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Overview of the Bankruptcy Process

Guiding Debtors Through Chapter 7 & Chapter 13 Bankruptcies

Deciding whether or not to file for bankruptcy can difficult. You may be unsure of whether it is the right option for you, or you may be confused about the entire process. A dedicated Detroit bankruptcy lawyer at our law firm can answer all of your questions regarding bankruptcy, the process, your debts, and advise you on the best course of action for your particular situation. We strive to provide efficient, effective, and affordable debt relief solutions to our clients. The Cartwright Law Firm is an established bankruptcy law office that provides professional and caring legal assistance to individuals in Detroit, Southfield and Pontiac.

Step 1: Analyzing Your Debts

An attorney will look at many aspects of your finances, including types of debt, the amount of money you owe and to whom, if you are facing foreclosure or other legal actions, if you are paying for daily expenses using credit cards, or you are borrowing money from friends and family to pay bills. After thoroughly discussing your money problems with a legal professional, we can help you decide on which bankruptcy is right for your financial future.

Step 2: Determining Bankruptcy Eligibility

If you chose to file for bankruptcy, we will administer the means test to determine if you qualify for Chapter 7, the liquidation of non-exempt assets to pay creditors. If you do not meet the requirements for Chapter 7, we will assist you with a Chapter 13 filing, which is the restructuring of payment plans to creditors.

Step 3: Credit Counseling

Before your petition is filed, you will need to receive credit counseling from a government-approved organization. Credit management classes are typically conducted by phone or over the Internet for a nominal fee.

Step 4: Submitting Your Bankruptcy Petition

Our firm will help prepare your bankruptcy petition, which includes compiling documentation such as:

  • Sources of income and amount
  • Assets and property
  • Debts and financial liabilities
  • Creditor and lender contact information

Step 5 Automatic Stay

The moment you file your bankruptcy petition, all debt collection actions should cease. This means that creditors are not allowed to contact you during this time, the foreclosure process stops, and repossession is halted. If a creditor is continuing to harass you for payment, you can talk to an attorney about taking legal action.

Step 6: Meeting with Creditors

You will be required to attend a mandatory meeting of creditors, also known as a 341 hearing. The meeting will be led by your bankruptcy trustee, who will review your petition, finances, and follow up with questions about your petition. Creditors can attend, but they often do not appear. You can have an attorney by your side during the meeting.

Step 7: Financial Management Course

Prior to discharging your debt, you must financial education courses and credit counseling so you understand how to properly manage your finances after bankruptcy.

Step 8: Discharge / Repayment Plan (Ch. 13)

Once you have completed all the necessary steps, your debts are not ready to be discharged if you are filing for Chapter 7. It can take between three to six months for the entire process. If you are filing Chapter 13, you will begin your repayment plan, which generally lasts around three to five years. Any remaining debts after this period of time will usually be discharged.

Start Fresh Without Debt

We advocate for people who are experiencing financial difficulties, and help them get a new financial start in life. Our firm will analyze your finances, and can confidently guide you through the bankruptcy process. We are always available to answer your questions, and your case will be personally managed by one of our firm's seasoned Detroit bankruptcy attorneys from beginning to end.

Chapter 7
Chapter 13
Bankruptcy Exemptions
Bankruptcy FAQ
Bankruptcy Myths
Benefits of Bankruptcy
Creditor Harassment
Credit Repair
Discharging Debt
Debt Relief
Do I Qualify for Bankruptcy?
The Bankruptcy Process
Life After Bankruptcy
Loan Modification
Means Test
Mistakes To Avoid
Free Consultation: 248-973-7834
Cartwright Law Firm, PLLC - Detroit Bankruptcy Lawyer
Located at 24750 Lahser Road Southfield, MI 48033. View Map
Phone: (248) 973-7834