HAVING PROBLEMS PAYING YOUR DEBTS? FLINT BANKRUPTCY 235-1970
Because of our poor economy nationally and in Michigan many families have economic problems. Do you? Having problems paying your debts? Is your family threatened with garnishment, foreclosure or repossession? If yes you are not alone. see http://goodmorningflint.blogspot.com/2012/09/having-problems-paying-your-debts-flint.html
We are a debt relief agency helping you as a Flint Bankruptcy Lawyer file and get relief.
Bankruptcy is a way to deal with these problems.
You Did know you have the right under federal law to file for bankruptcy relief from your creditors.
The theory of Bankruptcy is that it is a legal proceeding in which a person can get a fresh financial start. Do you need as fresh start?
Try to pay your bills before filing bankruptcy because you can do so only once every six years. In most cases, you will want to save this valuable option until you really need it. Also, you may not need to file bankruptcy even though creditors are threatening you because you may have no nonexempt property or wages.
This means you have nothing the creditors can take from you. You can’t be put in jail for failing to pay your civil debts (other than fines or other court ordered amounts).
Just like Wall Street got their Fresh start a chapter seven Flint Bankruptcy is your fresh start.
Some things bankruptcy can do:
Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts.
Stop foreclosure of your home and allow you to catch up on missed payments.
Stop repossession of a car or other property, or, in some situations, force the creditor to return property even after it has been repossessed.
Stop wage garnishments.
Stop debt collection harassment.
Restore or prevent termination of utility service for nonpayment of previous bills (you will probably have to pay a deposit, but the deposit cannot be more than 1-1/2 to 2 times your previous regular bills according to the Arizona Administrative Code).
Get your drivers license back if it has been suspended because you didn’t pay court-ordered damages for a driving accident (unless you were driving under the influence of drugs or alcohol).
Some things bankruptcy can’t do
Eliminate certain rights of secured creditors. Some examples of secured debts are car loans and home mortgages. You can force secured creditors to take payments over time, but generally, you cannot keep the collateral unless you continue to pay the debt.
Discharge debts that arise after the bankruptcy has been filed.
Discharge certain types of debts, such as child support, alimony (spousal maintenance), certain other debts related to divorce, most student loans, court restitution orders, criminal fines, and most taxes.
Eliminate the obligation of a co-signer on your loan in most cases.
Chapter Seven Bankruptcy is known as a “fresh start” bankruptcy, or “liquidation”. Your debts are discharged (canceled), but you must give up any nonexempt property to the trustee to pay to your creditors. You can keep secured property if you are current on the payments and continue making the payments regularly.
When you file for bankruptcy you will not be alone.
In Chapter 7 bankruptcy, the trustee must take your nonexempt property and use it to pay your creditors.Most debtors in Genesee County because of our loss of residential value keep all of their possessions that are not encumbered by a loan or mortgage.
If you have property, which is non-exempt, you could sell it before filing bankruptcy and use the money to purchase things, which are exempt; such are food, furniture, or clothing. However, you cannot give property away to friends or relatives, and have them give it back to you after the bankruptcy. Any transfers of property without receiving fair value for it within one year before filing bankruptcy are called a fraudulent transfer. The property could be taken by the bankruptcy court and sold to pay some of your debts. If the court finds you have been dishonest in your bankruptcy, you could be denied your discharge. You could also be charged with federal or state crimes, which carry serious fines and jail sentences.
Also, you cannot prefer one creditor over another by making payments on the debt within 90 days before filing bankruptcy (one year if the person paid is an “insider” (family, friend, etc.) If you do so, the bankruptcy court can take that money away from the person you paid. This is to insure that all creditors are treated equally. This does not apply, however, to regular monthly payments such as your car payment, house payment, rent, utilities.