Today’s recession, especially in Michigan, has caused many individuals and businesses to seek our firm’s expertise in Bankruptcy Law. For many of our clients they never saw themselves having to seek the protection available to them by law. Many of them, as well as yourself, may believe that you cannot file bankruptcy. But, as many other myths, that myth is untrue. Yes, you may still file bankruptcy. In 2007-2008 our firm has and continues to represent hundreds of individuals and families just like yourself, forced to file bankruptcy.
There are basically three types of bankruptcy:
- Chapter 7
- Chapter 11
- Chapter 13
Chapter 7 bankruptcy is the ultimate fresh start allowing you to wipe out all of your credit card debts, medical bills, deficiency balances on cars and foreclosed homes, while in most cases keeping your car, personal property, and your house.
Why should you call our firm? You should call us so we can STOP:
- Creditor phone calls;
- Garnishments; and
- Foreclosures.
We charge a very competitive flat rate of $899.00 which includes the court’s $299.00 filing fee. The only other fees you should incur is a credit counseling fee of $55.00 and a pre-discharge financial management course fee of $55.00. These are not our fees, but fees assessed by the Bankruptcy Code.
A typical Chapter 7 Bankruptcy for our clients takes about 3-5 months from the appointment to the Bankruptcy court discharge of all your debts.
Chapter 11 bankruptcies are typically for businesses. This type of bankruptcy actually allows the business to stay in business, if possible, by evaluating what went wrong, identifying losses and problems, reorganizing debts, and creating a new revitalizing plan.
The primary purpose of a Chapter 13 Bankruptcy is to save your home from foreclosure at a sheriff’s sale. This is a sale where the lender auctions your home to the highest bidder and then sues you for any unpaid balance on the loan— Example:
- Mortgage: $100,000.00
- Sheriff’s Sale: ($75,000.00)
- Balance You Owe: $25,000.00
You are then sued for the balance of what is owed in the above example which would be $25,000.00. Once you have filed bankruptcy any and all proceedings filed against you or your property MUST STOP. You then have a chance to catch up on your past due mortgage and get current on the mortgage through what is called a Chapter 13 Plan:
- Call us now and schedule an appointment;
- Call Green Path for Credit Counseling; then
- WE FILE YOU AND STOP THE FORECLOSURE!
If your goal is not to save your home and you just want a fresh start, you should consider filing a Chapter 7 Bankruptcy as discussed above.
Our bankruptcy clients enjoy life after bankruptcy by rebuilding their credit and starting their financial future. Please call us today and join the hundreds of Michigan residents who have taking the leap to financial recovery.
Mandatory Federal Disclosure:
The law firm of Williams Law Offices, PLLC, is a "debt relief agency" under the U.S. Bankruptcy Code. We help people like yourself file bankruptcy under the bankruptcy code.
