Bankruptcy Blog

  • Attorney Thomas Hensel Named to Top 25 Detroit Bankruptcy Lawyers List

    || 5-May-2016

    Attorney Thomas Hensel of Hensel Law Office, PLLC has been named a 2016 Top 25 Bankruptcy Lawyer in Detroit by Expertise, LLC! Expertise is a business ratings organization that rates, ranks, and hand-picks the top professionals in their respective fields. Attorney Hensel was included in the top 25 out of 214 total reviewed attorneys, and was evaluated on more than 25 different variables. Selected ...
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  • Filing for Bankruptcy Before the Holidays

    || 14-Dec-2015

    If you are struggling with debt, the holiday season can be a difficult time. Many people who are faced with insurmountable debt are unsure if they should file for bankruptcy before or after the holidays. If you are considering filing for bankruptcy, the following reasons show why you should file before the holiday season passes. Cease Harassing Collection Calls Are you tired of having overbearing ...
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  • How Can Bankruptcy Benefit My Business?

    || 1-Feb-2015

    Running a business can be stressful and difficult. Even those businesses that begin with a well crafted business plan, adequate funding, brilliant marketing and a much needed product or service, may still find themselves eventually facing financial ruin. Perhaps the business went through a dry spell that required the owner take out a few additional loans, and ultimately overextend credit to avoid ...
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    || 1-May-2014

    Last month the United States Bankruptcy Court announced that it would be increasing the filing fees for Chapter 7 & Chapter 13 Bankruptcy cases effective JUNE 1, 2014. The Chapter 7 filing fee will be raised from $306 to $335. The Chapter 13 filing fee will be raised from $281 to $310.
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  • What Are My Options for Avoiding Foreclosure?

    || 12-Mar-2014

    Being faced with the potential loss of your home is one of the most frightening situations any homeowner can experience. You could have been making timely payments for years but now, due to unforeseen circumstances, you have suddenly found yourself unable to pay on time, or even make payments at all. Your financial troubles may have started as a result of a divorce, a costly medical procedure or ...
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  • 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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  • Eligibility for a Chapter 7 Bankruptcy

    || 20-Dec-2012

    A lot of people would choose filing a Chapter 7 bankruptcy over a Chapter 13 if they were given the choice. However, not everyone has the ability to choose between a Chapter 7 and a Chapter 13 bankruptcy. What sets the two bankruptcies apart? With a Chapter 7 bankruptcy, the bankruptcy trustee cancels all or the majority of your debts, meaning they are literally wiped out and you are no longer ...
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  • H is for Hensel Law Office

    || 11-Dec-2012

    Okay it's time for a little shameless self-promotion! My name is Thomas Hensel and I'm a Consumer Bankruptcy Attorney. I've been practicing for a little more than 13 years now. I opened my firm – Hensel Law Office, PLLC - in 2008. My practice is 100% dedicated to representing Debtors in Chapter 7 and Chapter 13 bankruptcy proceedings. Prior to opening my firm I spent considerable ...
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  • G is for Garnishment

    || 4-Dec-2012

    Garnishment is one of the most powerful weapons that a judgment creditor can wield. It can take many forms – wage garnishment, bank account garnishment, tax refund garnishment. Any or all of these may be utilized in order to collect on a judgment. In the state of Michigan, a judgment creditor can seize up to 25% of your wages via a wage garnishment – this may continue until the debt is ...
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  • Understanding the Automatic Stay in Bankruptcy

    || 4-Dec-2012

    Once a debtor files for bankruptcy, they typically notice the immediate benefits of what is called the "automatic stay." What is the automatic stay and how does it affect you directly? The automatic stay is automatic injunction (a legal order) that immediately halts creditors from collecting on debts from a debtor who has filed bankruptcy. Under 11 USC §362 – Automatic Stay, ...
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  • F is for First Meeting

    || 28-Nov-2012

    In both types of consumer bankruptcy cases - Chapter 7 or Chapter 13 - you will be required to appear at your " first meeting " or " first meeting of the creditors " or " 341 hearing " (341 being the section of the Bankruptcy Code that sets out the details of this hearing). This is your initial Court date. In Chapter 7 cases, it should be your only Court date. Many of ...
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  • E is for Exemptions

    || 20-Nov-2012

    When you file a bankruptcy petition ALL of your property becomes property of your 'bankruptcy estate'. Exemptions are what the bankruptcy code allows you use in order to KEEP or PROTECT certain property. In the context of a Chapter 7 bankruptcy, any non-exempt property is subject to liquidation by a Chapter 7 Trustee (the party who appointed by the Court to convert all non-exempt property ...
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