Benefits of Filing for Bankruptcy in Michigan
Struggling with debt? Bankruptcy may be right for you.
Although the economy has continued to steadily rebound, countless families
and individuals have been left reeling in the aftermath. As such, it is
no surprise that the number of personal bankruptcies in the U.S. has been
on the rise since the market crashed. If you have been forced into a similar
situation, it is important to understand that you are not alone. Although
most people feel that filing for
bankruptcy is something to be embarrassed about—namely due to the misconceptions
that surround this process—we are here to inform you that there
is no shame in getting your financial future back on track. With the help
of a Michigan bankruptcy attorney from Hensel Law Office, PLLC, you can
take control of your debt and move forward with a fresh start. Listed
below are just some of the numerous benefits that you can glean from the
- Discharging all eligible debts once and for all
- Fighting foreclosure, repossession & wage garnishment
- Stopping creditor harassment & debt collection efforts
- Moving forward in your life with a clean slate
Benefit #1: Freeing Yourself from Unmanageable Debt
The most significant benefit of filing for bankruptcy would be the eventual
discharge of debt. While this could take a matter of months or three to
five years, depending on the type of petition that you file, this process
is one of the most practical ways to eliminate debt once and for all.
When filing under
Chapter 7, for example, you would have the opportunity to liquidate non-exempt assets
and use the proceeds of their sale to repay creditors.
Once this is done, the court would grant a discharge of all remaining debts—freeing
you of the legal responsibility to repay them. Although the same would
apply when filing under
Chapter 13, this process allows for more gradual relief. Since it would require you
to reorganize your debt and develop a repayment plan, this process is
typically executed over the course of three to five years. At the end,
however, the court may grant a discharge of any remaining debts.
Benefit #2: Acquiring the Protections of an Automatic Stay
Another reason that you may want to consider bankruptcy is for the protection
that you are afforded by the automatic stay. Once you file your petition
with the court, a judge will move quickly to issue this order—which
would effectively prohibit all creditors from contacting you and/or continuing
their collection efforts. This means that you would be protected from
all creditors' efforts to initiate foreclosure, repossess your property
or even garnish your wages.
Additionally, you would no longer have to worry about
creditors harassing you over the phone or by mail, as this is strictly prohibited. If they were
to contact you after the automatic stay has been put into place, you would
have the right to take legal action against them and possibly even pursue
Benefit #3: Moving Forward with a Fresh Start
Once you have successfully completed the bankruptcy process in Michigan,
you may find that a weight has been lifted. Not only would you be free
of the obligation to repay your debts, but you would have the opportunity
to move forward with a clean slate—which is, ultimately, the goal.
For this reason, you should not hesitate to pursue the relief that you
are looking for by contacting the legal team at Hensel Law Office, PLLC today.
contact our office at (888) 258-0651, your initial consultation won't cost you a thing!
Our Michigan bankruptcy lawyers are also available to meet with you in
the evening or on the weekend, so there is no reason why you should wait
any longer to acquire the professional help that you will need. Call today to
schedule an appointment.