Monthly Archives: March 2013

Top 5 Reasons to Hire a Bankruptcy Attorney in Canton Michigan

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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.

3. Stop Harassing Creditors: Creditors will stop the harassing calls to you once you hire an attorney. Failure to stop the calls once you’ve hired an attorney violates the Fair Debt Collection Practices Act.

4. Mistakes are avoided: A wrong filing can lead to a case being dismissed and risking an opportunity to file for any kind of bankruptcy. Attaining the appropriate bankruptcy attorney can save you time, money, and avoid any issues from harming your case.

5. Protection from the uncertainty of bankruptcy: Firebaugh and Andrews  will inform you which rights you’re entitled to, and help you identify consumer protection claims.

Filing for Chapter 11 Bankruptcy Protection (Business Bankruptcy) in Detroit

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The United States Bankruptcy Code is long and complicated. It provides different requirements for businesses and individuals who are seeking bankruptcy protection.  The Code is divided into chapters and people often refer to the chapter number pursuant to which they qualify to file for bankruptcy.

Who Can File for Chapter 11?

Chapter 11 Bankruptcy is usually used by businesses that are unable to pay their creditors, although some individuals may also be eligible to file for bankruptcy pursuant to Chapter 11.  The business itself can initiate a voluntary Chapter 11 petition or its creditors can file for an involuntary petition under Chapter 11 in certain circumstances.

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Bankruptcy in Westland Michigan

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From the beginning of the history of money, there were people lending money from other people. To state the terminology: When someone lends money that person is called the Debtor. And the person who gives away the money is called the Creditor. The debtor now owes the money he / she borrowed. Now there is a problem here. That is, what happens if the debtor cannot pay back the money to the creditor on time? If we look into the early history, in this kind of situation, in Ancient Greece there was a practice of slavering away the debts. That means, the debtor and his family becomes slaves to the creditor, and do whatever work until the creditor says that his debts are over. And later, in early 1800s’ there was notion called “debtor’s prison”, which means, if you can’t pay back the money, you go to prison that was built specifically for debtors. You can’t come out of prison until your family or friends pay off the money your creditor owns. This might be worse than being a “debt slave”. Because, what if your family or friends can’t or won’t pay your creditor? You might have to be in prison for your entire lifespan. Being a “debt slave”, at least you have the chance to work away your debts.

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What are the Basics of a Chapter 13 bankruptcy?

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With recent 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.

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