Filing a Personal Bankruptcy is a financial decision based on your amount of debt, your income, your assets, and your present ability to repay debts. It should be a last resort after you have explored other options. If you have explored those options but realize that you will never be able to pay all of your creditors, you may be a candidate for Bankruptcy.
When the expected time period for the repayment of creditors, in full, exceeds the time it would take to rebuild credit, bankruptcy should be given serious consideration. A good bankruptcy attorney or lawyer could help out with this process. We have been helping Michigan residents file personal Bankruptcy for over 10 years. Instead of struggling with minimum payments for months or years and ending up in the same place you are today, you can use that time to rebuild credit and save money for the future.
If you are in a situation in which you have accumulated more debt than you will be able to repay in the foreseeable future, then you probably will benefit greatly from filing bankruptcy and taking a debt-free fresh start.
By filing bankruptcy with qualified attorneys, you give yourself a chance to rebuild and re-establish credit and staying in line with the law. Many people get too caught up in worrying about how they’re going to incur future debt, when the focus should be on the best way to deal with the debt they have now.
We are a debt relief agency that provides bankruptcy assistance. If you need relief from debt, the best thing you can do is call us as soon as possible at 313-962-4656 or toll free at 888-4Walter or 888-777-FILE in order to set up an appointment. There is no charge for the first office interview and evening appointments are available. We normally recommend that you come in as soon as possible so that your rights can be secured without delay. Many people postpone or put off consultation with a qualified specialist only to make major blunders such as borrowing more money to pay off debts. It is best to have the free consultation instead of waiting to see us as a last resort. When you come to see us, we look at your budget (income and expenses) and analyze the debts involved and advise what course of action to take. Walter Metzen is a Board Certified Specialist in Consumer Bankruptcy Law by the American Board of Certification and specializes in Chapter 13 payment plans and Chapter 7 straight bankruptcy.
Chapter 13 works well for employed persons who can make some type of payment. Chapter 7 is also available for cases where a payment plan is not feasible or appropriate. We will recommend the best action for your case.
With Chapter 13, the payment plan is usually a LOT LESS than what one is paying without the help Chapter 13 offers! We can usually consolidate all debts at a payment that is affordable, and nothing will be lost or given up. The home, car and belongings are protected by the filing of Chapter 13. Also there is automatic protection from creditors upon filing. This means that harassment stops, no one can garnish wages, take property, repossess the car or truck, foreclose on the home, etc. But one needs to file a case in order to get the automatic protection.
On completion of the Chapter 13 plan debts are wiped out, paid, discharged, etc. Chapter 13 can usually pay off debts much more quickly because in most cases the interest and penalties are stopped on your charge and loan accounts. Payment amounts are generally reduced. When you visit us, we can explain how it applies to you, but the relief usually is very dramatic.
In most cases, you do not need to bring money to get your case started. This is true for most Chapter 13 cases since attorney fees are included in the payment. The payment is set based on your budget....your ability to pay. That is why we need to go over your income and expenses in detail. Our office is unique in that we have a computer program which calculates your budget of income and expenses while you watch it on the monitor. You can see the income and expenses broken down as we type it in, and see just where your money goes each month. This enables us to calculate how much you can afford to pay toward your debts very quickly, while you watch us. You just need to know how much you make in a typical week, and how much you spend on house payments, rent, utilities, insurance, groceries, gasoline, etc. House payments and rent are generally not included in the chapter 13 plan unless you are behind. If your mortgage is past due, a chapter 13 can help catch it up and stop a foreclosure from occurring if the case is filed on time. Car payments are usually included in the chapter 13 plan and the car is paid off as part of the plan. Generally, no one can repossess or seize your car or other property once your chapter 13 is filed. Your wages, earnings, bank accounts, and personal property are protected by the Chapter 13 "automatic stay" against creditors.
Chapter 7 is "straight bankruptcy" and discharges most debts without making payments and is appropriate when you cannot afford a payment plan under Chapter 13 or when your circumstances do not warrant a payment plan. The relief under Chapter 7 is very dramatic since the debtor receives an "automatic stay" against creditors.
There is no payment plan under Chapter 7 bankruptcy. Most debts are discharged. We can discuss which chapter is best for you.
Information to Bring to the First Interview:
When you meet with us, bring as many of your pay-stubs for a typical work week or biweekly pay period from the past 2 months that you can locate....and if you are married, your spouse should come also, if possible. Sometimes we file for just one spouse, but usually both spouses are on the debts and both need protection . Bring us ALL debts....the NAMES, ADDRESSES, ACCOUNT NUMBERS AND APPROXIMATE BALANCES of EVERY creditor to whom money is owed, if you have a recent credit report bring it, if not, we can get it upon payment of your initial retainer fee. These debts would include car payment and house payment information, and all bills, charge accounts, debts, lawsuits, collection letters, etc. We need the balances owed on all your debts as best as you can estimate them. Exact amounts are not important; approximate amounts are sufficient. We also need to know how much you have earned for the year to date and the prior 2 calendar years. We also need to know the value of your property so bring in a tax statement showing Equalized Value or appraisals on any real estate you own. It is also necessary to list the name and address of your spouse if you are married and your spouse is not filing with you. Information must also include the name and address of anyone on debts with you such as cosigners or guarantors of your debts. If you have cosigned for someone else, or someone has cosigned for you, their name, address and the name and address of the creditor need to be included in the information we prepare.
These contents are general and should not be relied on as legal advice for your case. Every case is different. That is why you should speak to us about your situation as soon as possible. The sooner we can help, the better we can do, usually. There are some deadlines that are important, like foreclosure dates, repossession auctions, etc. If one waits too long, the property is lost for good. It is much easier for us to protect what you have, than to try to get it back for you once it is seized by a creditor! So it is best to consult quickly. Also, the longer one waits, the more interest and late charges are added to balances. Chapter 13 can stop interest and late charges on most debts, so, again, delay generally is not good.
We are conveniently located in Suite 3156 of the Penobscot Building, 645 Griswold Street, Detroit Michigan 48226.