There is a lot of information that you really need to have about bankruptcy to fully understand it. In simple terms, the bankruptcy laws were created so that good people don’t have to suffer through their entire life. Good people like you have the opportunity to get a fresh start. And that’s what bankruptcy does – it gives you a fresh start. Here at the Bay Area Bankruptcy Clinic, we educate you so that you can make an informed decision about your financial future and the financial security of both you and your family. Here at the Clinic we hold family values much higher than the values of the greedy credit card vultures. When you come to our office, we explain all of your options…
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Will I ever get a credit card again if I file for Chapter 7 Bankruptcy in Michigan?
People think, “Gee, I’m not going to get a credit card.” Not true again. We will give you a list of banks where you can go open up a savings account and they will hold that savings account as collateral and they will give you a Visa or a MasterCard. That is called a secured Visa or MasterCard, and that is where you start. You make your car payment. You make your Visa payment. Now you can cash checks. After one year of established credit conventional lenders – that’s banks and savings and loans – will consider you for a house loan. After four years FHA – that’s the Federal Government – will consider you for a low interest house loan, and that is basically…
Will I ever be able to buy a car again if I file for bankruptcy in Michigan?
Some people ask “What about a car? I’m not going to be able to get a car.” Well, that’s not true either. You seen, when you do a bankruptcy, you get rid of all of your debts. So know, you are an excellent credit risk to the car dealer, and it gives him the opportunity to maybe charge you a little bit more interest and ask you for a little bit more money down, but he knows you are not going to do a bankruptcy again for quite some time.
Will I ever be able to by a home again if I file for bankruptcy in Michigan?
A lot of people come in to the office and say, “Gee, my mom and dad told me that if I did a straight bankruptcy, I’d never be able to buy a home again.” Well that isn’t true. There are thousands and thousands of FHA and VA assumable loans. You will have to save up a little bit of cash, but you can buy property again almost immediately.
Would you like to stop a wage garnishment, a foreclosure, or protect your checking account from a judgment?
Many of the ads that you read talk about getting rid of debt, indicating straight bankruptcy. Let’s talk about the difference between bankruptcies. Chapter 7, straight bankruptcy, and Chapter 13, also referred to as bill consolidation. Did you know that many people do straight bankruptcy Chapter 7 and keep their home, car, furniture, and cash in the bank? Well, they do. It’s a law and it is their right. Straight bankruptcy or Chapter 7 allows you to get rid of debts, bills, and financial obligations and keep almost everything you own through what is known as exemption allowances. An exemption allowance is a dollar value determined by law which is assigned to different classes of property – for example – an individual debtor gets a…
What are some common mistakes to avoid before I file for bankruptcy in Michigan?
Here is a list of common bankruptcy mistakes to avoid before you file for bankruptcy in Michigan: 1. Do not attempt to hide information or assets from your attorney. You have to open and honest with me so that I can give good legal advice and counsel. Your failure to properly disclose required information could result in a denial of your discharge, fines and other criminal penalties including jail time. 2. Do not use your credit cards after you have decided to file for bankruptcy. It is illegal for you to incur debt that you do not intend to repay. Your creditor may object to those charges being discharged – in which case – you will be responsible for repaying those charges. 3. Do not…
Under what circumstances can a confirmed Chapter 13 bankruptcy plan be modified?
A confirmed Chapter 13 bankruptcy plan can be modified in the following instances: Decrease/increase in income; Interruption of income; Change in marital/dependent status; Unexpected medical expenses; Unexpected home or auto repair expenses; Refinance of a mortgage; Mortgage loan modification; Purchase or lease of a vehicle; Missed plan payment; Need to keep income tax refunds; Purchase of a home; Claims filed are higher than scheduled; Step payment increase and inability to make that increase; and/or Surrender of secured home or vehicle included in the plan. If you have any questions about Bankruptcy in Michigan, call Attorney Mike Shovan with the Bay Area Bankruptcy Clinic at (877) 233-9389. Michael J Shovan PLC is a debt relief agency and we help people file for bankruptcy under the laws…