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Bankruptcy Overview

     The filing of a Bankruptcy case is an important legal decision. Congress has written the Bankruptcy laws to enable people like you to get an honest fresh start. Bankruptcy is a set of Federal laws that allow those eligible to get a fresh start financially if they are unable to handle their debts. It allows those seeking relief to eliminate (Chapter 7 bankruptcy) or reorganize (Chapter 13 bankruptcy) their debt, generally without losing their property. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the bankruptcy law

overdue (27K) Depending on your circumstances bankruptcy may:

  • Stop Law Suits
  • Put a halt to harassing calls
  • Stop wage garnishments
  • Get rid of credit card and other unsecured debts
  • Do away with Judgments
  • Reorganize your debts
  • Stop home foreclosure
  • Stop automobile repossessions

     Bankruptcy does not eliminate all types of debt. Certain types of debts, such as child support, alimony, some federal income taxes, most student loan and all employer withholding taxes may not discharged in bankruptcy.

     After you file for bankruptcy, an "automatic stay" of your debts takes effect. Your creditors will be served with notice of the bankruptcy, and, after receiving notice, will be barred from taking certain actions, such as wage garnishments, law suits and telephone calls against you while the bankruptcy is pending. Once the bankruptcy is filed, creditors should not contact you directly.

     One popular misconception is that a person filing bankruptcy will lose all of their possessions. This is not true. Bankruptcy law provides every debtor with certain exemptions allowing most debtors to retain most or all of their property.

     Bankruptcy can be a complicated process. An attorney can help make this process relatively straightforward on your part. The process is begun by filing a Petition with the bankruptcy court requesting relief. This petition must set forth an honest listing of your debts, income, expenses and assets. If you are not truthful, commit fraud or hide assets or income you will be denied a discharge and could be prosecuted.

     Take your time to review the various pages on this site for a more complete discussion of bankruptcy and how it nay be able to help you.

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Debt Relief Agency

We are a Macomb County Law Firm as well as a Debt Relief Agency helping people file for bankruptcy relief under the United States Bankruptcy Code.

Information

Information provided on Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not legal advice nor does it create an attorney client relationship between the viewer and the firm.