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Filing for bankruptcy is a big decision, but for most people, it can be the first step towards financial freedom. You could bring those collection calls to a halt and stop worrying about having a portion of your paycheck garnished by your creditors.
With the help of a Detroit bankruptcy lawyer, you could get the fresh start you deserve. Reach out to a dedicated bankruptcy attorney today to discuss your options.
There are multiple different chapters under the U.S. Bankruptcy Code, each with different purposes. Some types of bankruptcies are primarily for farmers and fishermen, while others apply only to corporate entities. For most consumers, the two most commonly-used types of bankruptcies are known as Chapter 7 and Chapter 13.
Both of these options have some things in common, including the potential for discharging some of your debts and gaining a fresh financial start. However, there are also important differences to be aware of.
Chapter 7 is known as liquidation bankruptcy. It gets this name from the potential for a trustee to sell your assets to satisfy your debts—at least in theory. The reality is that few people ever have to give up their possessions during the bankruptcy process thanks to a number of exemptions. This type of bankruptcy usually concludes in around six months, making it an ideal option for someone with little to no assets.
Chapter 13 does not conclude so quickly. In fact, it can take between three and five years for this process to conclude. Chapter 13 is used by individuals who have too many assets to qualify for Chapter 7. During this process, you are required to make a plan and provide a monthly payment that is shared among your creditors. After the plan is complete, you can then discharge your remaining debts. A Detroit bankruptcy attorney can help you determine which option is best for you.
Filing for bankruptcy can feel overwhelming, but it also provides powerful legal protections. Some of the benefits that come with relying on our Detroit bankruptcy attorneys include the following:
The moment you file for bankruptcy, an automatic stay goes into effect. This court order stops most collection actions, including phone calls, wage garnishments, repossessions, lawsuits, and foreclosure proceedings. It gives you immediate breathing room and prevents creditors from taking further action without court approval.
In Chapter 7, most unsecured debts, like your credit card balances, are completely wiped out. In Chapter 13, you repay a portion of your debt through a structured plan, and the remaining eligible debts are discharged at the end. This fresh start can be life-changing for those drowning in obligations they can’t repay.
Ohio and federal laws provide exemptions that protect certain assets during bankruptcy, such as your primary residence, personal vehicle, retirement accounts, and essential household goods. Chapter 13 also allows you to keep valuable property by catching up on past-due payments over time.
Although bankruptcy initially lowers your credit score, it also wipes out old debt, giving you the chance to rebuild. Many people begin improving their credit within months of filing by making on-time payments and using secured credit products.
You may not be obligated to hire an attorney to guide you through this process, but handling a bankruptcy on your own can be a major mistake. Let our Detroit bankruptcy lawyers answer your questions and assist you with navigating the system.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
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