A Chapter 7 – or straight bankruptcy – is a process where all of unsecured debt (credit cards and medical bills) are discharged. In a Chapter 7, you get to exempt or keep equity – your house, your car, your personal property and up to $1,000,000.00 in your 401k or other retirement account. A Chapter 13 – wage earner’s reorganization – consists of a plan where you pay back your debt over the course of 3 to 5 years. Your plan is carried out under court supervision (the trustee) and your property is protected from your creditors. At the end of the case you receive a discharge from personal liabilities on most debts, other than those that you have reaffirmed – like your home mortgage.
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I am behind on everything and I just don’t know what to do – what should I do?
If you came in to my office today and said that you were behind on your house payments and that your house was about to be foreclosed, that you were behind with your auto loans so the repo man was looking for your automobile, and they were thinking about garnishing your wages, and you had $15 or $20,000 in delinquent credit card bills or medical bills, I will say: NO PROBLEM. I CAN HANDLE THAT! All you need is some source of income: a job, a retirement check, or some money that comes in and takes care of your living expenses – food, utilities, books for the kids at school, and living expenses. Then after you pay your living expenses, you have a little money…
How fast can you start with my bankruptcy in Michigan?
Well, that’s easy. Call my 24 hours answering service right now (day or night) at (877) 233-9389 or file out the Contact Information on the Home page of this web site. I will be in touch with on the next business day. So if you call on Saturday or Sunday, I will be in touch with you on Monday.
I have read your blog posts, so now what do I do?
The first step is to come in my office for your free consultation. At that time, I will carefully review and analyze your situation. I will provide a thorough explanation of the law so that you can make an informed decision about whether you need to file a Chapter 7 or a Chapter 13 bankruptcy in Michigan. Call my 24 hour toll free number at (877) 233-9389 or fill out the contact information on my home page. I will get in touch with you that day.
What’s the difference between Chapter 7 and Chapter 13?
Chapter 7 is know as straight bankruptcy and Chapter 13 is known as bill reorganization or bill consolidation. Chapter 13 is an option if you fall behind and you feel like you are slowly sinking deeper into debt. Chapter 13 is an excellent opportunity for you to reorganize all of your bills into one low monthly payment. Now I’m not talking about a loan. I’m telling you a law which requires your creditors to take less money monthly over a longer period of time. It is a powerful law because it carries the weight of the U.S. Federal Government behind it. It is powerful. And because it is the Federal Government, large corporations, banks, finance companies, credit card companies, skip tracers, repo men, and collectors…
What happens to my credit score if I file for Bankruptcy in Michigan?
Well, if your are considering filing for bankruptcy, chance are that your credit report probably doesn’t look too good to begin with. Filing for bankruptcy will stop the aging process of your defaulted accounts. In other words, those things that are 2 months or 3 months or 4 months behind will never get any older than that. And that is going to look good for you. If they are real old, well you might as well get rid of them and start fresh with a straight bankruptcy if you can. But we’re going to explain that to you. The thing that I want you to remember is that filing bankruptcy stops the aging process, and that is important, because when the aging process stops, the…