Blog Posts in 2013

  • What are the Positive Aspects of Bankruptcy?

    || 18-Sep-2013

    Being faced with a massive amount of debt can be an extremely overwhelming and frightening experience. If you do not have sufficient income to pay your obligations, the rising interest rates and the, you could very easily find yourself on the edge of financial ruin. Creditors may be harassing you at all hours of the day and night. You might be facing foreclosure or only getting part of your ...
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  • Can I File for Bankruptcy More Than Once?

    || 16-Sep-2013

    While it is possible for an individual to file for bankruptcy more than once, there are certain requirements which must be met. Each different form of bankruptcy has a waiting period between filings. The waiting period was established to discourage and prevent people from continuously mounting up a massive amount of debt and attempting to seek bankruptcy protection to avoid fulfilling their ...
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  • Will Bankruptcy Destroy My Credit?

    || 12-Sep-2013

    One of the most common questions about filing for bankruptcy is whether or not filing for bankruptcy destroys credit. In all honesty, if you are at the point where you are considering filing for bankruptcy, your credit has more than likely already suffered some damage. When an individual is unable to maintain his or her financial obligations to banks, credit card companies, leasing agents, ...
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  • What to Expect When Filing for Chapter 7 Bankruptcy

    || 21-Aug-2013

    Are you drowning in debt? If so, you may significantly benefit from Chapter 7 bankruptcy. Unlike Chapter 13 bankruptcy, which could take anywhere from 3 to 5 years, this process would allow you to get out from underneath your debt in a matter of months. Since you would be required to liquidate certain non-exempt assets and use the proceeds to repay your creditors, you could expect to find relief ...
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  • Five of the Most Common Myths about Bankruptcy

    || 9-Aug-2013

    If you have considered filing for bankruptcy, you may have found it difficult to separate the facts from the widely popularized misconceptions. For this reason, the Michigan bankruptcy lawyer at Hensel Law Office, PLLC encourages you to seek out the truth about this valuable debt relief process. While the most effective way to do so would be to discuss your case with the knowledgeable legal team ...
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  • How Does an Emergency Bankruptcy Filing Work?

    || 8-Aug-2013

    While bankruptcy is most often used as a tool to eliminate debt, either quickly or gradually, it can also be utilized for its secondary advantages. For example, someone who is facing the loss of their home might take steps to initiate the bankruptcy process in an effort to delay foreclosure, or stop it all together. Since the court will grant an automatic stay as soon as the debtor's petition ...
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  • Attorney Thomas Hensel Wins Lien Strip Action at Trial

    || 25-Jul-2013

    The legal team at Hensel Law Office, PLLC is proud to announce that Lead Attorney Thomas M. Hensel, Jr. was recently successful in winning a lien strip action on behalf of his clients. The plaintiffs, R.R. and L.R., had made the decision to file for Chapter 13 bankruptcy in Michigan. They were denied the opportunity to treat their home as a wholly unsecured claim in their proposed Chapter 13 plan ...
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  • Michigan Bankruptcy Exemptions vs. Federal Exemptions

    || 11-Jul-2013

    If you have been losing an endless battle with debt, it may be time to consider filing for bankruptcy. While most people are hesitant to take this step because they think that they will lose everything in the process, it is important to understand that state and federal laws will protect some of your most valuable assets—including your home, car, personal belongings and insurance benefits. ...
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  • M is for Mortgage

    || 21-Feb-2013

    Do you have a Mortgage? Do you have more than one Mortgage? Is your Mortgage being foreclosed ? Are you trying to modify your Mortgage? Bankruptcy can do many things when it comes to dealing with your Mortgage issue. Chapter 7 bankruptcy can eliminate your personal liability on the Mortgage Note. This can come in handy if you're letting your house go or if you think you may decide to let it go ...
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  • L is for Lien Strip

    || 6-Feb-2013

    " Lien strip " has become a very popular bankruptcy term over the past 5 years or so – largely due to the dramatic decline in the value of real estate. Here's how it works: say you happen to own a home with a first mortgage with a balance of approximately $150,000. Say you also have a second mortgage or home equity loan with a balance of approximately $30,000 - that was taken ...
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  • K is for Knowledge

    || 27-Jan-2013

    Just about every client I've met has some preconceived notion about bankruptcy. Some think they have to have zero income to file. Some think they'll lose all or most of their property. Some think they'll never be able to obtain credit again in the future. Some believe since a creditor has a Judgment against them that it's too late to do anything. After an initial consultation - ...
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  • J is for Judgment

    || 13-Jan-2013

    When a creditor files a collection lawsuit against you (i.e. credit card debt, medical bill, deficiency balance on a car, etc.), the goal that they have is to obtain a Judgment against you. A Judgment is a very powerful piece of paper in the State of Michigan. It gives this creditor certain powers to collect a debt. These powers include: Garnishment of wages, bank accounts or State tax refunds. ...
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  • Hensel Law Office, PLLC Announces Move to New Office Location

    || 8-Jan-2013

    At the Hensel Law Office, PLLC, we are a Michigan bankruptcy law firm that is 100% dedicated to assisting the residents of Madison Heights, Royal Oak, Sterling Heights, Clinton Township, Warren, Brighton, South Lyon, and Howell in their bankruptcy needs. We provide up to the minute information on the state and federal bankruptcy exemptions, as well as the bankruptcy do's and don'ts, ...
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  • I is for Income

    || 6-Jan-2013

    Income is one of the most important factors to examine when determining bankruptcy options. Income determines if you'll be eligible under Chapter 7. In the context of Chapter 13, it will dictate how long your Plan must last for – as well as how much money you may have to pay back to your creditors. Since I've been practicing bankruptcy law, I've had clients who have had incomes ...
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