Have you filed recently for bankruptcy?

Posted on January 1, 2017 by admin

Have you filed recently for bankruptcy? Are you worried that your chances for credit are gone? If so, here’s some good news: you can still get a credit card. And here’s some better news: you can start taking steps immediately to rebuild your credit. With careful planning, you’ll soon be back on financial track. Read on to learn more about applying for a credit card after bankruptcy. Credit After Bankruptcy A bankruptcy filing can stay on your credit report for up to ten years. Yet you do not have to wait a decade before applying for a credit card. Lenders decide to approve or deny credit on an individual basis. Many companies offer cards specifically designed for those with poor credit. This means that you may be approved for a credit card quickly after bankruptcy.

Before you apply for a credit card, keep in mind that due to the bankruptcy filing, you may be viewed as a higher risk customer to lenders. This means that it might be more expensive to obtain and keep a credit card. Cards for those with poor credit usually come with higher interest rates and lower credit limits. Remember that having a credit card is a privilege. If you use it wisely, you will be able to enjoy the many benefits involved. Imagine Gold MasterCard The Imagine Gold MasterCard is a smart card to apply for after bankruptcy. It accepts all applications and does not require a security deposit. Even better, it reports to three major credit bureaus. There are several fees involved with this card, including an annual fee of $150 and a one-time processing fee of $4.95. As you use the card and pay off the balance each month, you can improve your credit score.
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Will Bankruptcy Affect My Job or Future Employment?

Posted on August 30, 2015 by admin

If you plan to file for bankruptcy, you may be worried about what affect it might have on your job. Will your employer find out about your Chapter 7 or Chapter 13 bankruptcy? Can you be fired because of the bankruptcy? And what if you are applying for a job — can a employer deny you a job because you filed for bankruptcy?

Although in some cases your employer will find out about your bankruptcy filing (especially with Chapter 13 bankruptcies), rest assured that in most situations your bankruptcy won’t affect your current employment. However, it may come into play if you are applying for a non-government job.

Will You Lose Your Job?

No employer — government or private — may fire you because you filed for bankruptcy. Nor may an employer discriminate against you in other terms and conditions of employment — for example, by reducing your salary, demoting you, or taking away responsibilities — because of your bankruptcy.

However, if there are other valid reasons for taking these actions, the fact that you filed for bankruptcy won’t protect you. In other words, an employer who wants to take negative action against you can do so provided there are other valid reasons to explain the action — such as tardiness, dishonesty, or incompetence. But if you are fired shortly after your bankruptcy is brought to your employer’s attention, you may have a case against the employer for illegal discrimination because of your bankruptcy.

How Employers Find Out About Bankruptcy Filings

In practice, employers rarely find out about a Chapter 7 bankruptcy filing. However, if a creditor has sued you, obtained a judgment, and started garnishing your wages, your employer will get the news. The bankruptcy will stop the wage garnishment, and your employer will be notified about it. In such a situation, your employer (or at least the payroll department) already knew you were having financial problems and will probably welcome the bankruptcy as a way for you to take affirmative steps to put your problems behind you.

If you file for Chapter 13 bankruptcy, your employer is likely to learn of your bankruptcy case. If you have a regular job with regular income, the bankruptcy judge may order your Chapter 13 payments to be automatically deducted from your wages and sent to the bankruptcy court. (This is called an “income deduction order.”) In effect, your employer will be pressed into service as a sort of collection agency, to make sure you honor your Chapter 13 plan.

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Why choose Firebaugh & Andrews for your bankruptcy?

Posted on July 7, 2015 by admin

Get a fresh financial start with Firebaugh & Andrews P.L.L.C Bankruptcy Law Firm
Advice and representation for individuals and businesses through the intricacies of the Bankruptcy process
Filing for bankruptcy can be a very time-consuming and complicated process. As a debtor you must comply with numerous federal laws and regulations and a mistake at any point in this process can be very costly resulting in the court refusing to discharge your liabilities. The consequences of this can have a long-term financial effect and put a high strain on you and your family. With so much at stake it is essential that you make the right choices and trust a professional bankruptcy lawyer right from the start. Whether you are considering filing under Chapter 7, 11 or 13, Firebaugh and Andrews will be able to guide you through the labyrinth of procedures and requirements, to ensure a fresh financial start with less to worry about and more to enjoy from your future life.

What is Bankruptcy?

If you are a business or an individual who cannot meet your financial obligations in relation to repaying some or all of your debt, bankruptcy could be the way for you to go. Federal law governs the rules and procedures related to bankruptcy in the U.S. so individual states cannot legislate in this area. We will determine whether bankruptcy is the right way for you to seek relief and whether you should do it under Chapter 7, Chapter 13 or Chapter 11 of the United States Bankruptcy Code.
Our Firm
Our head attorneys, Samuel G. Firebaugh and Roberta W. Andrews have over 40 years of experience between them in practicing bankruptcy law as well as additional knowledge in the practice of other areas of law, finance and business. You can rely on their competence, in-depth knowledge and case experience, as well as their high professionalism and rest assured that your circumstances will be treated with the utmost attention and you will receive a friendly, compassionate and personalized service. Our lawyers always put the interests of our clients at heart and make sure that you are given the best advice about the choices you have. Samuel and Roberta will be with you every step of the way, making sure that your case that you get the best possible outcome depending on your individual circumstances.

Get in Touch
There’s no better time to get in touch with Firebaugh & Andrews than today. Call us on 734-722-2999 and re-start your finances for as little as $317.00 down.
You can find us
38545 Ford Rd Ste 104
Westland, MI 48185

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Michigan Wage Garnishment Laws

Posted on June 30, 2015 by admin

Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done — so called “earned but unpaid wages”.

In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.

There is a federal wage garnishment protection found in the CCPA (Consumer Credit Protection Act), 15 U.S.C. § 1673, which limits how much of your pay can be taken for collection purposes. But this law law is generally found not to be an exemptions in bankruptcy. See, e.g. IN RE HORTON, Case No. 10-53495., Bankr. ED Kentucky, 3/4/2011

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Two ways to buy a house being after bankruptcy in Michigan.

Posted on July 20, 2014 by admin

Being declared bankruptcy under one of the bankruptcy-protection act prove to be devastating to many. This “many” includes the home owners or buyers. The buyers dream get shattered being declares a bankrupted personal. No banks or mortgage firm will allow him or her to have the house he or she wants to purchase. But there’s a couple of ways which can let them to have their dream home.
1. Be Patient: Wait for one or couple of years before buying a house. In the period one should either pay off the debt completely or in maximum. A retirement plan or 401(k) assets is also helpful in this matter. The individual, also need to remember, should save as much as possible during this period as the down payment will be high and paying that needs a deposit not a loan or credit as it will become added-burden on them.

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Life after Bankruptcy

Posted on June 13, 2014 by admin

With many people they feel relief after bankruptcy for others they feel a sense of failure. The important part to remember is to look forward in re-establishing your credit
Many suffer from guilt after being bankrupted. They removed themselves from economical outing like going to seminars or auctions or visiting the bank. They thought of themselves as the social outcasts who are marooned on a distant galaxy for not keeping the promise of paying.
But they forget that mistakes make a man wiser by teaching him a lesson; they also forget that past shouldn’t be hold on as they hold back. So being bankrupted is not an end but can be considered as the beckoning to new life. This new life will fill with his experiences and the lessons he had learned or gathered from the mistakes. So he should start afresh again to regain their position, their life and his status.

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Facing Bankruptcy While Living in Michigan

Posted on June 6, 2014 by admin

Michigan residents who find themselves overwhelmed with debt can seek relief under the federal bankruptcy laws. There are two common forms of bankruptcy for individuals: Under Chapter 7, the courts sell off all non-exempt assets to pay off as much of your debt as possible and under Chapter 13, you keep all or most of your assets but must create a court-approved plan to pay off your debts over time. Although bankruptcy is handled in the federal courts, some of the details vary based on your being a Michigan resident.

District Bankruptcy Courts in Michigan

Michigan’s bankruptcy court is divided into the Eastern District, with the main court in Detroit, and the Western District, with the main court in Grand Rapids. Each district also has divisional offices where you may file so long as you file in the district where you live.

Can I File Chapter 7 Bankruptcy?

You may file Chapter 7 bankruptcy if your average monthly income for the six months before you file is less than Michigan’s median income for a family of your size. For example, if you are married with two children, you must earn less than Michigan’s median income for a family of four, which is $6,037 monthly for 2012. If you make more than this, you must pass a stringent means test to qualify for Chapter 7.

How Long Is a Chapter 13 Repayment Plan?

The amount of time you must spend paying your creditors also depends on your income as compared to Michigan’s median income. For example, if you make less than the median income, your repayment plan will usually be up to three years. If your income matches or exceeds the state median, your plan will be five years, unless you’re able to pay off all unsecured debt in less time.

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A Triplet on “Unspoken” Chapter 13 Advantages

Posted on May 29, 2014 by admin

A Triplet on “Unspoken” Chapter 13 Advantages
The disadvantages of Chapter 13 while filing for bankruptcy have overshadowed the advantages that it has. But surprisingly there are few advantages that make it a better option for filing bankruptcy like:
1. Preventing the foreclosure of “home sweet home”. When an individual falls behind the amount of “settled” mortgages, the bank demand borrower i.e. the home owner to pay back the complete arrear. If the individual fail to do so the home is foreclosure. Under Chapter 13 filing, the arrear is broken down into equal minimum chunk, to be paid over a court approved period, for the payback thus preventing the foreclosure.
2. The other mortgages than the first one can be modified to let the lender comes under the debtor’s terms of payment after due date of mortgage payment. This modification is known as “lien stripping” and can be done effectively by filing through Chapter 13.
3. Chapter 13 also provides the debtor with the powerful debt repayment plan available in a bankruptcy. The Chapter holds back the accruing interest on dischargeable debts thus letting the debtor to pay the balance only on the day of filing bankruptcy.
Firebaugh & Andrews know these advantages very well and thus when an individual approach them with a bankruptcy filing they discussed with him or her to judge the option that is best. If Chapter 13 is suitable for the debtor then this Westland Michigan Bankruptcy Lawyer assist the debtor to plan a budget and period to payback the debt. They let their clients have, who are filing bankruptcy by Chapter 13, the best financial solutions.

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When and When Not To File Under Chapter 11

Posted on May 24, 2014 by admin

Chapter 11 is the most complex and expensive to for filing bankruptcy. This bankruptcy code involves the reorganization of a debtor’s business affairs and assets. The corporations that are in need of time to restructure their debts file their bankruptcy using Chapter 11.
Chapter 11 is found to be the best way to the small businesses to file the bankruptcy. Though they can file the bankruptcy under Chapter 13 but they face few hurdles while filing under the mentioned Chapter. The hurdles are:
1. Chapter 13 needs a continuous flow of income to keep the debt repayment in a flow of no “no-pay”. Besides this the small businesses that are operated as partnership or through corporations are not eligible for filing under the Chapter 13.
2. The Chapter 13 is also subjected to debt limitations which changes periodically. Right now the debt limit is $383,175 in unsecured debt and $1,149,525 in secured debt.1
3. In case of appointment of trustee, it is a necessity in Chapter 13 filing but the Eleven doesn’t need an appointed trustee to ensure the re-payment unless there is a matter of mismanagement or fraud.
Though Chapter 11 is advantageous then Chapter 13 in the aforesaid ways but the main disadvantages of the Chapter is its complex ways of execution followed by a considerable high expense. Firebaugh & Andrews, being Westland Michigan Bankruptcy Lawyer/Attorney with Chapter 7, 11 and 13, after discussion with the debtor if found that the filing needs Chapter 11 utmost then only they file the bankruptcy through 11 otherwise they prefer 13.

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The Best Reasons to Use Chapter 7 for Discharging the Debt

Posted on May 13, 2014 by admin

When there’s a bankruptcy, the debtors left between selecting the best chapter for recovering i.e. Chapter 7 and Chapter 13. Firebaugh & Andrews is a Westland Michigan Chapter 7 Bankruptcy Attorney who is helping the debtors to select the best option i.e. Chapter 7 for filing to discharge the debt. They understand that:
1. The chapter provides a fresh start to the debtors. They are allowed to keep a lien after the completion of the case which run for a period of three to six months;
2. The property that the debtor acquires or will after filing is excluded from the bankruptcy estate. But they become part of the estate when the debtor acquires certain property within the 180 days of filing. This happen in the cases of inherited property, property from divorce decree or settlement agreement or proceedings from a life insurance policy;
3. Unlike Chapter 13, the Seven never impose a limit on the debt of the filer might or must have. The Thirteen says that a debtor is ineligible if his or her secured or unsecured debt exceeds the debt limits;
4. The debtor is free from any court-approved repayment plan. They after being discharge of debts by filing Chapter 7 are not bound to or are responsible to repay the debt which completely contradict the Chapter 13 that pass the verdict of repayment of debt even after discharge

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