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Is bankruptcy the right decision for me?
There are many options to resolve your debt; some include bankruptcy and others do not. If you are curious about whether or not bankruptcy would work for you then you should research all of your options. Detroit Bankruptcy Law will provide you with a free in-depth consultation with one of our experienced attorneys who has helped thousands of others just like you. You have nothing to lose by scheduling your consultation to find out if it’s the right option for you.
Who will know if I file?
Most of the time, it will only be your creditors and whoever you decide to tell that will know that you filed for bankruptcy. Bankruptcy is a matter of public record, but the amount of people filing is large. This means that if someone isn’t looking specifically for you, then they likely won’t know that you’ve filed.
How do I choose a bankruptcy lawyer?
You want to make sure that you choose the right lawyer when it comes to resolving financial debts. The bankruptcy process is complex, and you will want an attorney who specializes in bankruptcy. Someone who is experienced in the laws and procedures. We are board certified bankruptcy specialists and we have successfully represented thousands of individuals and companies in bankruptcy.
Do you need a bankruptcy attorney in Detroit?
The Detroit Bankruptcy Law team understands how frustrating and overwhelming situations can become when you’re facing bankruptcy. We understand that you are searching for answers. We are ready to answer those questions and protect your rights through bankruptcy. You can rest assured that you have placed yourself in good hands; with years of experience and quality legal counsel we will provide you with a favorable outcome. We have provided you with a list of frequently asked bankruptcy questions. If you need more information, please don’t hesitate to call us and work with a Detroit Bankruptcy lawyer as soon as possible.
Who can file for bankruptcy?
According to the United States Bankruptcy Code, just about anyone can file. It is still important to hire an attorney, because they will know what the exceptions are, and which chapter you may be limited to file under.
Will filing for bankruptcy protection help me?
Yes, it will. The first thing filing will do is immediately stop all collection efforts by creditors. It will stop phone calls, current lawsuits, wage garnishments and even bank levies. Chapter 7 will eliminate most of your debts, if not all of them forever. Chapter 13 will allow you time to consolidate your debts and allow you to pay back every dollar.
What is the most common myth about bankruptcy?
The most common bankruptcy myth is that you will lose everything. This just simply isn’t the case. Most of our clients are able to keep everything they own throughout the entire process. Beware of basing your decisions off large amounts of misinformation that you can find on the internet these days – it can be quite dangerous. Call us today to schedule a free consultation and learn the truth of it all. If you work with a bankruptcy expert, the process can be much easier than you think.
Should my spouse file with me?
In many cases, filing together would make the most sense and provide you with the best outcome. You can file separately though. It is best to discuss your options with your attorney though to be certain which option will provide the best option.
What debts can’t be discharged?
Secured debts cannot be discharged by filing bankruptcy. These debts include child or spousal support, some student loans, most taxes, and federal loans.
What are the different types of bankruptcy?
There are two very common types of bankruptcy that individuals file, Chapter 7 and Chapter 13. Chapter 7 is commonly known as the “fresh start” chapter, because that’s its main purpose – to provide people with a fresh start. This is the most common type of bankruptcy that is filed. It gets rid of most, if not all, of the filer’s unsecured debts. Chapter 13 bankruptcy is an option that creates a 3 to 5-year repayment plan that is commonly filed when an individual doesn’t qualify for Chapter 7. It would benefit you greatly to consult with an experienced attorney to decide whether you should file for Chapter 7 or Chapter 13 bankruptcy. Once we meet, we can explain all of your options to you, because everyone’s situations are different.
Are there things I should avoid doing before filing for bankruptcy?
If you are considering filing for bankruptcy, the first thing you should do is stop using your credit cards, don’t repay debts to family or friends, don’t transfer assets out of your name and don’t file on your own. It is important to seek legal advice as soon as possible, because bankruptcy attorneys can help guide you and show you how to avoid mistakes that many people make before they file.
What are my ‘non-bankruptcy’ options?
There are many options outside of filing for bankruptcy to resolve debt. These options include debt consolidation, negotiating debt, and finding relief under state and federal consumer protection statutes. Each of these options have their pros and cons. During your free consultation we carefully consider your situation to make sure that there are non-bankruptcy options that will better address your situation.
Should I use a credit repair company?
Speaking with one of our bankruptcy attorneys first is always recommended. Bankruptcy may be the best option for you in your situation.
Will filing for bankruptcy cost me my job?
Not even close. The Federal Bankruptcy Code states that “no private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title.”
Will I lose my home or car?
Not in every case. Many times, bankruptcy has saved homes from going into foreclosure. Chapter 13 provides more protection from foreclosure than many other options, but Chapter 7 can potentially save you from losing your car and your home.
Will creditor harassment stop of I file for bankruptcy?
Absolutely. Filing for bankruptcy will stop creditors and collectors from being able to attempt collection. Automatic stay is established on all your accounts once you file, this means that creditors and collectors must cease all collection attempts.
Will my credit score be damaged?
If you’re looking into filing for bankruptcy, your credit score is likely already damaged. However, in most cases, your credit score will improve after filing. Your score may be lowered initially, and your credit report may reflect the bankruptcy case for a few years. You can begin to rebuild your credit almost immediately after filing though. Our attorneys can help you gain a better understanding of your current credit situation.
What debts will be discharged?
Depending on which chapter have filed, your debts may be able to be discharged either automatically or in the future. Non-secured debts like credit card, medical, or specific loan types may be able to be discharged.