Bankruptcy Attorney Detroit
Thinking about declaring bankruptcy? Then you’ll want to consult with a bankruptcy attorney in Detroit before you make any decisions. You are probably feeling overwhelmed with bills, creditors, harassment calls, repossession and even foreclosure. But bankruptcy is a big decision and you want to make sure you have the correct facts. It’s important that you initially review all alternatives available with a Detroit personal bankruptcy attorney. There are many choices to be explored during your initial consultation with a bankruptcy lawyer about whether personal bankruptcy is right for you. A skilled bankruptcy attorney will layout all of the advantages and disadvantages of both a Chapter 7 and a Chapter 13 bankruptcy filings and determine which one is best suited to your current financial situation
Chapter 7: What To Expect
The two main options for most personal bankruptcies are Chapter 7 and Chapter 13. Under a Chapter 7 bankruptcy filing you may have to liquidate some assets but you are not involved in any type of long term installment payback plan. However you are protected under the law and you do not have to sell off all of your property. You are able to maintain some personal assets under bankruptcy exemptions to be able to get a fresh start with a modicum amount of financial stability. Your attorney will be able to guide you on what personal assets are exempt from the process.
During the Chapter 7 process your bankruptcy lawyer will handle the filing, completing required declaration of assets and paperwork while also negotiating with the various creditors and financial institutions to satisfy as much debt as possible from the bankruptcy liquidation.
Now a Chapter 7 bankruptcy might not be appropriate for your financial situation. In some cases your attorney may advise you to file under Chapter 13 proceedings.
Chapter 13: What’s Involved
Under a Chapter 13 bankruptcy or debt restructuring your attorney will negotiate a repayment schedule with the various financial institutions and creditors. This plan with stop all of the calls, harassment, collections, repossessions and foreclosure while still working with a payment plan that you can afford on a monthly basis. A skilled bankruptcy attorney will work with your lenders to create a strategy that is budget-friendly enough to satisfy any kind of budget plan. This will also stop creditors from future harassment once the plan is in place.
Creditors often look at Chapter 13 filings as the lesser of two evils since they are getting paid back even though at a reduced rate amount over a period of time. A Chapter 13 bankruptcy is similar to a Chapter 7 in that your bankruptcy attorney will handle all of the forms, filings and proceedings.
The repayment time frame under a Chapter 13 personal bankruptcy is usually 3 to 5 years. This plan is set under the oversight of the Judge hearing the bankruptcy proceeding. He reviews the collected financial documentation illustrating how much a person earns and exactly how much would be a sensible monthly payment. The judge’s main goal is to strike an appropriate balance that allows for a reasonable repayment of the debt that does not cause undue financial distress..
Can I Get Rid Of All Of My Debts
Not all debts are able to be reduced or liquidated through bankruptcy. It is important that during your initial consultation with your bankruptcy attorney you declare all debt and income. This will allow the attorney to let you know exactly what is and is not covered under personal bankruptcy debt relief. This knowledge will allow the attorney to recommend the best course of action and for you to properly plan your finances going forward to get a fresh start.
Chapter 7 and also Chapter 13, both require a trustee. The Trustee is designated to oversee the execution of the bankruptcy either through the liquidation of personal property or repayments under the Chapter 13 schedule. One advantage of hiring an experiences and qualified bankruptcy attorney is their oversight in securing a trustee that is competent and professional in processing claims.
As you can see if you are considering filing for personal bankruptcy in Detroit it can be a very involved process. And you should never take chances when your financial future is on the line. So in order to ensure you get the fresh start that a bankruptcy can provide, it is imperative that you consult with a qualified Detroit bankruptcy attorney