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Gary S Jensen

Gary S Jensen (367.31 Miles)

484 Bournemouth Cir
Grosse Pointe Farms, MI 48236-281

Bankruptcy Lawyer
Sajid Khan

Sajid Khan (368.49 Miles)

12 East Third Street
Monroe, MI 48161-125

Bankruptcy Lawyer
(734) 240-5050
Donald C. Jr Wheaton

Donald C. Jr Wheaton (368.85 Miles)

P.O. Box 806265
Saint Clair Shores, MI 48080:

Debt Lawyer
Peter A Jackson

Peter A Jackson (369.11 Miles)

500 Woodward Ave., Suite 3500
Detroit, MI 48226

Bankruptcy Lawyer
(313) 965-8359
Richard A Sundquist

Richard A Sundquist (369.11 Miles)

500 Woodward Ave., Suite 3500
Detroit, MI 48226

Bankruptcy Lawyer
(313) 965-8227
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Guide to Finding Bankruptcy Lawyer in Michigan

Filing for bankruptcy is often a tempting option for people overwhelmed by credit card debt, student loans, facing foreclosure on their mortgages or dealing with other financial problems. Michigan lawyers specializing in bankruptcy law can help you through this highly technical process, which differ not just from state to state but area to area. Here is a brief primer on how to plan your bankruptcy.

What should I consider filing for bankruptcy?

Many different kinds of debt may prompt you to consider bankruptcy. Before taking action, homeowners should consider filing for mortagage relief. If you are facing foreclosure, it is possible to halt the process without filing for bankruptcy. If you can afford to, consult the services of bankruptcy lawyers in Michigan.

What are the different kinds of bankruptcy processes?

All bankruptcy cases are conducted under federal laws initially enacted in 1978. There are six different kinds of bankruptcy. Most homeowners will either file a Chapter 7 request to be absolved of all debts or a Chapter 13 request to arrange a payment plan for part of all of your debts. Chapter 7 applies to people who have little or no assets to use for payment, while Chapter 13 applies to those who are capable of paying at least part of their debt. A MI lawyer can help you figure out which procedure is the best step to take.

Where do I file for bankruptcy?

There are 90 bankruptcy districts across the United States. Depending on where you live, you will be filing with either the state’s Eastern or Western District Bankruptcy court. Both courts have different local laws and procedures. Bankruptcy lawyers in Michigan can help to make you sure you comply with all federal, state and local guidelines,

Do I need a lawyer to file for bankruptcy?

It is not mandatory to have a attorney to file for bankruptcy. As in many states, there are public documents that can help guide those who cannot afford representation with instructions on how to file for themselves in “pro se” cases. However, the complexity and technical detail of bankruptcy cases make it advisable to retain the services of a MI lawyer to make sure all forms and procedures are completed correctly. If you cannot afford legal counsel, you may be able to find pro bono representation.

What state laws may apply in addition to federal guidelines?

Every state has different additional laws to guide the bankruptcy process. When filing, it is important to decide which property exemptions to seek. Under MI law, you can use either federal guidelines or state laws to decide what assets to exempt from confiscation. State laws offer exemptions for houses up to a certain value, food and fuel lasting six months, farm equipment and anywhere from 40 to 60 percent of your income. Bankruptcy lawyers in Michigan specializing in such cases can help you decide which exemptions to apply for.

How does the bankruptcy process begin?

Before filing, you must figure out whether you are eligible for Chapter 7 bankruptcy using a “means test.” Different parts of the state have different forms online that can help you figure out if you qualify. You must then file a petition along with all relevent paperwork. The courts have no margin of error, so it is advisable to start researching what MI lawyers have experience with bankruptcy cases at this time if you can afford their services.

Filing for bankruptcy temporarily stops foreclosure and temporarily halts collection processes. Your or your Michigan lawyer may use this time to continue negotiating with banks or lenders. However, you run the risk of your bank asking for this “automatic stop” to be lifted so that they can continue the foreclosure process.

Once you have filed, you will meet your creditors under the supervision of a court-appointed bankruptcy trustee. At this time, you may be asked questions about your assets and ability to pay, and your paperwork will be scrutinized to make sure you have completed all forms and procedures correctly. A Michigan lawyer can help you present your best case.

What can Michigan lawyers do during a Chapter 7 bankruptcy filing?

Since a Chapter 7 bankruptcy is designed to help those incapable paying your debts, your attorney’s job will be to negotiate the sale of your non-exempt assets. The rest of your debts will be written off by the court in a process known as a “discharge.” The process should take no more than a few months to complete, after which it is illegal for creditors to ask for further payment on debts that have been dismissed. Your MI lawyer will also negotiate which of your debts are not covered by bankruptcy, such as past-due child support payments.

What can a lawyer do during a Chapter 13 bankruptcy filing?

Debtors applying for Chapter 13 bankruptcy are agreeing to pay off part or all of their debts over a period ranging from three to five years. Bankruptcy lawyers in MI can help best determine which of your assets are exempt, how much you have to pay, your installment plan and other details. When you have completed an agreed-upon payment plan, you will receive a discharge from the court.

Can I file for bankruptcy more than once?

You can file for bankruptcy multiple times, but you must wait anywhere from 180 days to 8 years before doing so again. Try to avoid such an outcome by sticking to the terms of settlement and rebuilding your credit.

What questions should I ask of bankruptcy attorneys in Michigan?

Determining whether to apply for mortgage relief or to try for Chapter 7 or 13 bankruptcy is a complicated process. When consulting any Michigan lawyers, be honest about the state of your finances and ask them which step they would recommend for financial restructuring. Ask carefully about their strategies and experience in the field. Filing for bankruptcy is one way to get a fresh financial start, but it requires careful planning from you and your attorney to make sure you can avoid repeating such a difficult process.

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