Detroit Bankruptcy Lawyer
Benefits of Bankruptcy
Many people considering bankruptcy ask the question "what will bankruptcy do for my financial situation?" The answer will vary substantially depending on a person's particular financial circumstances, such as the amount of debt they possess, the type of debt they possess, their income, and the type of bankruptcy they are considering filing for. In general, the bankruptcy process serves to free a person from their overwhelming debt, allowing them to obtain a financial fresh start and gradually return to a healthy credit rating. It can also help prevent:
- Harassment from creditors
- Repossession of property
- Home foreclosure
- Lawsuits
- Wage garnishment
The two types of bankruptcy most commonly employed by individuals are Chapter 7 and Chapter 13. Chapter 7 is designed to do away with the majority of a person's unsecured debt. The individual filing will have the option of surrendering the bulk of the items/property they still owe money on. Eligibility for Chapter 7 depends on the successful completion of a means test. Chapter 13 allows a person to reorganize their debts and thereby reduce their payments. Typically, the person is put on a payment plan that lasts for three to five years. If you require further information on bankruptcy in order to make an informed decision in your case, contact a knowledgeable Detroit bankruptcy lawyer today.
Bankruptcy Attorney in Detroit
The attorneys at The Cartwright Law Firm work diligently to provide effective bankruptcy help to individuals in Detroit, Southfield, and Pontiac. We utilize a personalized approach to each client's case - when you contact our offices, you will not meet with a paralegal, but with an actual attorney who will help you devise a bankruptcy strategy that best serves your specific circumstances. We are available to assist you in all areas related to bankruptcy, including answering bankruptcy questions, dispelling bankruptcy myths, filing for chapter 7, or chapter 13, stopping creditor harassment, filing bankruptcy, help with foreclosure or loan modification, explaining the means test, and life after bankruptcy. With our help, there will be an increased likelihood that you will successfully complete your bankruptcy proceedings and return to a debt free life.
If you are experiencing financial difficulty, contact a Detroit bankruptcy attorney who can help you determine if bankruptcy is the right choice for you.