Bankruptcy is a life-altering event, but it provides the opportunity for a fresh financial start when you need it most. Bankruptcy does not necessarily mean that you were irresponsible, and in fact, many bankruptcies happen because of unexpected medical expenses, accidents, or layoffs. The bankruptcy laws were put into place to help people and not punish them. If you need legal help with your bankruptcy in Taylor, Michigan or the surrounding areas, contact Shimek Law Firm, PLLC today for a consultation.

Bankruptcy can help you reduce the amount you owe on your home, stop foreclosure, and even reduce the amount that you on your vehicle. These are special and complex areas of the bankruptcy code that we can help you with.

Bankruptcy is a complicated legal process with steps that must be closely followed. Failure to follow the legal requirements may result in your bankruptcy not being approved or your debts not being discharged. To file for bankruptcy, you will need to create complete and accurate statements of all of your income, assets, and expenses. Many people attempt to hide income or give their belongings to friends or family members before filing for bankruptcy. These attempts to misstate your financial situation may invalidate your bankruptcy or could even be considered criminal fraud.

For assistance in filing for bankruptcy, including determining which of the following forms of bankruptcy is right for you, contact us today.

Chapter 7 Bankruptcy

Many people believe that if you file a Chapter 7 bankruptcy you will have to give up your house and everything else you own to the court. This is not true. In fact, in the majority of Chapter 7 cases we file, no assets are given to the court at all. We can determine what, if anything, you may have to give to the court before you even file.

In a Chapter 7 the majority of your debts are discharged – wiped clean – when the case is completed. This allows you to have a completely fresh start. If you are feeling bogged down with debt or if you are currently being sued for a debt because you simply cannot catch up, Chapter 7 may be an option for you.

Chapter 13 Bankruptcy

If you have a steady income that is at or above the average, Chapter 13 bankruptcy may be right to you. A chapter 13 bankruptcy allows you to enter into a repayment agreement with your creditors that reduces your payments to levels you can afford. In most cases you only pay a small percentage of what you actually owe and the remainder is discharged after the plan is finished.

A Chapter 13 plan can last either 3 or 5 years depending on your particular situation. You simply have a specific amount of money taken out of your paycheck or bank account every month and the bankruptcy Trustee pays most of your bills.

If you are behind on your house or car payments, a Chapter 13 can help you catch up these payments so that you can keep your home or car.

If you think that you make too much money to file bankruptcy, but still cannot keep up with your bills, a Chapter 13 bankruptcy may be the right choice for you.

* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.