Detroit Bankruptcy Attorney Helps You Explore Your Options
Whether you believe that you would be a good candidate for Chapter 13 bankruptcy or Chapter 7 bankruptcy – or even if you don’t know the difference between Chapter 13 and Chapter 7, if you believe that a bankruptcy may be in your future then your first call should be to a respected bankruptcy lawyer in Detroit.
It may come as a surprise to you to find out that bankruptcy is not the best path to follow for your situation. Many individuals who are having financial woes schedule free consultations with Detroit bankruptcy attorneys expecting the worst only to find out that they have much better alternatives for their financial situations other than filing for bankruptcy.
The only way to find out for sure what your best choice is to explore them all – a Detroit MI bankruptcy attorney is more than just someone who files the claims for bankruptcy, he or she will be an expert in dealing with all kinds of financial woes. Having a meeting with someone who has such expertise can really put your mind at ease regarding the state of your financial situation – when you hear the words directly from an experienced and well respected Detroit bankruptcy attorney that you have better options to explore it will feel like the weight of the world has been raised off of your shoulders.
In many cases your attorney will be able to direct you to other professionals that can help you with your situation in the event that filing for bankruptcy isn’t your best option. They may even be able to provide you the contact information of non-profit agencies that can help you alleviate your financial burden – saving you a great deal of money in the process and improving your credit score without having to wait the customary five or so years that it typically takes for a bankruptcy to run its course. If it’s evident right at the outset of your initial consultation, you could possibly get enough information to assist you on your way to better finances without even being charged (or being charged very little), which would get you back on the path to better finances even faster than you could have dreamed.
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Detroit MI Bankruptcy Lawyer Explains the Pros and Cons of Bankruptcy
Will I get to keep my stuff? – This is the first question that comes to most people’s minds when the thought of bankruptcy gets brought up. Some people go so far as to sign over cars, vacations homes and other expensive items to their family and friends in order to try and hide them from the government – your Detroit bankruptcy attorney will be the first person to tell you that this isn’t the wisest decision.
The truth of the matter is that whether or not you get to keep the majority of your possessions or not depends on the type of bankruptcy that you are filing. You can discuss the alternatives with your Detroit bankruptcy lawyer and together determine which kind of bankruptcy is right for your situation.
Under Chapter 7 bankruptcy (liquidation), the majority of your possessions will be auctioned off in an effort to repay the bulk of your debt to your creditors. Under Chapter 13 (restructure), you will keep the majority of, or maybe even all of your possessions and you will pay one lump sum of money per month to your trustee who will divide and redistribute these funds to your creditors in order to satisfy your debt over a period of years.
Your Detroit MI bankruptcy lawyer will be able to explain all of the pros and cons of each kind of bankruptcy for your particular situation and make a strong recommendation for one over the other. You probably shouldn’t fight your Detroit bankruptcy attorney on this point, because his or her vast experience will direct you down the best course to restoring your financial status. You may not want to heed their suggestion, but going through any kind of bankruptcy is going to be a tough situation so you will be best served by filing for the type that will aide you the most in your given situation.
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Detroit MI Bankruptcy Lawyer Takes the Scare out of Bankruptcy
Bankruptcy isn’t something that should be taken lightly. Filing to have your debt absolved or restructured is very serious and there are now laws in place to make sure that the process is taken seriously. A bankruptcy lawyer in Detroit can help you make the right choices and steer you through the process of filing for bankruptcy, but doing what it takes to not have to go through it again is up to you.
If you feel that it’s necessary to your financial future to file for bankruptcy and a good Detroit bankruptcy attorney agrees, then the preliminary meeting will help to get the ball rolling on whichever type of bankruptcy would suit your particular situation best. Once the paperwork gets filed with your local bankruptcy office and a trustee gets appointed, your Detroit MI bankruptcy attorney will be able to walk you through just about every step of the case as it unfolds.
As your bankruptcy case draws to a close you’ll be required to attend and satisfactorily complete credit counseling. This is meant to be the first step in truly having a grasp of getting your finances back in order (and keeping them that way) once your debt is discharged and you have got a fresh start.
At this point in the proceedings you’ll most likely no longer have the guidance of your bankruptcy lawyer and you’ll have to use the knowledge that you gained in your credit counseling, along with a heavy dose of common sense, to keep your finances in order. It is at this point that you should try to establish a solid budget for your family to stick to (and actually follow it) and begin to take the necessary steps to get your credit rating back up to par. Necessary steps to improve your credit rating could mean applying for new (most likely small limit and high interest) credit cards, using them and making on time payments; continuing to make on time payments of your rent or mortgage and of loans; taking out a little loan from your bank and making the payments – all this will slowly begin to return your credit score to where it needs to be in order to be able to attain larger loans, be eligible for better jobs and to be able to get credit cards with higher balances and lower interest rates in the future.
Bankruptcy is a frightening endeavor, but the right Detroit MI bankruptcy attorney will be able to help you get through it unscathed and have you back on track to a secure financial future.
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