The Necessity of Bankruptcy
Chapter 7 bankruptcy can eliminate most debts, including credit card debt, bank loans, medical bills, pay-day loans, and old utility bills.
The Benefits of Bankruptcy
Bankruptcy can provide a fresh start by eliminating the legal requirement to pay debts and stopping creditors from harassing you.
The Intricacies of Bankruptcy
Bankruptcy law protects you and many of your possessions. At Adler Law Firm PLLC, we will help you understand all the ways the law protects you.
The Process of Bankruptcy
Bankruptcy Questions Everyone wonders About:
How can filing for bankruptcy help me?
Bankruptcy can help to do the following:
- Eliminate the legal obligation to pay most or even all of your debts
- Stop the foreclosure of your home and allow you to catch up on missed mortgage payments
- Stop wage garnishments (which is when a court orders that your employer divert a portion of your paycheck to the creditor or person to whom you owe money)
- Stop debt collection harassment
- Stop repossession of a car, home, and other property (in some situations, the creditor can be forced to return property even after it has been repossessed)
How can bankruptcy help with garnishments?
– When you file a bankruptcy case, an injunction (court order) called the automatic stay goes into effect. The stay prohibits most creditors from taking or continuing actions to collect debts, including preventing or stopping a garnishment and erasing out the underlying debt.
– Once the creditor knows of the bankruptcy, the garnishment must stop—even if the employer hasn’t received a notification from the court. Allowing the garnishment would violate the automatic stay.
– Funds garnished by creditors from your paycheck, bank account, or State of
Michigan tax refund must generally be returned to you if you file within 90 days of the garnishment.
– The bottom line is that filing a bankruptcy will stop a garnishment from
continuing or from ever occurring. But, if you actually want to get garnished funds back after they have already been taken, time is of the essence and hiring an experienced bankruptcy lawyer is crucial!
Which debts are not discharged through bankruptcy?
Some debts that are non-dischargeable include domestic support obligations (debts for spousal or child support, alimony or maintenance), most government-funded or guaranteed educational loans (student loans) or benefit overpayments, court fines, debts for personal injury caused by a debtor’s operation of a motor vehicle while intoxicated, debts for certain condominium or cooperative housing fees, and most taxes, just to name a few.
How long does the bankruptcy process take?
Chapter 7 bankruptcies take about three months from the date of the filing to the date you receive your discharge. Chapter 13 bankruptcies typically take three to five years from start to finish. In more cases, Chapter 13 bankruptcies aren’t time-sensitive and you should therefore only file bankruptcy if you are convinced that it is the right choice for you. However, in some situations, it may be necessary to move quickly — as in the case of filing for bankruptcy in order to stop a house foreclosure auction.
How much debt do you currently have?
Your Bankruptcy Attorney in Detroit, MI
When it comes to financial trouble, choosing a bankruptcy lawyer with the knowledge and experience necessary to make a difference in your future is the first step on a road to positive change.
At our Michigan Bankruptcy Law Firm, Adler Law Firm PLLC, we understand that filing for bankruptcy can be a very stressful and daunting experience for you. That’s why we try to make filing for bankruptcy as easy and quick as possible at a very affordable rate. You can be sure that as soon as you speak with our bankruptcy lawyer, you will know that you are in good hands and you can put that stress behind you for good. Filing for bankruptcy can give you the fresh start that you need.
When you choose to work with Adler Law firm PLLC, you will be represented by an experienced and competent Detroit bankruptcy attorney who will hold your hand throughout the entire process, from filling out the initial bankruptcy filing to representing you in the Eastern District Bankruptcy Court. From start to finish, you will work with a partner from our team. We are dependable, equipped, and highly qualified.
What is bankruptcy?
Simply put, bankruptcy provides the opportunity to relinquish the shackles of debt while treating creditors in a fair manner. Once complete, the person filing for bankruptcy will in a sense be offered a “fresh start.” Generally, bankruptcy comes in two forms: liquidation or reorganization, which are dealt with using either Chapter 7 or Chapter 13 bankruptcy. Speak to your bankruptcy attorney in Michigan to find out which is best for you.
Chapter 7 bankruptcy (liquidation) – In exchange for wiping out qualifying debt, in chapter 7 bankruptcy you must agree that the trustee can take and liquidate (sell) property to pay back the debt.
Chapter 13 bankruptcy (reorganization) – Usually for higher-income earning individuals, Chapter 13 bankruptcy reorganizes debt. This means that you can keep all of your property, but you must pay creditors the value of any nonexempt assets as part of a three-five-year Chapter 13 payment plan.
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Affordable Bankruptcy Attorney in Southfield, MI
Adler Law Firm PLLC Started off as a Vision. It’s incredibly difficult to keep one’s finances in check and thankfully, we have a law system in place to allow for people to restart the clock and begin fresh again with a clear mind and determined heart to gain financial freedom.
Mr. Adler noticed that it can be difficult to find a competent Detroit bankruptcy attorney for an affordable rate. Clients don’t just want a bankruptcy lawyer who will fill out their forms and hope for the best. People want a lawyer who will walk them through the process and explain, in detail, what will happen and when. Finding an affordable bankruptcy lawyer who will give you the time of day is NOT easy. Therefore, Mr. Adler started Adler Law Firm PLLC in Southfield, MI to help people in need find a cheap bankruptcy attorney, while not sacrificing on quality.