24300 Southfield Road, Suite 210, Southfield, Michigan 48075
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Location

24300 Southfield Road, Suite 210,
Southfield, Michigan 48075

Is Bankruptcy the Right Choice for You?

  March 30th, 2020

If you are feeling cautious about filing for bankruptcy, you are not alone. Many individuals incorrectly believe that bankruptcy automatically ruins their credit and will result in the loss of all of their belongings and valuable property. In fact, bankruptcy may allow individuals to keep their home, car, bank account, tools, furniture and more while also helping to stabilize and rebuild their credit.

The banking and lending industries may not want consumers to know this, and for a simple reason: filing for bankruptcy is one of the most effective methods of eliminating debt. When individuals fail to make timely payments, the debt collectors come calling. A debt-related lawsuit may follow soon after, and then wage garnishment, and even repossession.

The longer you wait to explore your options and pursue an effective course of action, the more financial trouble you may end up facing. It’s your hard-earned money—do not let collection agencies take it away. Take steps to protect your future. If you are struggling with financial burdens in Detroit or elsewhere in Michigan, our bankruptcy attorney is here to help.

Am I eligible for bankruptcy?

Almost certainly. There are different kinds of bankruptcy for different situations. You may be eligible for more than one kind, so consulting with our attorneys will be a good first step:

Chapter 7

This is the most common kind of bankruptcy used by people in Detroit areas. It’s usually called a “liquidation” bankruptcy.

Chapter 12

This is used by farmers.

Chapter 11

This is usually used by businesses to reorganize their finances, though individuals can file Chapter 11 in limited circumstances.

Chapter 13

This is another kind of bankruptcy for individuals. You pay back more of your debt with this type of bankruptcy, but you also keep more of your assets.

 

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