Understand The Basics Of Bankruptcy
At the Michigan law firm of Marrs & Terry, PLLC, our goal is to use the bankruptcy process to help clients get a fresh start on their financial future.
The first question most people have when they are considering filing for bankruptcy is “What can bankruptcy do for my financial situation?” The answer to that question depends upon the type of debt you have, your income and the type of bankruptcy filing you can make.
Chapter 7 bankruptcy is designed to eliminate the majority of unsecured debt. You will have the option of keeping or surrendering most items that you still owe money on. Chapter 7 can be filed upon meeting the requirements of a bankruptcy means test.
Chapter 13 bankruptcy allows you to reorganize your debts and reduce your payments. You will have a payment plan that will last for three to five years.
What Bankruptcy Can Do For You
We understand that losing your job or income, experiencing a medical emergency, a divorce or any number of other situations can lead to overwhelming debt. The discharge of debt offered through bankruptcy is designed specifically for people who face these situations.
Many people worry that they will lose all their property if they file bankruptcy. We educate our clients honestly about the realities of protecting their assets. We also educate about alternatives to bankruptcy, including debt consolidation and debt negotiation.
Bankruptcy immediately:
- Prevents creditor harassment
- Prevents foreclosure
- Prevents repossession
- Prevents wage garnishment
- Prevents lawsuits
The immediate impact is the result of the automatic stay that goes into place upon filing bankruptcy. In some cases, filing also allows you to strip your second mortgage.
We Can Guide You Through Bankruptcy
Thousands of people like you have turned to the bankruptcy lawyers of Marrs & Terry, PLLC. We help clients put the stress of debt in the past while finding a new, solid financial ground. We can do the same for you. We are well-versed in all bankruptcy matters, including:
- Bankruptcy and divorce
- Tax implications of bankruptcy
- Credit counseling and rebuilding after bankruptcy
Our attorneys can guide you through the process, showing you the bright side of bankruptcy.
If you have been told you do not qualify for Chapter 7 or Chapter 13, you should talk to one of our experienced attorneys for a second opinion.
We Are Here To Help. Contact Experienced Attorneys Today.
To discuss your case with our Ann Arbor bankruptcy attorneys, call us toll-free at 734-663-0555 or contact us online. We bring more than 18 years of experience to every case, and we offer in-home appointments upon request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.