What is Bankruptcy?

Bankruptcy forgives debt.  It forgives most debt, including credit cards, medical debt, and most judgments.

In exchange for that forgiveness, you must provide a complete, open, and honest disclosure of your assets, debts, and recent financial transactions.

Bankruptcy does not mean you will lose all of your property, or your home or vehicle; in most cases, individuals filing bankruptcy lose no property at all.

Many bankruptcies occur because of a major life altering event such as job loss, divorce, or illness. You should be considering filing bankruptcy if any of the following apply:

  • Your debts are beyond your ability to pay.
  • Your wages or accounts are being garnished.
  • You live in fear of creditor calls and lawsuits.
  • You are at risk of, or recently had, a foreclosure or repossession.
  • You have considered or are using debt settlement.

Bankruptcy can stop foreclosures, garnishments, and sometimes return taken property, but only if you act fast. The sooner you act, the easier it is to protect your assets.

Contact us for a consultation with a Michigan bankruptcy attorney.

But... Do I Need An Attorney?

Some consumers attempt to represent themselves in a bankruptcy proceeding, or hire a low cost petition preparation service. Beware, as the bankruptcy code is complicated.  Some mistakes – even when made in good faith – can result in wasted time and money, liquidated property, or failing to obtain a discharge of your debts.

If retained as your bankruptcy attorney, we represent you through the complexities of the bankruptcy process.  Our representation usually includes:

  • advising you on the legal ramifications of bankruptcy and the alternatives;
  • counseling you on which chapter is appropriate and what exemptions you may claim;
  • explaining your rights regarding reaffirmation, redemption, and surrender of property;
  • preparing the bankruptcy petition, repayment plan, or other necessary documents for filing;
  • arranging the proper counseling courses and trustee documents;
  • advocating on your behalf to the trustee and creditors; and
  • enforce you rights under the automatic stay and eventual discharge order.

Before any attorney-client relationship is formed, we will enter into a written agreement detailing the scope of my representation.

The following short video is produced by the Administrative Office of the United States Courts and provides additional valuable information: