ON 10/25/2011 AT 8:45 LIVE RADIO “ ITS NO JOKE BEING BROKE! [radio phone 239-5733] hosted by Flint Bankruptcy Attorney Terry Bankert 810-235-1970 . www.attorneybankert.com
Downtown Flint Office. Contact us today or a free appointment.
I talk to many people who say “ I need help now. This phone has to stop ringing. I work two jobs,
have kids, no place to turn when unpaid bills face me at the end of the month. How do I get out of this debt?
CHAPTER SEVEN BANKRUPTCY is a way. The process is you have to income qualify. You disclose all your assets, income and your debt. In your Bankruptcy papers all your financial activities for the past several years are disclosed.Three months later you receive a discharge (cancellation) of most types of debts and emerge with all or most of your property except things like luxury items and real estate investments.
Are you suffering from loss of income, garnishment, creditor harassment, repossession, foreclosure, lawsuit, medical bills or loss of governmental support ? Following is how you stop creditors from harassing you on the phone.
Once you file a bankruptcy which takes usually a week or more after our first meeting you have a powerful protection its called an automatic stay. This stay stops any efforts by your creditors to collect debts from you. When they call just give them your bankruptcy filing number, the name of the court, and the date of filing. They will back off . If they do not they are violating Federal Law.
Everything aimed at you, except taxes, student loans , child support and spousal support, will stop. This includes garnishment of wages, repossess cars and foreclosure of your home will stop.
It is our logo but It’s no joke being broke. We know it. This is Michigan in a depression in the beginning of an era that will later be called the de-industrialization of America. Our government is bailing out Wall Street, big business and Big Banks. A personal bankruptcy will bailout you out.
You qualify for a Chapter 7 Bankruptcy if you make less than $42,562 in a one person household, $50,738 in a two person household.
Most pensions and retirements are exempt from bankruptcy. The rest of your property becomes part of your Bankruptcy estate and is under the control of a bankruptcy trustee.
Problems may arise if you have unloaded property at less than market value in the previous two years. All of your property is included even marital property. The trustee will look at all your property, its value and the categorical exemptions to see if there is property to sell and give the proceeds to creditors after keeping 8% for the trustee.
The trustee will have no interest in your property that is protected by exemptions ( dollar amounts of vale) or that will not have a net profit after sale and payment of liens and trustee costs. Most people in bankruptcy keep their personal belongings. If you owe more on your house than what it is worth the trustee in bankruptcy will have no interest in it.
CAN I KEEP MY HOUSE AND CAR
Yes in the following circumstances .
You have to be current on your mortgage and car note. You have no significant non exempt value in your house or car. Exempt values, $21,000 plus change in your house and $3,400 plus change in your car. Example. You car is paid off and if you sold it today you could get $3,000 for it. You get to keep your car. Make a no fee appointment with me and I will explain the exemptions to you.
You cannot repair your credit by paying your bills slowly. It is your right to get rid of your bills and have a fresh start. The Bankruptcy Laws will allow you to keep most of your personal possessions.
ITS NO JOKE BEING BROKE! hosted by Flint Bankruptcy Attorney Terry Bankert 810-235-1970 . www.attorneybankert.com
Downtown Flint Office. Contact for a free appointment.