Work With Commerce, Michigan Bankruptcy Law Attorneys

Babi Legal Group PLLC is a Michigan law firm that assists individuals and businesses with bankruptcy, commercial debt collection, and more in Commerce, MI.

File For Bankruptcy and Start Fresh

 

If you’re feeling hopeless about your debt, you’re not alone. Many Americans struggle to keep up with the demands of creditors. What starts off as a missed payment quickly escalates into a significantly worse situation. You may begin to incur late fees and your creditors will start hounding you for payment.

Filing bankruptcy in Michigan offers a way for you to relieve your debt. We can help you reorganize your finances and start debt-free living. It may seem daunting to file for bankruptcy but keep in mind, that it only exists to help you, not punish you.

Work with local bankruptcy lawyers in Commerce familiar with Michigan bankruptcy laws and state regulations to best assist you. Get in touch with us today.

 

Who Can Apply For Bankruptcy?

 

Michigan bankruptcy laws don’t require debtors to have a minimum debt to be eligible to apply for bankruptcy, meaning anyone can apply. We are here to help guide you through it.

Whether you should apply for bankruptcy depends on the details of your individual case as well as: 

  • Whether you can repay your debts without filing for bankruptcy 
  • If your creditors are willing to work out a deal with you
  • Whether filing for bankruptcy in Michigan will clear your debt

Choosing The Right Type of Bankruptcy

Your income and assets will determine the bankruptcy chapter you file. If you’re thinking about filing bankruptcy, speak to a qualified bankruptcy attorney in Michigan for guidance on which type of bankruptcy is right for your financial situation. 

Chapter 7 Bankruptcy

 

Also known as liquidation bankruptcy, Chapter 7 is the most common type of bankruptcy. As soon as your bankruptcy case is filed, you will be protected from all creditors and lawsuits. Under this chapter, you must surrender your non-exempt property which will be sold and its funds will be used to pay your creditors. After the property has been sold, the remainder of your debt will be waived. Michigan offers extensive exemptions, so it is likely that you will be able to keep your important assets, like your car and home.

Chapter 7 Bankruptcy

 

Also known as liquidation bankruptcy, Chapter 7 is the most common type of bankruptcy. As soon as your bankruptcy case is filed, you will be protected from all creditors and lawsuits. Under this chapter, you must surrender your non-exempt property which will be sold and its funds will be used to pay your creditors. After the property has been sold, the remainder of your debt will be waived. Michigan offers extensive exemptions, so it is likely that you will be able to keep your important assets, like your car and home.

Chapter 11 Bankruptcy

 

The most complex of all bankruptcy chapters, Chapter 11 involves the reorganization of a debtor’s affairs, debts, and assets. It gives the debtor a fresh start to restructure their debts. The terms are usually subject to the debtor’s fulfillment of obligations under the reorganization plan. It is also the most expensive type of bankruptcy and is only an option after careful analysis of all possible alternatives. 

Chapter 13 Bankruptcy

 

With Chapter 13, you’ll work with a bankruptcy trustee and your creditors to create a payment plan you can financially handle. Your bankruptcy trustee will create a financial plan that will give you enough for living expenses and payments on secured debts like mortgages or auto loans, but all leftover funds will be paid to your creditors. After a few years of regular payments, your remaining debts are usually forgiven. 

Chapter 13 Bankruptcy

 

With Chapter 13, you’ll work with a bankruptcy trustee and your creditors to create a payment plan you can financially handle. Your bankruptcy trustee will create a financial plan that will give you enough for living expenses and payments on secured debts like mortgages or auto loans, but all leftover funds will be paid to your creditors. After a few years of regular payments, your remaining debts are usually forgiven. 

See what others In Farmington Hills, MI have to say about Babi Legaks Services.

Corwin C.

Attorney Babi is the VERY BEST in his profession! His professionalism and ability to produce extraordinary results are by far second to none! He has been there for me after each divorce and has been the launch pad for restoring my life!

 

 

How Much Can I Save By Filing For Bankruptcy?

t varies from case to case depending on the current amount owed, your assets, and more. To find out exactly what is applicable to your unique situation, give our bankruptcy attorneys in Michigan a call and we can help guide you. 

Get A Free Bankruptcy Consultation in Commerce, MI Today

 

Work with our experienced bankruptcy lawyers familiar with Michigan bankruptcy laws to help you understand your options so you can make the best decision possible. Get in touch with us and we’ll be happy to go over your bankruptcy options confidentially.

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