Experienced Bankruptcy Lawyer in Southfield, MI

Compassionate Bankruptcy Attorney Helping Clients Understand Their Debt Relief Options

Are you feeling beaten down by unsecured debts, afraid to face the creditors you owe, and in desperate need of a fresh financial start? Oakland County residents and those in the Detroit area are encouraged to seek legal advice from experienced attorneys familiar with the bankruptcy process and other debt relief options.

Our law firm provides years of combined experience to help clients with their legal needs as they consider bankruptcy court a means to get out of financial turmoil. Our legal team serves individuals and businesses interested in securing a better financial future.

The decision to start the bankruptcy process should not be taken lightly. Depending on the type of bankruptcy or repayment plan you select, your assets could be in danger of creditors seizing them. However, our Southfield bankruptcy attorneys can help provide legal advice to debtors that can take into consideration your unique circumstances, legal goals, and more. To learn more about our legal services and how we can help you get a fresh start financially, please contact our Southfield law firm to schedule your free initial consultation today.

Is Filing for Bankruptcy Right for You?

Those facing overwhelming debts often feel stressed and cornered, believing that there are no options available to them for getting out of debt. However, though it is not for everyone, filing for bankruptcy can provide financial relief to overwhelmed debtors.

Bankruptcy is a powerful method that can provide a fresh financial start to debtors seeking to regain control of their financial futures. Factors to consider when deciding whether bankruptcy is the right option for you and your dependents may include the amount of unsecured debts you owe, your ability to pay off those debts, your income and expenses, the impact that bankruptcy could have on your personal assets and property, and your long term goals for your financial future.

Our legal team is well-versed in bankruptcy law and proudly serves Southfield residents interested in the bankruptcy process. We believe in providing uniquely tailored legal services to match your personal goals and needs. Not every potential client who comes to our law offices is a suitable fit for filing for bankruptcy. However, we would have to determine that in a case evaluation. To discuss your bankruptcy case in more detail, please contact us to schedule your free consultation today.

What Are the Pros and Cons of Filing for Bankruptcy in Southfield, MI?

There are both upsides and downsides to filing for bankruptcy. While you will be able to minimize large debts and potentially get a fresh start financially, certain types of bankruptcy have long-term consequences that you need to be aware of.

Chapter 7 bankruptcy provides debtors with a fresh financial start by waiving unsecured debts such as hospital bills, credit card debts, and more. Chapter 13 bankruptcy, on the other hand, allows debtors the opportunity to reorganize and gradually repay their debts.

While bankruptcy has several benefits, it could potentially leave a negative impact on your credit score for several years, making it more difficult to secure loans in the future. Additionally, certain assets could be lost if you file for bankruptcy.

What is the Bankruptcy Process?

Bankruptcy filings can be complicated and overwhelming, especially if you elect to proceed without legal guidance. Our Southfield law firm offers skilled legal representation to prospective new clients with bankruptcy cases who are interested in understanding their legal options.

The first step of the bankruptcy process involves our lawyers evaluating your bankruptcy case and determining whether filing for bankruptcy is right for you. We will also explore alternatives to bankruptcy so that you may feel confident in your decision on how to proceed.

If you elect to proceed with a bankruptcy filing, your attorneys will help gather the necessary documentation and paperwork needed to properly file a bankruptcy petition. Upon filing, bankruptcy courts enact an automatic stay, which puts an immediate halt to creditor collection calls, wage garnishments, and foreclosure proceedings.

As the bankruptcy case proceeds, you will be required to attend a meeting with your creditors. They will have the opportunity to ask you questions about your financial status.

If successful in your bankruptcy case, your debt will be discharged, eliminating your legal obligations to repay certain debts.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy provides debtors with an opportunity to legally eliminate certain unsecured debts. Examples of debts that you may be able to eliminate include medical bills, personal loans, surrendered mortgages, utility bills, credit cards, and wage garnishments.

In order to qualify for Chapter 7 bankruptcy, you must fall within a certain income range based on the size of your household. To learn more, please contact us to schedule your free case review today.

What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy is the most common type of bankruptcy for businesses in Michigan. This type of bankruptcy allows a business to reorganize and restructure their debts. Business owners who file for Chapter 11 bankruptcy may be able to reduce their business-related debt obligations, allowing them time to restructure operations and pay back what they owe.

Chapter 11 may also be for individuals with secured debt obligations that exceed $1 million.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a court-supervised debt consolidation plan designed to provide repayment terms and court protections of your assets to help debtors consolidate, prioritize, and reduce their debts. This type of bankruptcy provides debtors with reasonable repayment plans and allows them to improve or safeguard their credit while also providing court protections from creditors.

In Michigan, chapter 13 bankruptcy requires that you make a well-intended effort to repay your debts over a 36 to 60-month time period. Any unsecured debts that are not paid off after this time window has expired could be legally eliminated or discharged.

What Are Alternative Debt Relief Options?

Declaring bankruptcy is not your only option for getting rid of overwhelming debts.

Debt consolidation is a financial strategy for debtors hoping to pay off their debt obligations. This strategy does not forgive any of your debts; rather, it allows you to trade it all in for one new loan, often with more favorable terms.

You may also try renegotiating your debts with your creditors, potentially by asking for better payment terms or lower interest rates.

Another strategy to consider is a debt settlement. This involves working out a deal with your creditors to pay off your debts and a lump sum for less than what you actually owe.

How Do Foreclosures Work in Michigan?

The foreclosure process begins when one of the following events occurs: either back property taxes are owed on the home, which could initiate a tax sale, or mortgage payments between the homeowner and their lender become delinquent.

Foreclosure is the process by which lenders attempt to recover the amount owed on defaulted loans by taking ownership of and then selling off mortgaged property.

It is possible to stop a home foreclosure with the help of experienced attorneys. For legal assistance during this difficult time, please contact our law firm to schedule your free, no-obligation case evaluation today.

Schedule Your Free Initial Consultation with Experienced Bankruptcy Attorneys in Southfield, Michigan, Today

Our bankruptcy law firm helps clients with a number of legal matters relating to debts, including insolvency issues, foreclosures, repayment plans, and more. We understand that, for many of our clients, there is a negative association with bankruptcy or owing any amount of outstanding debt. We believe in providing respectful legal services to clients in need, because we know that ending up in debt is often not your fault and something that can be very difficult to get out of.

To discuss your bankruptcy case in more detail and determine what type of debt relief options suit your legal needs, please contact us to schedule your free case review today. Our legal team would be proud to represent your interests in bankruptcy court as you pursue a fresh financial start in the future.

Please get in touch with us at 248-671-6794.