Need to File for Bankruptcy?

Get bankruptcy help: Find a debt lawyer for bankruptcy in Novi, MI

Bankruptcy is a difficult topic to discuss and often misunderstood. Bankruptcy is not a quick fix for your financial woes; it’s a process that takes time and effort. Bankruptcy can help you eliminate all or part of your debt, but sometimes it might be best to try other avenues first. Bankruptcy shouldn’t always be your go-to option – instead, bankruptcy should only be used in extreme cases as the last resort when nothing else has worked. At Babi Legal Group we will explore the benefits of bankruptcy so you know what options are available to you!

The benefits of bankruptcy in Novi, MI

Bankruptcy is the legal process overseen by federal bankruptcy courts to handle cases involving people or businesses who are unable to repay their outstanding debts in full, either because they don’t have enough assets (or income) available – or due primarily to poor financial management.

Bankruptcy laws are complicated and you must speak with an attorney so that you know what rights are afforded to you under Michigan law before making this decision. Bankruptcy might not be best suited for everyone; however, it can offer relief when those burdened with excessive debt cannot wait years.

How long does bankruptcy stay on your credit report?

The bankruptcy public record, which can stay on a credit report for the next seven or 10 years depending on your chapter of filing, will disappear from the page. Chapter 13 bankruptcies are deleted after 7-years and not with any repayment of debt given to creditors; while Chapter 7’s have their records expunged in just ten short years because there is no return whatsoever.

What are the advantages of filing bankruptcy?

When you’re struggling to keep up with your bills, filing for bankruptcy can provide an automatic stay against creditors. This means that those pesky people trying to collect from you won’t be able to touch any of the money in your bank account or take anything off of a credit card until they are first cleared by the court. Dischargeable debts mean if there is no other way out and going bankrupt seems like its best option then having them owed erased will help lighten some weight on top of all this stress-it’ll feel good knowing what was weighing strongly down on me has finally been lifted! Bankruptcy exemptions might allow one more opportunity at keeping their property when deciding between selling everything before running into debt trouble again–or even being able to keep their home. Bankruptcy is a life-saving legal process for the struggling Michigan resident and business owner alike!

What is chapter 12 bankruptcy?

Chapter 12 is designed for “family farmers” and “family fishermen” with regular annual income. It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under Chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years. Generally, the plan must provide for payments over three years unless the court approves a longer time limit when appropriate under the circumstances of the case. Bankruptcy attorneys will usually advise clients to purchase a “debt consolidation” loan at the onset of Chapter 12 proceedings, to avoid incurring more debt over the three- to five-year period.

What is bankruptcy fraud?

Bankruptcy fraud occurs when a person files bankruptcy to deliberately avoid paying all or a portion of their debts. Bankruptcy fraud is punishable by fines and imprisonment for up to five years. Bankruptcy fraud is a federal crime that can result in serious consequences for the convicted party.

How do I get a copy of my bankruptcy discharge letter?

You get it from the Bankruptcy Clerk’s Office in Bankruptcy Court, and they’ll mail it to you.  Bankruptcy Court is a federal court that oversees bankruptcy cases. Bankruptcy courts are located in many cities throughout the United States and hearings are conducted by specially designated judges, so you can be close to home if necessary.  Bankruptcy judges hear bankruptcy cases and will issue final decisions on all matters that come before them during these proceedings. Bankruptcy clerks are also court officials who provide administrative support for the operation of the Bankruptcy Court.

What is Chapter 13 Bankruptcy?

Chapter 13 Bankrupts is designed to allow individuals with regular income, but a significant amount of debt they cannot repay through their monthly installments, an opportunity to take back control over their finances by proposing a repayment plan directly with creditors. Under Chapter 13 Bankruptcy law, individual filers propose how much they can afford in each month’s payment – typically somewhere between twenty-five and thirty percent (25%-30%)  more than the minimum required by statute – which then becomes the new monthly payment to the Bankruptcy Trustee.

What are some of the benefits of filing Chapter 13 Bankruptcy?

Some people choose this option because they can keep their home and car, or pay off credit card debt for five years. It also offers individuals the chance to catch up on missed mortgage payments without losing their homes. Bankruptcy law offers a fresh start to many individuals and businesses who are struggling financially due to medical bills, job loss, or other financial hardships.

Can I keep my home?

You may be able to keep your home if you can pay the mortgage payments through Chapter 13 Bankruptcy proceedings for five years while making small improvements at the same time. It’s an option that is available only under certain circumstances such as when it has been three years since you missed any mortgage payment and there have not been any significant changes in your assets during this period.  Bankruptcy laws require homeowners to seek out assistance from appropriate experts before filing bankruptcy so they know what their options are concerning repayment arrangements with creditors.

What happens after I file Bankruptcy?

After you file Bankruptcy, a court-appointed trustee is appointed to oversee the bankruptcy process. This person may be an attorney or other individual who has been authorized by the Bankrupts Court and tasked with reviewing all of your financial documents in detail. The Trustee will divide your property amongst the creditors according to their respective interests as determined under Bankruptcy law. Generally, smaller debts are paid off first before larger ones. You must understand this process so you know what steps must take place for your case to conclude successfully and how it can help change your life for the better in many ways.

What should I do if I’m struggling financially?

First, speak with a qualified lawyer at Babi Legal Group about filing a Bankruptcy case. Bankruptcy law is a complex process and it may be wise to consult with an expert so that you can have the most helpful information possible for your Bankruptcy proceedings to go smoothly. Bankruptcies are governed by federal bankruptcy laws, which vary from state to state but typically require individuals to meet certain criteria before filing Chapter 13 of these proceedings. For example, debtors must have regular income or salaries as well as enough money each month to make repayments above the minimum required by statute. Anyone who feels they’re eligible for this type of relief must speak with their legal representative first before taking any steps toward filing Chapter 13 Bankruptcy. Contact us today, we are happy to help you be on your way again!