Bankruptcy Lawyers in Monroe, MI and Downriver Detroit
At Bruce Law Firm, a Monroe, MI law firm, we have bankruptcy attorneys in Monroe, MI to assist you with the bankruptcy filing process. If your debt is getting out of hand, and you need to find out more on the subject of bankruptcy or debt settlement, call our bankruptcy attorneys in Monroe, MI, to learn more. Our lawyers can help you receive bankruptcy protection offered under the US bankruptcy code. The federal bankruptcy code can be put to your benefit. Our attorneys serve all of Monroe County and Downriver Detroit. Our bankruptcy attorneys offer a free consultation to review your bankruptcy needs.
What can bankruptcy lawyers in Monroe, Michigan do for you?
A lot of men and women struggle to make ends meet. You might be living month to month, or by paycheck to paycheck, without feeling financially protected. Perhaps you’re currently behind in your bills, and debt collectors are harassing you night and day. Talk to a bankruptcy lawyer and get the debt relief you need. Whether your debts climbed gradually over time or an unanticipated event such as a job loss or sickness caused by debts that are out of control, the country’s laws exist to give you a chance to get a fresh start. Bankruptcy is a key practice area for our firm, and our bankruptcy lawyers stand ready to assist you.
Our lawyers can help explain how to put the bankruptcy code to use for you. You can file for bankruptcy to provide the breathing space you need to get a handle on your finances. A Chapter 7 bankruptcy can eliminate you debt. A Chapter 13 bankruptcy can give you a repayment plan that allows you to get control of your financial situation. Take advantage of a free consultation by one of our bankruptcy lawyers to review your case and get a fresh start that you deserve.
You need an experienced bankruptcy lawyer when considering filing. The moment you file the bankruptcy petition you are covered by the automatic stay. Your creditors are barred from calling you or taking actions against your assets. This usually means the bill collector calls STOP, and any FORECLOSURE or even REPOSSESSION or a WAGE GARNISHMENT is stopped immediately. Not merely does filing eliminate your debt, but it may provide you time to determine what to do with your home and automobile. If filing is something you are considering, your bankruptcy lawyer in Monroe, MI at Bruce Law Firm will assist with your bankruptcy options. Our bankruptcy lawyers can assist you with the correct chapter you need to file.
Debts that are included in a Chapter 7 or Chapter 13 bankruptcy
Bankruptcy Provides a fresh start for individuals and businesses dealing with a wide array of financial problems, and it is important to know what is covered. Our lawyers can explain how the code can help you eliminate various type of debt, including, but not limited to, the following:
- Charge Card Debt — Most credit cards are unsecured; as unsecured loans, they’re dischargeable from the Bankruptcy Court. Most types of unsecured debts are dischargeable. Our lawyers can help you identify what credit card debt issues may exist in your case.
- Medical Bills — If you owed any medical debt, it is unsecured and as such it is dischargeable in bankruptcy.
- Tax Debt — Federal income taxation is qualified for a discharge in bankruptcy, provided that it meets specific standards. For example, it has to be associated with a tax return filed at least two decades back, which had a filing deadline over three decades ago, such as extensions. If the government secures a tax lien on your home before you declare bankruptcy, you might not have the ability to be given a discharge. Taxes can be a very complicated issue. Our lawyers can guide you through the special rules governing tax debt.
- Home Foreclosures — As a secured debt, a mortgage isn’t dischargeable in a Chapter 7 Bankruptcy if you don’t surrender the house. But, Chapter 13 Bankruptcy lets you catch up on overdue payments and prevent a foreclosure. We provide free consultations with our firm lawyers to discuss your home mortgage issues.
- Judgments — When a creditor’s attorney has pursued an unpaid debt and got a judgment against you, that ruling might be dischargeable from the Bankruptcy Court, mostly if the underlying debt was unsecured. Judgments based on civil torts, for example, willful torts or drunk driving, are usually not dischargeable. Obtaining a discharge is more straightforward when the judgment creditor hasn’t attached a lien to your house to satisfy the judgment. If the underlying debt is unsecured, then it might be discharged by the court. Have one of bankruptcy lawyers review any judgements that you receive.
Let our bankruptcy lawyers review your debts with a free consultation over the phone or at our Monroe, MI office.
What is the bankruptcy filing process
As you can see bankruptcy can be a very complicated process. There are many types of bankruptcy that can be filed. You want a bankruptcy attorney to help review your bankruptcy needs. Regardless of what type of bankruptcy you file the paperwork is quite similar. If you file a chapter 7 bankruptcy, then you’ll have to complete many forms and schedules, such as a schedule of your assets and liabilities, a schedules of your current income and expenses, a statement of your financial condition, and other related documents, in addition to a certificate demonstrating that you’ve gotten credit counseling and related documentation. A Chapter 13 bankruptcy requires additional forms including a Plan on how you propose to repay your creditors. Our bankruptcy lawyers can assist you in preparing and submitting the vital filings. Our bankruptcy lawyers serving Monroe MI and Downriver Detroit, Michigan are available for a free consultation to review the filing process.
Chapter 7 Bankruptcy Michigan
In a Chapter 7 Bankruptcy is what people think of when they think of bankruptcy. In a Chapter 7 bankruptcy case the debtor’s non exempt assets are sold to repay creditors in a specific settlement sequence. After those assets are sold, any remaining debts are discharged by the court. Key is to hire a MI bankruptcy lawyer that can exempt all your assets when you file. When the debtor receives their discharge the case is complete. After bankruptcy the Debtor leaves practically debt-free, prepared to generate a fresh start.
A frequent misconception is that people in a personal bankruptcy also known as a consumer bankruptcy must sell off everything before being given a discharge of debt. This isn’t so and a bankruptcy attorney can assist you in preparing your schedules. A skilled bankruptcy lawyer can help you exempt all your assets.
When you file a chapter 7 bankruptcy the Court appoints a Bankruptcy Trustee. The trustee reviews your filings. The bankruptcy code offers numerous exemptions for a lot of your property, such as specific amounts for your house, auto, jewelry, clothes, tools of this trade, household furnishings, and other requirements. It is important that you review your schedules before they are reviewed by the Trustee. Many so-called Chapter 7 bankruptcy ″ liquidations” are now no-asset bankruptcies, in which all the borrower’s qualified property is exempt, and nothing is sold in any way.
A business chapter 7 bankruptcy is very different in regards to bankruptcy exemptions and should be filed without discussing with a knowledgeable attorney. Your Monroe bankruptcy attorney can help you figure out which property, if any, will have to be offered in bankruptcy.
Some debts are generally not dischargeable. For example, student loans and federal loans, and specific tax debt aren’t generally dischargeable, and domestic relations orders like child support obligations can’t be discharged. Again, a qualified Michigan bankruptcy lawyer can assess your current debt and allow you to understand precisely what a Chapter 7 can and can not do to you.
Chapter 7 bankruptcy is attractive to clients with a large volume of unsecured debt, such as credit card debt or even health care bills. If you aren’t qualified to apply for Chapter 7 bankruptcy, or if your debt is primarily secured by property which you would like to keep, like your house, you might wish to think about filing a Chapter 13 bankruptcy. A Chapter 13 bankruptcy allows you to keep your assets in exchange for an agreement to make a series of payments.
Our Bruce Law Firm bankruptcy lawyers will meet with you and take some opportunity to understand your distinctive situation and advise you on if Chapter 7 bankruptcy or Chapter 13 bankruptcy, or possibly a non-bankruptcy alternative like debt settlement, is ideal for you. We have filed hundreds of bankruptcy cases and can assist you. Bankruptcy filings are very complicated and require specialized training to be successful. Take advantage of a free consultation to review your case.
Chapter 13 Bankruptcy Michigan
A Chapter 13 bankruptcy involves the repayment of a portion of the debt that is outstanding and a reorganization of a persons finances. It involves creating a payment plan to repay those debts within three to five years. The plan is designed in such a manner you may make the payments from your current household income. The most important part to a Chapter 13 bankruptcy case is the Chapter 13 plan. The plan provides a schedule of payments and is the heart of the Chapter 13. At the conclusion of the Chapter 13 Plan, you can be given a discharge of any remaining debt. Have one of attorneys review your bankruptcy needs.
You might wonder why you’d want to produce a three to five year repayment plan under Chapter 13 bankruptcy considering you are able to find a discharge of debt without even making payments under Chapter 7 bankruptcy. Unlike Chapter 7, Chapter 13 bankruptcy doesn’t need you to sell some of your personal property. You may have issues with the means-test that prevent you from filing the Chapter 7. Additionally, the sort of debt you’ve might not been dischargeable under Chapter 7 bankruptcy might be dischargeable in a Chapter 13. Another benefit of Chapter 13 is that it remains on your credit accounts for significantly less time than a seven does, which means it’s possible to recover from bankruptcy and rebuild your credit faster. Ultimately, Chapter 13 bankruptcy doesn’t have the revenue threshold and means evaluation condition that Chapter 7 does; therefore, it’s much easier to be eligible for Chapter 13. We have local free consultations to provide you counsel on your best options.
Among the desirable characteristics of Chapter 13 is the way it can avoid a foreclosure on your house. If you’re in default on your mortgage as you’ve missed one or more obligations, the lender could be initiating a foreclosure proceeding to kick you out of your house and market the house; also, if selling the home does not pay back the mortgage, then you might continue to be responsible for any lack of Chapter 13 permits you to catch up with these obligations you missed by rolling them to the three or pre-tax payment program. Provided that you remain current in your payments going ahead, the lender can’t foreclose.
A Chapter 13 bankruptcy payment plan is often called a “wage earner’s plan.” Chapter 13 bankruptcy is appropriate when you’ve got a stable job or another common revenue source and can devote some of your disposable income into a monthly payment program. Chapter 13 can be suitable when you’ve got considerable amounts of debt secured with collateral, such as home loans, automobile loans, or furnishings and appliances that you purchased on credit. Chapter 13 bankruptcy permits you to maintain your resources while also becoming debt-free as time passes. Along with your financial obligation, you might want to think about if one or more of these loans have been co-signed by friends or relatives. Chapter 13 can shield them from getting their property assaulted to fulfill your debt.
Every circumstance is unique. Whether you need to file Chapter 13 or Chapter 7 or consider another alternative like debt settlement law is dependent on your targets and your particular set of assets, liabilities, expenses, and income. Call our office for a phone consultation or make an office for a free consultation.
We are a debt relief agency and attorneys. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.
Additional Bankruptcy Information See Below.
Chapter 7 Bankruptcy Law
A Chapter 7 Bankruptcy is often called a liquidation or fresh start bankruptcy. A Chapter 7 bankruptcy starts with the filing of a petition with the Bankruptcy Court.
Chapter 13 Bankruptcy Law
A Chapter 13 Bankruptcy is often called a wage earners bankruptcy. A Chapter 13 allows you to repay some times a portion of your debt.
Bankruptcy Law Firm Serving Monroe, MI and Downriver Detroit
Our Monroe, MI bankruptcy lawyers can assist you today. Our main office is in Monroe, MI and serves clients all of Monroe County. We also can meet in Taylor, MI and serve the Downriver area and nearby cities. We also can provide advice on related practice areas, such as divorce and social security. Other practice areas often have an affect on your bankruptcy case. Having a lawyer that has this understanding of these related practice areas is a benefit to you. When you are thinking of filing for bankruptcy contact our firm and take advantage of a free consultation to review your case.
Free Consultation with a Monroe Bankruptcy Lawyer
As indicated we offer free consultations at our Monroe, MI office to help you come up with a plan to address your individual issues. Our lawyers help people every day file bankruptcy. We can assist you with the information and expertise our years of experience can provide.