Work With The Best When Filing For Bankruptcy in Michigan

If you need help filing for bankruptcy in Farmington Hills, MI, Babi Legal Group PLLC can help. We are a Michigan-based law firm that assists individuals and businesses with bankruptcy, commercial debt collection, and more.

Your Debt-Free Future Starts Today

 

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 near you in Farmington Hills who are already 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 Farmington Hills, MI 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, speak to the best bankruptcy attorneys in Farmington Hills, Michigan for guidance on which type of bankruptcy is right for your financial situation. 

Chapter 7 Bankruptcy

 

Also known as liquidation, Chapter 7 bankruptcy in Michigan is the most common. 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, Chapter 7 bankruptcy in Michigan is the most common. 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 should only be an option after careful consideration of all other alternatives.

 

Chapter 13 Bankruptcy

 

With Chapter 13 bankruptcy in Michigan, you’ll work with a trustee as well as 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, while all leftover funds will be paid to your creditors. After a few years of regular payments, your remaining debts will be forgiven.

Chapter 13 Bankruptcy

 

With Chapter 13 bankruptcy in Michigan, you’ll work with a trustee as well as 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, while all leftover funds will be paid to your creditors. After a few years of regular payments, your remaining debts will be forgiven.

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

Lesya S.

I recommend Melvin and his group to anyone in need of special care like myself. I needed someone professional, knowledgeable, and kind to explain and lay out the options of financial management to me and take care of me throughout the entire process of working with him. Very responsive and always available to help Mel will have your back at the entire time of your case.

 

How Much Can I Save By Filing For Bankruptcy?

It varies from case to case depending on the current amount owed, your assets, and more. To find out exactly what applies to your unique situation, give our bankruptcy attorneys in Farmington Hills, MI a call.

 

Get A Free Bankruptcy Consultation in Michigan Today

 

Work with our expert bankruptcy lawyers to help you better understand your financial situation 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.

9 + 5 =