Bankruptcy Lawyer Flint Michigan
Flint Michigan Chapter 7 Bankruptcy Attorney Lawyer Martin Lievois
1. What happens to my Personal Property? You may file a bankruptcy and retain all of your personal belongings, including your house, your car and household goods. If you owe more on your car than the car is worth, the bankruptcy court will not sell your car, because after sale there would be no money left over to make distribution to your creditors. The same goes for your home and personal property. You may be more at risk of losing property if you don't file bankruptcy, as creditors can sue you and attach your bank accounts, garnish your wages and attach and seize your property
2. When will creditors stop calling? Immediately. As soon as you come into our office, we will give you a client record number and you will then refer all future creditor calls to your bankruptcy attorney. No more credit card payments and no more harassment immediately upon retaining and attorney with our office.
3. I am married do we have to file jointly? If all or most of the debts are in your name only, your spouse may not have to file. Creditors cannot pursue a non-filing spouse. the bankruptcy should not be reflected on the non-filing spouse's credit report. the law does vary, however, from state to state so make sure you ask a Michigan bankruptcy lawyer about whether or not your spouse has to file.
4.Will my personal bankruptcy be public record? The only parties that receive notice of the bankruptcy are your creditors, the bankruptcy court and the IRS. Generally, the bankruptcy will have no effect whatsoever on your taxes. Your employer will not be notified of the bankruptcy unless your employer is also a creditor. The bankruptcy is public record, so anyone who wants to find out could do so.
5. Can I rent or lease a residence? Yes, There were over 1 million bankruptcies filed in the United States last year alone. Common sense will tell you that these people are not all living on the street. If you are presently renting a home or apartment, usually your present landlord will renew your lease without running an updated credit report, an will have no knowledge that you are even filed a bankruptcy. If you are applying for a new lease, there could be some slight difficulties that can easily be overcome.
6. How do I know when to file and what chapter? Are you calling because you are being sued? If you are sued and you own a home, we strongly urge you to speak with a legal professional immediately about filing a bankruptcy. A bankruptcy will stop a lawsuit immediately and prevent your creditors from placing a lien on your home or garnishment on your hard earned wages. Is your home being foreclosed or is your car about to be repossessed? If it is, very often bankruptcy may prevent the foreclosure action or repossession from proceeding an allow you to consolidate your mortgage arrears or automobile balance and make payments on those debts over time through a payment plan designed by us with your help. If your house is being foreclosed or your car is about to be repossessed Chapter 13 is your option to save your house and your car. Do credit cards or medical bills have you so deep in the debt that it is hard for your to save for the future? If you are only paying the minimum payment on the credit card bills from month to month (generally from tow to three percent of the outstanding balance), and the interest rats is only 15%, you will take about 20 years to pay off a $10,000 debt. Do you really want to be in the same financial situation in twenty years? Chapter 7 Bankruptcy can provide you with a fresh start that you are entitled to under the law and get you out of debt now. Ask yourself, Where do I want to be in 5 years?
7. I feel embarrassed about filing should I be? Everyone is entitled to a fresh start. many times, events occur in people's lives that cannot be expected. You may have a sudden loss of income, a family medical catastrophe, a work injury, or any one of numerous other difficulties that would have been almost impossible for which to plan. Most of the people that we represent are good people who have encountered unfortunate circumstances and just want to get a fresh start. We understand that for most of our clients bankruptcy is the last resort. Many of our clients have a very difficult time determining if personal bankruptcy is the right decision for them. You must ask yourself: Are you paying your creditors instead of saving for your children's education or your retirement? When is the last time you took a vacation? We believe that is very important for an attorney to provide both bankruptcy and non-bankruptcy alternatives. We believe in giving you our honest opinion as to what will put you in the best possible financial condition now and into your future. The client always come first. We give you the choice. It is your decision.
8. How do I choose a Michigan Bankruptcy Lawyer? When considering filing a personal bankruptcy, you want to be advised by someone who is familiar and experienced with all of the "ins and outs" of bankruptcy law. Especially when you own a home or car or have other assets that you are trying to protect, you do not want your advice from an attorney who knows a little bit about many different areas of law, but be educated by someone who is qualified.
9. I have student loans or tax debts? Any Michigan Bankruptcy Attorney must have a sophisticated understanding of bankruptcy law to deal with student loans and tax debts. Until October 1998 , student loans were discharged through Chapter 7 bankruptcy if the first payment on the loan became due more than seven years prior to the date of filing. In October of 1998, President Clinton signed a new law into effect that disqualified all student loans from discharge. Michigan Bankruptcy can still help you obtain relief from your student loan debts through the use of Chapter 13 bankruptcy. Under Chapter 13 bankruptcy, our attorneys can consolidate your student loan debt. along with any other outstanding bills, and arrange an interest free repayment plan, so that you do not have to suffer through the burden of garnishments, harassment and other collection efforts by student loan agencies. We may even be able to reduce the amount paid to the student loan agency during the course of your Chapter 13 bankruptcy so that your consolidation payment is as low as possible. If you would like to find out more about how Michigan Bankruptcy can ease the burden of student loan debts through the use of Chapter 13, fill out the form at the bottom of the page or simply give us a call. Tax debts are generally discharged only if you file bankruptcy more than two years after filing a truthful tax return. Of course, there are general rules an you should speak with us, we will perform a detailed analysis of these issues.
10. How long does it take to raise my credit score? Although bankruptcy my legally be reported to your credit report for up to 10 years, you can begin to reestablish your credit immediately. Remember that "credit" is your ability to borrow money. Lenders consider many factors while determining whether to loan you money, but most importantly, they consider your debt-to-income ratio. You are probably visiting this site because you already have more outstanding debt than most, if not all of your debts, therefore reducing your debt-to-income ratio, potentially improving your ability to borrow money in the future. Some financial institutions actively solicit business from people who have filed. Lenders are in business to make money by lending you money and charging you interest. lenders know than once you have filed, you will not be able to file again for 8 years. Many of our clients have purchased cars immediately upon receiving their discharge orders. Many lenders have programs that provide for post-bankruptcy borrows to obtain home financing within a year or two after a discharge. Many of our clients even receive solicitations fro unsecured credit cards immediately upon receiving their discharge. Michigan Bankruptcy Lawyers just want to advise you to be careful not get back into the credit card "trap". Contact us today for a Free Consultation we are here to serve you and answer all your questions. Call or simply fill out the form below.
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Bankruptcy Lawyer Flint Michigan specializes in Bankruptcy Law in Flint Michigan and Surrounding Areas.
