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How to be Debt Free in Westland Michigan Firebaugh and Andrews

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Before you make any decision on bankruptcy you must consider these factors.

Here are some warning signs that you may need to look into bankruptcy protection. If any of these are happening to you, give us a call.

  • Are you getting harassing phone calls and letters from aggressive collection agencies?
  • Are you paying credit cards only to have to use them again to pay for gas and food?
  • Do you have credit card debt that you cannot pay?
  • Do you have medical bills that you cannot pay?
  • Are your debt payments leaving you little to no money to live on?
  • Are you being sued or garnished by creditors?
  • Is your credit report full of collection accounts and bad credit remarks?
  • Is your Westland home in foreclosure?
  • Have you been through a foreclosure or repossession?
  • Did you personally guarantee business debts for a business that has failed?
  • Did you co-sign for a debt that is not being paid?
  • Is it time to walk away from your house?

We offer free consultations for Chapter 7 Bankruptcy,  Chapter 13 Bankruptcy and foreclosure prevention to all Westland residents.

No hassles, no worries, no more debt. Call us today at 734-722-2999

How a Bankruptcy Attorney Can Help You

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Corporations and other businesses are required to declare bankruptcy through an attorney. However, individuals are allowed to represent themselves in bankruptcy proceedings. You may be tempted to declare bankruptcy without a lawyer’s assistance. The process may appear simple. You may wish to avoid involving others in a situation that is already stressful. And obviously, money can be tight during this process. However, there are excellent reasons to ask for an attorney’s advice and assistance during any bankruptcy.

Bankruptcy Abuse Prevention & Consumer Protection Act of 2005

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005  (BAPCPA) revised the bankruptcy code for filings after October 17, 2005.  The BAPCPA provisions were revised in order to steer away abusive filings, individuals filing for Chapter 7 bankruptcy and have the debts discharged rather than the Chapter 13 bankruptcy which makes them pay their debt and makes a payment plan.

The BAPCPA act puts a more stringent requirement to qualify for Chapter 7 bankruptcy by examining the individual’s ability to repay their debts. A “means test” was also created to determine whether a debtor filing for bankruptcy would be able to file for Chapter 7 or opt for Chapter 13. The means test essentially compares the debtor’s monthly income to the state’s median income and evaluates the debtor’s disposable income after allowance for secured debt and assumed monthly expenses.  Exceeding the median income and having too much money left over after accounting for living expenses won’t qualify an individual for Chapter 7 bankruptcy.
Call Firebaugh and Andrews today so they can go thru your options. 734-722-2999

The Difference Between Secured Debt and Unsecured Debt

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There are two different types of consumer debt. There is secured debt which is a loan that is guaranteed by specific collateral and there is unsecured debt which is not secured by specific collateral. It is important that consumers understand the differences between the two types of debt, especially if they are having trouble making their loan payments, because the different types of creditors have different rights when it comes to collecting money from you and they have different priority when it comes to bankruptcy proceedings.

Property That is Exempt From Bankruptcy

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Historically, state law provided the property exemptions available to those seeking bankruptcy protection. However, the bankruptcy code now allows states to choose between the federal exemptions provided in the bankruptcy code or the exemptions provided in state law. Many states have chosen to continue to follow their state law exemptions but a minority of states have decided to adopt the federal exemptions instead.
Common Bankruptcy Exemptions
Some common types of property that are exempt from bankruptcy proceedings include:

Top 5 Reasons to Hire a Bankruptcy Attorney

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If you are considering filing for bankruptcy and don’t know which route to take, the following are the top 5 reasons why it’s best to hire a bankruptcy attorney.

1. Bankruptcy Laws are Complicated: The rules on bankruptcy are varied and complex and knowing the filing timeframe, courtroom procedures, and familiarity with the filing process and bankruptcy rules should be handled by a competent bankruptcy attorney.

2. Choosing the Appropriate Bankruptcy Chapter Filing: Depending on the specifics of your case, which bankruptcy filing is best for your case will require an experienced attorney to explain which personal chapter filing is best for your case.
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What are the Basics of a Chapter 13 bankruptcy?

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With ongoing changes in bankruptcy law, more and more people are finding themselves ineligible for traditional Chapter 7 bankruptcy, or liquidation; as a result, the trend is toward more Chapter 13 bankruptcy filings. By filing Chapter 13 bankruptcy, you are essentially entering into a repayment plan that permits you to repay all or a portion of your debts over a certain time period. Furthermore, filing Chapter 13 bankruptcy generally permits you to keep your assets, which does not always occur in a Chapter 7 bankruptcy. Therefore, if you are a person who has substantial assets, as well as a regular income sufficient to repay all or most of your debts, filing Chapter 13 bankruptcy may be the right step for you.

Why should you hire Firebaugh & Andrews to handle your bankruptcy?

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A bankruptcy attorney turns out to be the typical option for the majority of people suffering from a financial calamity. A bankruptcy attorney must be be experienced in handling this highly specialized area of law. Firebaugh & Andrews, P.L.L.C. has the necessary experience and skills to represent you whether your case seems simple or complex.

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Mortgage After Bankruptcy – Post Bankruptcy Financing – Frequently Asked Questions

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If you have recently filed bankruptcy, you may have a few questions about your ability to get a home loan. Here are some common questions about mortgages after bankruptcy:

How long after my bankruptcy has been discharged should I have to wait to get approved for a mortgage loan? – Typically, mortgage lenders are open to considering an approval for a home loan after 2 years. Some lenders that are more strict have a policy of waiting 3 years to begin considering financing. It’s possible to get mortgage financing before 2 years from the discharge date, you just may end up needing a down payment or you may have to settle for a much higher interest rate.

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Make Your Company’s Bankruptcy Less Stressful by Hiring a Good Corporate Bankruptcy Attorney

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All business owners face tough times at some point while running a business. Running a corporate business is no easy job. Involving yourself completely in the business and giving it your all is often the key to running a successful business. However, irrespective of how thorough and successful you are with your efforts, every business is bound to have financial difficulties at sometime or the other. But when financial crisis reaches a saturation point, the company’s fund hits rock bottom, and you owe too much money to the creditor, which you are unable to pay, then comes the time to file for bankruptcy.

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