Look for a practice where the attorney you initially meet with is the same one that will represent you at the bankruptcy hearing.  Many shady firms exist in which they churn and burn cases without taking into consideration each of the clients specific needs.  These firms are infamous for haphazard legal work, clients who are discontent as well as trustees and judges that don’t necessarily trust their intentions.

Don’t ever choose an attorney that isn’t easy to talk with.  Sharing private financial information is uncomfortable enough let alone if it is uncomfortable to speak with the attorney.  The amount of information shared between the client and attorney significantly decreases if there is uneasiness between them.  Filing for bankruptcy is an emotional process.  Open communication is a must in the client/attorney relationship.

It is not impossible to hire a lawyer that specializes in bankruptcy who is reasonably priced, reputable and easy to talk with.  Filing for bankruptcy is not a process that can happen overnight and neither should be hiring an attorney.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Creating A Life After Bankruptcy Second Installment

In our previous installment on life after bankruptcy we discussed the curveball filing for bankruptcy can throw at you.  In this installment we will continue to review ways in which you can rebuild your financial life after filing for chapter 7 bankruptcy or chapter 13 bankruptcy.

Bankruptcy attorneys recommend that individuals who have filed for bankruptcy begin to re-establish their credit as soon as they possibly can.  One way to accomplish this is by establishing a personal line of credit that is secured through a savings account.  This helps to establish credit without the risk of spending more than you have available to spend.  The one element to remember is that the interest you will pay for the line of credit will far outweigh what you will earn in interest on your savings account.

Hold off on buying a car until you have built there has been time to establish credit again.  It takes about two years to get to the point when you should start searching out loans such as home loans and automobile loans.  Continue re-building credit during this time to ensure you can obtain a loan when you start looking into larger financial purchases.

If a credit card is obtained use it only for emergency situations.  Do not card hop between credit card companies either.  Stick with one or two companies to help improve the long term credit record that is being established.

Be cautious of scams after filing for bankruptcy.  Many scams exist and scam artist prey on individuals who they believe to be susceptible.  Vulnerability is often a symptom experienced after an experience like bankruptcy.   Don’t give into it.  Never believe that anyone that promises to fix your credit.  There is no magic method in establishing credit after your bankruptcy is settled.

Rebuilding credit after bankruptcy takes time.  While you are re-establishing your financial life be wary of any offers that sound too good to be true.  Your bankruptcy attorney will recommend taking time before accepting any offers of extended credit or instant credit fixes.  Research all companies offering anything.  It is more likely than not that a quick online search will offer you a great deal of information on any and all companies that are known to be scam artists.

After researching an offer, if there is still any doubt don’t go further with the deal being presented.  Walk away from offers that aren’t a hundred percent above board.  When re-establishing your credit it is your financial reputation on the line be sure to protect it at all costs.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Creating A Life After Bankruptcy

Bankruptcy can literally throw a curveball into your life when you really need a fastball up the middle.  It may look like a dead end at the end of a long bumpy road but in reality bankruptcy is the yellow brick road to getting your financial life back on track.  When you go through with a bankruptcy no matter if you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy there is a process in which to get back on your financial feet.

It is crucial that you begin by creating a budget.  Take into consideration the source and amounts of income coming in verse the debt source and amount of debt going out each month.  When creating a budget it is crucial to set a realistic goal of saving and spending.  The most important piece in any budget is saving as much as you can and decrease the number of disposable expenses that is feasible.

After bankruptcy you learn that cash is actually the best method of spending that you can use.  Paying with cash allows you to only purchase those things that you absolutely need.  It allows you to save for those items that aren’t necessary; allowing you time to really consider the purchase.  It isn’t that credit needs to be feared, as eventually you will need to rebuild your credit in order to purchase a home or car, credit is not necessary to live on a daily basis.

After bankruptcy it is vital that you pay all of your bills on time.  Even the smallest of bills, including utilities should always be paid on time.  Overdraft fees and bounced checks show up on your credit report and affect your overall credit rating.

Keep a constant eye on your credit report.  Equate it to being on a diet.  When you are on a diet it is crucial you check in on your weight regularly the same is true of your credit.  As you are building your credit it is important to see the increase in your score on a regular basis.  The numbers increasing will only help to boost your pride exactly like seeing the scale decrease increases your ability to continue to lose weight.

This may seem like an oxymoron but apply for a credit card to help you establish your credit.  There are a few options: a secured credit card which works like a debit card or an unsecured card however get one where you only are approved for a very small credit line.  Don’t accept credit line increases until you are one hundred percent sure that your budgeting skills are on track.
This is just the beginning.  In our next installment we will continue exploring rebuilding your financial life after bankruptcy.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Rebuilding Life After Bankruptcy

The task of rebuilding your life after you have filed for bankruptcy can seem quite overwhelming.  It is important to recognize that your life is in the midst of a transformation.   Bankruptcy allows individuals to start over; it provides a clean slate where you are in control of your life unlike your previous life which was being ruled by your debt.  This article will talk about restructuring your credit rating, finances and emotional health.

Individuals, who have recently filed for Chapter 7or Chapter 13 bankruptcy need to come to terms with their pasts, put it behind them and begin to chart a course of action to regain financial stability.  Bankruptcy offers a second chance to individuals.  A key element to ensure this second chance is not wasted is commitment.  Commit to recovering.  The post bankruptcy steps listed below will help to preserve the calm that you feel right after bankruptcy.

The first thing individuals must realize is that they are not alone.  Let go of any shame or guilt that you may be feeling.  Many individuals find themselves in a financial predicament where they must seek protection with bankruptcy.  There is no reason to be disappointed or to allow the feeling of humiliation to takeover your future.  To ensure success you must move forward with a positive mindset.  Make peace with your past and let it go.  There are many reasons that people declare bankruptcy: medical bills, divorce, losing a job and various other personal stumbling blocks.  Learn from the mistakes that were made and move towards your fresh start do not allow yourself to dwell in the past.

The next step individuals must take after bankruptcy is to create a realistic financial house with a professional support team in place.  It is time to create a budget and concentrate your efforts on making a plan that allows you to pay your bills on time, build an emergency fund and account for the future.  Live under your means to ensure that you never find yourself in an unpredictable financial situation again.

Next it is crucial that you begin to rebuild your credit rating.  The simplest way to achieve this is through paying your bills on time.  Once you have begun routinely paying your bills on time it is important to establish a line of credit.  This may mean taking out a car loan or obtaining a small line of credit.  It is important to note that after bankruptcy you make need a cosigner and may be required to pay higher than average interest rates.  It will take some time but you will once again prove yourself to be credit worthy once again.

Remember to fact check.  Never believe anything you hear about bankruptcy without fact checking with your attorney.  There are many myths and misconception that surround the bankruptcy process.  Bankruptcy attorneys are the best source of truth.

One of the most well known myths is that filing for bankruptcy will automatically disqualify you from receiving a mortgage for ten years.  This is false.  It is also not true that when you file for bankruptcy you have to wait at least seven years to obtain a credit card.  In fact ninety six percent of bankruptcy filers are offered a new credit card within the first year of declaring bankruptcy.  Separate fact from fiction with help from your bankruptcy lawyer.  They can help guide you through all of the falsehoods that surround building a financial future after bankruptcy.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Bankruptcy and How The New Laws Affect You

If you are considering personal bankruptcy it is important to understand the laws and how they affect your situation.  New bankruptcy laws have been put into place to help individuals get out of their current situation before they have to resort to filing for bankruptcy. 

New bankruptcy laws make credit counseling mandatory within one hundred and eighty days of an individual filing for bankruptcy.  Individuals must relay all pay stubs that are received within the sixty days prior to bankruptcy be filed with the court.  All creditors owed are entitled to a copy of the individuals most recent tax returns.  Filing individuals must attend financial management classes after filing for bankruptcy. 

Before filing for bankruptcy under the current laws it is important to take a long hard look at your financial situation.  Answer the following questions honestly to determine if you really should consider bankruptcy and which option is best for you.

Is it reasonable to expect that your debt can be paid off completely within three years while maintaining a tolerable standard of living?  If the answer is yes then you are most likely on a solid financial foot and just need to adjust the way you are currently living to fit your current situation. If you cannot reasonably expect to be debt free in three years with a bit of adjusting to your current spending than you should look into the option of bankruptcy.

With chapter 7 bankruptcy many of your debts are forgiven immediately.  You will need to surrender any and all non exempt property.  It is important to note that ninety six percent of filers do not lose any assets when filing for chapter 7 bankruptcy.  Chapter 13 bankruptcy allows you to pay a portion of your debt back over the course of three to five years.  The type of bankruptcy you can file for will be dependent upon your current finances.

If your median income is greater than the median income for your state you may chose to file chapter 13 bankruptcy with a five year repayment plan.  A chapter 7 bankruptcy with an income greater than the state median may be dismissed if your debt is mostly consumer debt and you flunk the Means Test.  If your income is lower than the state median then you automatically fail the Means Test.  This means if you choose chapter 13 bankruptcy your repayment plan will only span three years.  You will not be committed to spending all of your disposable income to a five year repayment plan.

Do you need time to catch up on your mortgage? Do you have nonexempt property you wish to keep?  Do you owe taxes or support payments that you need time to pay off without the hassle of creditors?  The rules vary from state to state but generally homesteads, pensions, cars and household goods are all exempt.  If you answered yes you may consider chapter 13 bankruptcy.  If your income is greater than the state median you have to pay on your repayment plan for five years; if it isn’t the three year plan is your only option when filing for chapter 13.  If you answer no to these questions than chapter 7 bankruptcy is the better option. 

To get more information on bankruptcy and the process, call to set up an appointment to meet with a qualified bankruptcy attorney today.  Your financial future depends on hiring the right person to represent you throughout the bankruptcy process.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Things You Should Consider When Filing Bankruptcy

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

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

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

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

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

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

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

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

Help Filing Bankruptcy In Michigan

Have you recently been put out of a job because your company is downsizing and eliminating positions? Are you facing a wall of debt that you are unable to conquer? Is your financial situation something that makes you feel vulnerable and uncertain?  If you are not able to pay off your debts or even make minimum payments you might be to the point to begin considering options for your financial future. It is possible to want to be able to pay your debt but unable to.  According to many bankruptcy attorneys that specialize in only bankruptcy law your future is not hopeless.

You may qualify to pay off your debts filing for bankruptcy under Chapter 7 bankruptcy law.  Interested in hearing more? Before getting into the details surrounding filing for bankruptcy you should know exactly what bankruptcy does for you and how it will affect your financial future.  

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

Filing for chapter 7 bankruptcy includes a step by step process which is best dealt with by an established, reputable bankruptcy attorney that specializes in bankruptcy law for your state.  The basic steps to follow in filing for bankruptcy are as follows:

·         It is important to get information pertaining to bankruptcy before you determine if this option is the debt relief option best suited for you.  If you feel there is no other way possible to get relief from your debt than bankruptcy is right for you.

·         The next step is to see if you are able to file for chapter 7 bankruptcy.  Do you qualify?  A means test is available to determine this for you.  You need to state your income, your family’s size and the amount of debt acquired.

·         You will then need to find a bankruptcy attorney.  The bankruptcy lawyer will help you in all aspects of your case and legal happenings surrounding the filing.

·         A petition will need to be filed within district court to get the proceeding started.

·         Paperwork is necessary to proceed with a bankruptcy case.  This will need to be submitted along with a detailed schedule that includes every asset and liability including your current incoming funds, expenditures and investments. 

·         Approximately a month to a month and a half later your petition will be signed and a meeting of all of your creditors will be scheduled.  You will go to this meeting.  Creditors will ask you questions in regards to your current financial situation and about the property you have available to use to cover your debts.

·         You will submit a certificate of compilation as instructed per the creditor’s correspondence with you.

·         The next step is to wait to receive the final correspondence from creditors and the bankruptcy trustees that your debt is discharged.

·         The last step is to get on with your financial future and start rebuilding your credit by paying bills on time.

Bankruptcy is not an easy thing to go through.  The stress involved will only be relieved upon receipt that your debt is discharged and you are free to begin the path to financial reconstruction.