Royal Oak Bankruptcy Attorney

Are you struggling with out-of-control debt?

Whether you are contemplating filing for bankruptcy for the first time, or for a second time, at Hensel Law Office, PLLC, we strongly believe that this is a big decision and it should always be an informed one. At our firm, we are not only dedicated to helping the residents of Royal Oak find much needed debt relief, we are 100% committed to helping them make the right decision about their finances, and in order for us to do our job right, that decision has to be the best one for our client's unique set of circumstances.

What does this mean to you? It means that we won't advise you to file for bankruptcy if it doesn't make sense. There are other alternatives to bankruptcy such as debt consolidation and one of them may be more suitable for you. On the other hand, if filing for a Chapter 7 or Chapter 13 is the most reasonable solution, we will guide you through the bankruptcy process, streamlining it every step of the way and answering any and all questions as they arise.

Bankruptcy Precursors

Succeeding financially isn't difficult to comprehend, there must be more income coming in than what is going out. That said, most of our clients were doing fairly well on their own at some point in time; however, some life changing event such as the value of their home drastically dropping (underwater mortgage), or a sudden job loss, or an illness or disease, or an accident, or even a divorce occurred which took them completely by surprise. Many of our clients had excellent credit at one point in time, yet due to reasons completely out of their control, they lost their ability to make ends meet and remain above water.

If you are facing eviction, or repossession of your vehicle, or foreclosure of your home, then we suggest you contact our office as soon as possible. We know first-hand how situations such as these can be overwhelming and virtually crippling, but there is no reason why you should face this alone. There are a number of effective solutions out there that are aimed at helping people in situations such as these, and we are confident that once we review the facts of your case, we can help you make the most proactive and effective decision that can put you in control once more.

No matter how dire your circumstances are, you can take control of your life, and if filing for Chapter 7 or Chapter 13 bankruptcy is the most optimum way to accomplish this, then we will carefully guide you through every step of the bankruptcy process, and take out the mystery of the means test and the bankruptcy timeline. We firmly believe that knowledge is power and the more you know about the bankruptcy dos and don'ts and how it can put an end to creditor harassment, the more control you can have over the outcome of your case.

Life after Bankruptcy

Many debtors are unaware of the many benefits of filing for bankruptcy. It can be a powerful foreclosure defense and it can put an end to those upsetting collection calls and letters that never seem to end. What's more, with a Chapter 7 bankruptcy, a number of unsecured debts such as credit card debts (which can run into the tens of thousands), medical bills, ambulance bills, taxes of a certain age, personal loans, and past-due utility bills can literally be wiped out or discharged. Determining which type of bankruptcy is right for you will depend upon the types of debts you carry, as well as your personal income situation. For example, Chapter 7 bankruptcy, otherwise known as the debt liquidation bankruptcy is typically reserved for those who really need it. If your income is very low or if you are unemployed, and if your debts are primarily unsecured, this may be the bankruptcy of choice.

For those debtors who have a regular and sizeable source of income coming in each month, they are usually diverted to filing the Chapter 13, debt reorganization bankruptcy, which is not a bad thing. With this Chapter, homeowners can take advantage of how it can help them save their home from foreclosure, and it also allows debtors to be put onto a monthly repayment plan which extends for a 3 to 5 year time period depending upon their debt load and their income.

While some people pay off all of their debts over this period of time, some people pay off only a fraction. It's all based on your income, your debts, and your ability to make a monthly, manageable payment to the bankruptcy trustee who then distributes your payment to each of your creditors. In the end, once a bankruptcy is discharged, the debtor can breathe a huge sigh of relief knowing that they can actually enjoy a true, fresh start.

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