bankruptcy process

5 ‘must-haves’ to finding a bankruptcy lawyer

Key takeaways

  • When seeking a lawyer to guide you through the bankruptcy process, it is crucial to choose a specialist in bankruptcy law.

  • Opt for a bankruptcy attorney with local expertise, well-versed in both bankruptcy laws and the specific procedures of the local court where your case will be filed.

  • Choose a bankruptcy attorney who provides personalized service, listens to your specific case details and makes you feel comfortable.

  • Avoid ‘bankruptcy mills’ and non-attorney petition preparers and prioritize a lawyer who understands your situation.

If you are considering filing for bankruptcy, your best bet for a successful outcome is to choose a good bankruptcy lawyer. Although it is possible to file for bankruptcy on your own without hiring an attorney, it is not advisable to do so. Obtaining the help of a specialist who is experienced and can offer expertise in both federal and local law is essential, as they will be able to provide you with personalized service for your case and provide the comfort and familiarity needed to get through this challenging process.

1. Look for a specialist

Lawyers practice in multiple areas and your best bet would be to go with someone who specializes in bankruptcy

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December 1, 2023 by ATTORNEY

What is Chapter 7 bankruptcy?

Filing Chapter 7 bankruptcy is a serious financial decision for individuals who have large amounts of debt they likely won’t ever be able to repay. 

Though filing for Chapter 7 ultimately gives you a fresh financial start by eliminating debt, it may come with serious consequences, including negatively impacting your long-term personal credit health and the loss of valued personal possessions.

What is Chapter 7 bankruptcy? 

Chapter 7 bankruptcy is liquidation bankruptcy that will discharge most of your unsecured debts. 

“Among other actions, a bankruptcy court will issue a temporary stay on collection activities, so collectors will stop calling and wage garnishments will cease,” said Derek Jacques, bankruptcy attorney with The Mitten Law Firm in Southgate, MI.

Types of collection activities that may be halted temporarily include evictions, garnishments and repossessions.

“With Chapter 7, the court will take ownership of your assets, and assign a trustee to oversee the proceedings,” Jacques said. “The trustee will review your finances, debts, income, and assets.”

The court may sell non-exempt property to help pay back your creditors and also run a meeting between you and your creditors where you’ll answer questions about your filing. 

Certain types of debts can be discharged In Chapter

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November 23, 2023 by ATTORNEY

Bankruptcy Unveiled: Demystifying the Process and Exploring the Road to Financial Resurgence

Bankruptcy is a legal process that can help individuals and businesses struggling with overwhelming debt to regain control of their finances.

While the word “bankruptcy” often carries negative connotations, it is essential to understand that it is not the end of the road, but rather a fresh start towards financial resurgence. In this article, we will demystify the bankruptcy process, shedding light on its different types, procedures, and the road to financial recovery.

Understanding Bankruptcy: A Fresh Start

Bankruptcy, at its core, is a legal mechanism designed to provide debtors with a fresh financial start when they are unable to repay their debts. It offers protection and relief from creditors, allowing individuals and businesses to reorganize their finances or obtain debt discharge, depending on the bankruptcy chapter they file under.

Chapter 7 Bankruptcy: Liquidation and Debt Discharge

Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” involves the sale of non-exempt assets to repay creditors. However, it’s important to note that not all assets are subject to liquidation, as certain exemptions are in place to protect necessary items like a primary residence, personal belongings, and retirement accounts. Once the liquidation process is complete, eligible debts are typically discharged,

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August 11, 2023 by ATTORNEY

Bankruptcy Lawyer: Everything You Need to Know

If you find yourself needing to file for bankruptcy, you’ll need an advocate to guide you through this complex process. This is where a bankruptcy lawyer comes in. Filing for bankruptcy is a way for individuals to obtain protection from creditors and can provide relief from some or all of a person’s debt obligations. 

Chapter 7 vs. Chapter 13: What’s the difference?

There are two main types of bankruptcy filings: Chapter 7 and Chapter 13. Chapter 7 involves the discharge of most unsecured debts such as credit cards, medical debt and personal loans by the court. Debt such as student loans, alimony and child support as well as tax debt will not be discharged under Chapter 7. This type of filing is often called a “second chance” as it can provide relief from these unsecured debts providing an opportunity to restructure your financial situation.      

Chapter 13 generally involves a reorganization of your debts in a fashion that will allow you to repay them and get current. There is generally a 3-5 year time limit on the reorganized payments and debtors can usually work it out to keep their primary residence. 

In either case, the rules can be very complex, there

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February 11, 2023 by ATTORNEY

Chapter 7 Bankruptcy: What to Expect & How Bankruptcy Works | Business

Filing for bankruptcy is never an easy choice.

But sometimes, it can feel like the only way to escape the vice grip of debt and move on with life.

Most personal bankruptcy filers will turn to a Chapter 7 bankruptcy, which offers almost total debt forgiveness and a quick discharge time.

But before you can get a fresh start from a Chapter 7 bankruptcy, you should know the basics — and what to expect from the bankruptcy process.

What Is Chapter 7 Bankruptcy?

In researching your options, you’ll find there are two common types of bankruptcy for individuals and couples: Chapter 7 and Chapter 13. While similar in many ways, they differ in some big areas.

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is a bankruptcy by which individuals or couples who are deemed to not have a high enough income to pay back debts can absolve themselves through liquidating their assets. You can include both secured debts and unsecured debts.

If the liquidation doesn’t cover the entire debt, then the remaining balance is typically forgiven.

Chapter 13 bankruptcy, also known as “wage-earner bankruptcy,” is for those whose income or other qualifiers make them ineligible

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October 28, 2022 by ATTORNEY
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