Obtain Your Credit Reports And Complete Credit Counseling
The next step is to obtain from all three credit bureaus. You’ll need all three reports because creditors don’t typically report to every bureau. If you fail to report a debt, it won’t be discharged in bankruptcy.
Next, you’ll have to complete a . The U.S. Trustee Program has a list of approved credit education agencies on its site.
Determine Whether You Need Help To File Bankruptcy In Michigan
Did you know that some people file for bankruptcy without an attorney? Many people prefer using a bankruptcy lawyer given the complexity of filing bankruptcy, but it is possible to often file Chapter 7 bankruptcy without an attorney. Filing Chapter 13 without an attorney may be much more challenging.
Understand Which Debts Will Be Eliminated
The goal of bankruptcy is to get relief from your debt. As such, it can be helpful to understand the types of debt that can be eliminated when filing for bankruptcy.
Many debts can be discharged. This includes unsecured credit cards, medical debts, personal loans, old utility bills, judgment debts, and old lease payments
Other debts cannot be discharged. This includes back alimony or child support, debts owed to the government, judgments related to DUI accidents, tax debts, and administrative costs or restitution
Tax debt receives special treatment in Chapter 13. You may not know how much debt you have. As such, you can access a free credit report annually, thanks to the US government. This can help you estimate how much debt would be eliminated by filing for bankruptcy.
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Filing Without An Attorney
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.
Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice.
The following is a list of ways your lawyer can help you with your case.
- Advise you on whether to file a bankruptcy petition.
- Advise you under which chapter to file.
- Advise you on whether your debts can be discharged.
- Advise you on whether or not you will be able to keep your home, car, or other property after you file.
- Advise you of the tax consequences of filing.
- Advise you on whether you should continue to pay creditors.
- Explain bankruptcy law and procedures to you.
- Help you complete and file forms.
- Assist you with most aspects of your bankruptcy case.
Bankruptcy Forms are available to the public free of charge.
- Use the forms that are numbered in the 100 series to file bankruptcy for individuals or married couples.
- Use the forms that are numbered in the 200 series if you are preparing a bankruptcy on behalf of a nonindividual, such as a corporation, partnership, or limited liability company .
- Sole proprietors must use the forms that are numbered in the 100 series.
Why Use A Bankruptcy Petition Preparer
A good bankruptcy petition preparer will have up-to-date bankruptcy computer software that will generate the documents quickly and relatively easily. And most bankruptcy petition preparers charge low fees, especially compared to lawyers.
Bankruptcy law requires bankruptcy petition preparers to follow these business practices:
- provide a written contract defining their services and fees
- provide written disclosures summarizing the different kinds of bankruptcy and the associated procedures
- identify themselves as debt relief agencies providing services under the federal bankruptcy code
- not charge an unreasonable fee
- not collect or handle the bankruptcy filing fees or other court fees
- file a fee disclosure statement with the court
- include their name and social security or tax identification number on the documents they prepare, and
- not use, or advertise with, the word “legal” or any similar term.
People who help others for free are not subject to these rules.
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Attentive Service Through Your Second Bankruptcy Filing
As a Michigan bankruptcy attorney, I will work with you one-on-one, and make sure you are in full compliance with filing statutes before your petition is submitted. My firm assists individuals Sterling Heights and Warren, as well as inMadison Heights, Royal Oak andClinton Township.
I provide my clients with a very high level of service and can discuss how to proceed with a second filing during afree initial consultation.
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Michigan Credit Counseling And Debtor Education
According to US law, all individuals who file for bankruptcy must first obtain credit counseling. After they file for bankruptcy, they must then obtain debtor education. Beware of scam businesses that offer these services or who promise cheap, flat rate bankruptcy filing. The government has a list of all approved and licensed credit counseling agencies. For information about Michigan credit repair scams and reputable organizations, visit:
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How Do I File A Chapter 7 Bankruptcy
Bruce Law Firm provides free consultations for clients who want to consider their financial options. We will look at your income, debts and assets in our consultation and review the different alternatives available. Be sure the information that you provide throughout the consultation and thereafter is complete and correct.
A Chapter 7 Bankruptcy is often called a liquidation or fresh start bankruptcy. A Chapter 7 bankruptcy starts with the filing of a petition with the Bankruptcy Court. Once the petition is filed, the court will assign a bankruptcy trustee to review your case. The filing also starts the automatic stay. The automatic stay prevents your creditors from making any attempts to collect on their debts. This can protect your property from seizure in Michigan such as personal property and wage garnishments.
The court will also schedule a 341 hearing that you will be required to attend. This trustee will review your schedules and ask you questions regarding your case. Approximately 60 days after this 341 hearing, the court will grant a Chapter 7 discharge, and your case will be concluded.
A Chapter 7 bankruptcy will eliminate most unsecured debt. This includes credit card debt, medical bills, repossession debt and most other unsecured debts. It will not eliminate recent taxes, child support, most student loans and other forms of priority debt. If you are buying a house or car, you will want to continue paying on these assets.
Who Can File For Chapter 7 Bankruptcy
While Chapter 7 is the most widely used form of bankruptcy, certain measures have been taken to ensure that only those facing the direst of financial situations can actually file. You will be required to take a means test todetermine whether or not you qualify.
Themeans test will evaluate your income and expenses, deducting specific monthly expenses from your current monthly income. The figure that is left over will be deemed your “disposable income”which is the monthly sum of money that you should, ideally, be able to contribute to repaying debt. The higher the number, the less likely it will be that you qualify.
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Print Your Bankruptcy Forms
Once you have prepared your bankruptcy forms, you will need to print them out for the court. You must print them single-sided. The court wonât accept double-sided pages. You will also need to sign the forms once they are printed.
You will need:
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Your paycheck stubs
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If needed, your application for a fee waiver or installment plan
Most bankruptcy courts require just one signed original of the petition, but some courts require additional copies. So, before you head out to submit your forms, to find out how many copies you will need to bring and confirm you have all the required local forms.
Will Filing Bankruptcy In Michigan Erase My Debts
Bankruptcy wipes out many bills, like , overdue utility payments, medical bills, personal loans, and more. You can even get rid of a mortgage or car payment if you’re willing to give up the house or car that secures the debt.
But you can’t discharge all debts. Nondischargeable debts, like domestic support arrearages and recent tax debt, won’t go away in bankruptcy, and student loans aren’t easy to wipe out . You’ll want to be sure that bankruptcy will discharge enough bills to make it worth your while.
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Should I File Bankruptcy
The process of deciding whether to file a bankruptcy proceeding often is very difficult indeed. Nobody wants to file bankruptcy, whether it be under Chapter 7 or Chapter 13 of the Bankruptcy Code. Bankruptcy is meant for the honest debtor, someone who has explored all alternatives. A bankruptcy may have adverse credit effects and there can be other undesirable ramifications. Well then, why should someone take this important step? The answer to that question, in my opinion, is that you should file only after considering the various possible alternatives. If none of these alternatives is feasible or practical for you, then filing a bankruptcy petition may be the most responsible step to take.
How Much Does It Cost To File Chapter 7 Bankruptcy In Michigan
If youre looking to take advantage of the bankruptcy process, its important that you have a basic understanding of what goes into such an undertaking. Chapter 7 Bankruptcy Michigan Attorney Fees can be costly and vary depending on how much equity is in your home as well as the district court where your case will proceed.
Filing Chapter 7 bankruptcy can be a costly endeavor. The more complicated your case is, the higher you should expect to pay in attorney cost and other costs incurred during the filing process.
However, many factors may lead to an increase or decrease in these expenses, which will vary depending on your lawyers fee structures location and complexity.
When you file under Chapter 7, there are a variety of factors that can affect your fees. For example, if the case is considered relatively simple with no non-exempt assets, it will cost less than one, which is more complex and likely to result in litigation.
An attorney will handle all of the administrative issues in your case filing paperwork with precision and at just the right time. Your lawyer can also help you use bankruptcy exemptions to protect as much property from creditors. Should they decide to object or request a stay on collection attempts during this process? If either occurs, rest assured knowing that well answer their motions for relief so that you have complete peace of mind regarding your debt repayments in the future!
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Western District Of Michigan Requirements
The Western District of Michigan is divided into five divisions: Grand Rapids, Marquette, Kalamazoo, Lansing and Traverse City. Here, again, you can contact the court clerk to determine which division you will need to file in. The Western District also requires specific local forms in addition to the federal forms, including a separate Schedule C for a joint case, the Mailing Matrix, and an Asset Protection Report.
Who Can File For Bankruptcy
It is certainly possible to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy without an attorney. After all, there is no legal obligation for you to have one to file bankruptcy. But you should probably only file without an attorney if your filing a simple Chapter 7 case, as well explain below. In this article, well outline the steps you can take to file for bankruptcy without an attorney. Well also explain exactly how an attorney can help you throughout the bankruptcy process and whether it makes sense for you to file with or without one based on your situation.
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How You Can Afford To Hire A Bankruptcy Lawyer
Most bankruptcy attorneys dont work for free, so getting that higher success rate may depend on your ability to afford to hire a bankruptcy lawyer. When you are certain bankruptcy is in your future, you may have more options than you realize to pay a lawyer for help. Remember that most of your consumer debt will be discharged, so paying off debts ahead of filing for bankruptcy may not make sense. Instead, you can put that money toward a lawyer who will help you make sure the discharge happens. You may even recover some of that money when your attorney helps you complete a fee waiver to reduce or eliminate your court costs.
At John A. Steinberger & Associates, P.C., we are a full-service bankruptcy law firm in Southeast MI. We serve debtors and families in Southfield, throughout Metro Detroit, and in the surrounding communities. We offer low-fee Chapter 7 and no-money-down Chapter 13 bankruptcy to help you afford to file bankruptcy. Call us toll-free at 690-2140 or contact us online to schedule a free initial consultation.
Understand The Differences Between Chapter 7 And Chapter 13
Chapter 7 and Chapter 13 bankruptcy are the most common consumer bankruptcy filed in the United States. You need to know the difference because one chapter is more expensive and also often takes much longer.
Chapter 7 Bankruptcy in Michigan
A Chapter 7 bankruptcy is referred to as liquidation bankruptcy. In many cases, bankruptcy filers do not lose their home or vehicle by using bankruptcy exemptions. We will cover how your belongings may be at risk below.
Heres what you need to know about filing Chapter 7 bankruptcy in Michigan.
Chapter 13 Bankruptcy in Michigan
A Chapter 13 bankruptcy is known as a wage earners plan. In many cases, you will pay back a portion of your unsecured debts in a payment plan.
Heres what you need to know about filing Chapter 13 bankruptcy in Michigan.
For more information, you may consider reading, Is it better to file Chapter 7 or Chapter 13? and Is Chapter 13 Worth It? You should also consider the pros and cons of bankruptcy.
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Michigan Means Test Calculator
In order to determine if you qualify to file a Michigan bankruptcy under Chapter 7 of the Bankruptcy Code, it is vital to make certain that you are using an appropriate Michigan Means Test calculator. You will find many online Means Test calculators but they might not all be current with the correct information. This makes it key to partner with a trusted resource like Upsolve, who keeps the Michigan Means Test calculator current to the day, every day. If you exceed the income limits and you need to complete the extended bankruptcy Means Test in Michigan, you want to be certain that you are relying on the most current information possible as this calculation can have a huge impact on your bankruptcy options. Beyond keeping the Means Test calculator up to date, Upsolve can also help you through the entire bankruptcy process and help ensure that you complete every step and are able to get to that desired discharge.
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Repossession Laws In Wyoming
5 minute read â¢Upsolve is a nonprofit tool that helps you file bankruptcy for free.Think TurboTax for bankruptcy. Get free education, customer support, and community. Featured in Forbes 4x and funded by institutions like Harvard University so we’ll never ask you for a credit card.Explore our free tool
In a Nutshell
Repossession is the process of taking back a car after the owner defaults on their auto loan. Each state has different laws and regulations that dictate every step of the repossession process from start to finish. This page will provide an overview of Wyoming’s Repossession Laws and what you should know if you’ve fallen behind on car payments.
Written byUpsolve Team.
If you get behind on your auto loan, a repossession can happen quickly. Under Wyoming law, you won’t get any notice that your lender plans to repossess, or take back, your car. Youâll just find your car missing. Lenders have a legal right â also called a security interest â to repossess your car if you donât make your car loan payments. The car is the collateral, and repossession is the lenderâs way of exercising its right to take back the collateral if you donât pay.
This article answers many of the questions borrowers have about repossessions in Wyoming. It covers how to prevent a repossession in Wyoming, what the repo companies can and can’t do, and how borrowers can get their car or truck back.
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What To Do After Chapter 7 Bankruptcy
Push the re-start button on your financial life.
Thats the first thing anyone should do after having debts discharged in Chapter 7 bankruptcy. Hopefully, that re-start button includes a plan for reduced spending and paying all bills on time.
The easiest way to do that is to draw up a budget that realistically accounts for your income and expenses.
If youre not good at that, call a nonprofit credit counseling agency and get some free assistance from their professional certified counselors. Helping consumers come up with an affordable monthly budget is their specialty.
They can give you the benefit of their training and experience at drawing up monthly budgets, plus tips on how to make the bottom line come out in your favor every month.
If you get in the habit of paying bills on time, you will begin to , and youll regain favor with lenders and credit card companies. A few years of good practice and you and your creditors will forget this ever happened.
