Michigan Bankruptcy: Lawyer, Locations

If you are from the Michigan area and your debts are piling up to fast as a result of the financial crisis then you may want to consider contacting a Michigan bankruptcy attorney.

When deciding which personal chapter bankruptcy you should file, it often becomes almost necessary or actually beneficial for the filer to become familiar with their state bankruptcy districts. For instance, in Illinois if you are living in the Chicago area you would most likely have to file bankruptcy in the Northern district. There is also a southern district to file bankruptcy along with a central district which also handles chapter 7 bankruptcies along with other chapter 13 bankruptcies. The central district also handles every bankruptcy chapter as described in my other posts. Illinois is not alone in breaking up their state in districts to handle one particular area of bankruptcy.

Illinois neighboring state of Michigan is also broken up into similar districts. Michigan uses two different districts to handle a majority of the cases from two of their large cities. For example, bankruptcies being filed in the city of Detroit would file their bankruptcy in Michigan's eastern district; where as, people filing a Lansing bankruptcy in the states capital would file in Michigan's western district. No matter which chapter bankruptcy you are filing be it chapter 7, chapter 11 or Chapter 13, becoming familiar with the district you intend to file helps you understand only one part of the entire bankruptcy process. Although Illinois and Michigan are examples each state is pretty much set up with individual districts to handle their particular chapter Bankruptcy. Illinois closest neighbor Indiana has bankruptcy courts or district courts in the form of a southern district and a northern district.

So now I'm sure you are asking yourself why should you be concerned about districts and what type of chapters are being filed there?

If you decide to file bankruptcy you will want to find out what cases are prevalent in your district. Do people typically file chapter 7 or Chapter 13? Although this is determined by the "means test" you can actually get a feel for what the attorneys and trustees in the area are predominately dealing with. Do the trustees typically push for people to file Chapter 13 rather than Chapter 7 or is most of their cases just a quick chapter 7 with no assets and no long drawn out payment plans as there is in chapter 13.Visiting the district court and seeing how these 341 bankruptcy hearings operate will definitely provide you a feel of where some trustees stand in your area. You will also gain knowledge of trustees wanting your assets to sell. Hiring an attorney that is familiar with your district will definitely help your case in deciding if you have too much equity in your home or even your car and how the local trustee views such issues when making the final decision on which chapter of bankruptcy to file.

If you are considering filing a bankruptcy in Michigan then it is a really serious decision that needs some time and careful consideration. Michigan bankruptcy court proceedings are not an easy thing to go through and resulting affects on your credit can often be disastrous. My recommendation is that you sit down with a Michigan bankruptcy lawyer and discuss the Michigan bankruptcy laws and find out what is best for your situation. If at all possible it would be best to avoiding filing bankruptcy Michigan but sometimes it is unavoidable.

No matter what you decided you do need to sit down with lawyers or attorneys and get professional advice about what you should do.

Chicago Bankruptcy

If you live in the Chicago area and your debts are piling up faster than you can pay them off then you may need to find a Chicago bankruptcy attorney.

Recent statistics have shown that Americans now have a negative savings rate and that the average American has over $5,000 in credit card. The average debt per American has been steadily rising over the past 20 years and so has the number of total bankruptcies and Chicago bankruptcies.

If you are looking to file a bankruptcy in Chicago then you are in luck because there are ton of Chicago bankruptcy lawyers around. Chicago bankruptcy attorneys are some of the best ones in the business and they will help you to get through the bankruptcy process without losing your home, car, or wages.

The Chicago bankruptcy law is exactly the same as the bankruptcy law in the rest of United States. In fact, the bankruptcy code was established by the US government and is the same in all cities and states. If you go to Chicago bankruptcy court to file a personal bankruptcy you will have the option of filing a chapter 7 or chapter 13. The chapter 7 and chapter 13 are the two most common bankruptcies filings.

If you are sick and tired of having collection agencies and bill collectors harassing you day and night then you should consider a Chicago bankruptcy. Once you make the decision to file for a bankruptcy you can tell your creditors immediately and then they will be legally required to stop calling you or trying to collect the debts that you owe them.

If you are seriously considering filing a Chicago bankruptcy you must first realize that it is a last resort and you should consider all other potential ways of solving your money problems first. Filing for bankruptcy will put you back financially for years and paying off your debts on your own, if at all possible, would be your best solution. If you are considering making this decision then we suggest you set up a free consultation with a Chicago bankruptcy attorney and get the advice of a true professional within the field.

*The above article about Chicago bankruptcy is in no way considered legal advice. I am not a professional in the field and I suggest that you contact a professional about your situation before making any decisions.

Do It Yourself Bankruptcy

If you are interested in filing for bankruptcy but want a do it yourself bankruptcy then you have found the right place.

Filing for a chapter bankruptcy can be very expensive and usually people that are in the most need don't have the money that it takes to get a bankruptcy attorney. If you are in this situation then you should consider some type of do it yourself bankruptcy. A do it yourself bankruptcy is defined as declining the option of getting an attorney and proceed with a bankruptcy alone.

If you are short on funds our recommendation is to do a modified version of the do it yourself bankruptcy. We suggest that you get a bankruptcy lawyer but do as much of the filing as humanly possible on your own. This includes filing some of the paperwork yourself and only having your attorney present when absolutely necessary. Our suggestion here is a somewhat modified version of a do it yourself bankruptcy that will save your lots of money.

The chapter 7 and chapter 13 bankruptcy filings are just to complicated to do on your own and in our opinion you will at least need a lawyer for some of it. We do not in anyway recommend that you file for your bankruptcy 100% independently.

If your chapter bankruptcy only includes a few assets and is very basic then sure you might be able to DIY but this is unlikely for the average American. Average bankruptcy cases include over 25 pages of paperwork that are written in legal terminology that average people will not understand. If you do not know what you are doing and you happen to make mistakes on the bankruptcy paperwork then you could cause yourself all kinds of problems. For example, bankruptcy form mistakes could cause you to have your case delayed or dismissed, debt liquidations challenged, or even cause you to lose more assets than necessary.

If you are considering filing a do it yourself bankruptcy we strongly encourage you to go ahead and hire a lawyer to at least give you advice and look over all of the bankruptcy forms that you are filling out. We also recommend you take a look at do it yourself bankruptcy forms and do it yourself bankruptcy software and see if you feel like you are capable of doing some of the filing on your own.

We also suggest that you explore all bankruptcy alternatives before moving forward. A chapter bankruptcy filing is a very important decision that will have major impacts on your future and is something that should be thought about long and hard before deciding what to do.

What Is A Chapter 13 Bankruptcy?

Information About Chapter 13 Bankruptcy

This chapter bankruptcy is the second most common form of bankruptcy in the United States. Chapter 13 refers to the 13th chapter of the federal bankruptcy code where all of the laws and rules about chapter 13 bankruptcies are written. In a chapter 13 discharge the debtor and the bankruptcy court together with the creditors will establish a debt repayment plan. In a chapter 13 bankruptcy the court will set up a reorganization plan where the filer only has to pay back a small percentage of the total amount owed. With a chapter 13 discharge the filing party is not required to liquidate any of their assets. In most cases the creditors will be happy to get some of the debt back instead of none. Most reorganization plans are setup to allow the bankruptcy filer to pay back the debts in 3-5 years.

A chapter 13 bankruptcy is not quite as quick and easy at the chapter 7 but it usually allows the filing party to receive a more favorable credit status after the bankruptcy repayment plan is completed. In order to be eligible to file for a chapter 13 you must be able to prove to the court that you have enough income to meet your repayment obligations. For those with little or no income a chapter 7 bankruptcy is usually a better option. In order to quality for a chapter 13 bankruptcy you also cannot have over $1,010,650 in secured debt and $336,900 in unsecured debt. If you have over these amounts you are automatically ineligible to file a chapter 13 per the United States bankruptcy code. Chapter 13 bankruptcies cost $274 for the filing fee and attorney fees can range from $1500-$4000 depending on the complexity of your situation.

In order to file a chapter 13 bankruptcy you will first need to setup a meeting with a lawyer. We do not recommend that you try to file on your own. The complexity of a chapter 13 is far to great for someone without prior knowledge to try to do it on their own. The best way to find a bankruptcy lawyer is to check online.

The first step in filing is to receive credit cousenling from a company approved by the United States Trustee's Office. These companies will charge a fee seperate from the bankruptcy fees however these fees can be waived for people who cannot afford them.

After going through credit counseling you will need to file your petition for bankruptcy. With your petition you must include forms that describe all of your assets and liabilities, your current income, your current living expenses, any contracts that require you to pay 3rd parties, and a statement of financial affairs. Other things you might also be required to do include preparing a budget, dealing with secured debtors, and attending meetings with creditors.

After filing for your chapter 13 bankruptcy a trustee will be assigned to your case to help everything move forward correctly. In most chapter 13 cases the amount that the filer is required to repay varies greatly based off of their income. Each situation is very unique and specific number cannot be given. Employing a bankruptcy attorney is always a good idea because they might be able to get you the most favorable outcome here.

If you cannot make the payments on your repayment then then there are often several options that you have. Sometimes the court will completely discharge your bankruptcy if you experience some sort of hardship (like a loss of your job). If the court refuses to do this you can look into converting your chapter 13 bankruptcy into a chapter 7 bankruptcy.

In nearly all cases a chapter 13 bankruptcy will be completely wrapped up within 5 years so long as you make all of your payments and make them on time. A chapter 13 bankruptcy is a great opportunity for individuals that have accumulated to much debt to handle at once but still have enough income to pay them off over time. When deciding whether to file a chapter 13 bankruptcy the most important thing to do is find out whether it is really necessary. If it is at all possible to pay off your debts without a bankruptcy you will be significantly better off in the end. The best thing you can do to determine the right choice for you is to contact a local bankruptcy attorney for a free consultation.

What is a Chapter 7 Bankruptcy?

Information about Chapter 7 Bankruptcy

This chapter bankruptcy is the most common form of bankruptcy in the United States accounting for 65% of all filings. Chapter 7 refers to the specific chapter of the federal bankruptcy code where the laws about it are written. In a chapter 7 discharge filing the debtors non-exempt assets are liquidated and the proceeds are then distributed to the creditors as determined by the bankruptcy court. After distribution to creditors the remaining debt is wiped clean and the filer is no longer obligated to pay its debts. In most cases the filing party does not have any assets to liquidate and the creditors do not get any repayment.

Chapter 7 bankruptcies are the quickest and easiest form to file for and are available to individuals, corporations, and married couples. In order to be eligible to file a chapter 7 bankruptcy you must pass the means test as established by bankruptcy laws. A means test is a simple test that compares a persons income to average income with their state and also their ability to repay debts. If you do not qualify based on the means test this probably means that you are better suited for a chapter 13 bankruptcy. In order to file a chapter 7 bankruptcy you also cannot have already filed for a bankruptcy within the last 6-8 years. If you have already filed with this time period you will also be ineligible for a chapter 13 in most situations. The cost for a chapter 7 includes a $299 filing fee and about $1000 for a lawyer.

In order to file this type of bankruptcy you will be required to fill out and submit some bankruptcy forms. Chapter 7 bankruptcy forms include forms describing your property, current income, living expenses, debts, assets that you believe are exempt from liquidation, all property owned, all money spent during the last two years, and any property you sold or gave away over the last two years. When filing these forms you need to be sure that you include as much information as possible because the court can reject your bankruptcy filing if they determine that you did not provide adequate records.

You will also be required by the courts to go through a credit/debt counseling class before you file your official paperwork. After you go through counseling and determine that you still want to file for bankruptcy and file your paperwork you will be required to sit down at a meeting with your creditors.

After filing a chapter 7 bankruptcy a trustee will be assigned to your case and they will be responsible for selling all of your non-exempt assets and distributing the proceeds to your creditors. Generally cars and homes are exemption assets and the filer is able to keep these so long as they continue to make payments and sign a reaffirmation agreement.

In most cases a chapter 7 bankruptcy will be completely finished within 60 days of filing your initial petition. A chapter 7 bankruptcy is a great opportunity for those that are way to far into debt and have no possible way of working down the debt by themselves. When deciding whether to file for a chapter 7 bankruptcy the most important thing to do is find out whether or not you really need to file for bankruptcy. If you can find a way to pay off your debts on your own then you will be better off doing that. The best thing you can do to determine whether or not a bankruptcy is the right thing to is to contact a local bankruptcy attorney for a free consultation.

How To File Bankruptcy?

Information About How To File Bankruptcy

The first step in filing a personal chapter bankruptcy is to make sure that there are no other alternatives to filing for bankruptcy protection. If there are other suitable alternatives then it is wise to sit down with a financial expert and explore all possible avenues for improving your financial situation. Bankruptcy is a very serious thing and can set you back for years and years financially so it should only be used as a last resort when it is simply not possible for you to handle your debts by yourself.

If you determine that you must file for personal chapter bankruptcy you need to contact a reputable bankruptcy lawyer. The best way to find one is by looking up reviews online, asking family and friends, and contacting your state bar association.

After finding a lawyer you need to get together with him/her and decide which chapter bankruptcy is right for you. As an individual you have several different options with the most commons ones being the Chapter 7 and Chapter 13 bankruptcies. The most popular chapter bankruptcy, the chapter 7, involves the bankruptcy court doing a straight liquidation of the filers debts and wiping the slate clean for them. The Chapter 13 on the other hand, establishes a repayment plan for the filer. A chapter 7 bankruptcy use to be the most popular but with recent changes in the bankruptcy laws it has become a lot harder for people to qualify for a chapter 7 filing.

After consulting with your lawyer and determining which chapter bankruptcy is the best for you then need to move forward with the actual filing process. If you want you can choose to pay your attorney to do most of the work for you but if you do not have the money to do that you can do quite a bit of it on your own. Usually the filing fee is about $1,700 if you use a lawyer and $299 if you do it on your own. We highly recommend using a lawyer so that you do everything correctly and get the best possible outcome. If you make certain mistakes in filing your bankruptcy case could be dismissed.

The first step in filing bankruptcy is to give your attorney all of your outstanding bills, bank statements, and pay stubs from the last six months. You also want to give him/her copies of bills you may have paid in the last six months. This can include anything from an electric bill to a car payment. Finally, you will need to provide him/her with a list of all assets that you have.

After turning overall all of this information your lawyer will help you file your petition for bankruptcy. On this bankruptcy paperwork you are required to list every single debt that you have. If you fail to list all of them the bankruptcy judge/court can dismiss your petition for bankruptcy and you could also be jailed or fined. It is a federal offense to lie on your petition. At this point in the filing process you can begin referring all calls from creditors to your attorney.

After your bankruptcy case has been filed the court will send out letters to all of your creditors notifying them of your intent to declare bankruptcy. Once they receive this notice they are required by law to stop all collection attempts. At this point you should also discontinue the use of any credit services or it could make it impossible for you to get some of your debts discharged.

The next step involves a meeting between you and your creditors. Here they will discuss all of the information on your bankruptcy petition to make sure that it is accurate and correct. This meeting generally lasts about 10 minutes.

After going through all of this your creditors will have 60 days to file any challenges to your bankruptcy or any lawsuits against your filing. After the 60 days if there are no challenges you will get a notice stating that your debts have been discharged and you are no longer obligated to pay them (If you filed a Chapter 7). If you filed a chapter 13 you will get detailed report of your scheduled repayment plan. In your repayment plan you will be required to make a monthly payment to the bankruptsy court and they will disburse it among your creditors. At this point you will be done with your bankruptcy.

Above we have given you a short explanation of the process of petitioning for a bankruptcy. If you are interested in more information about filing for bankruptcy take a look around our blog or make a call to a bankruptcy lawyer in your area.

*This information should not be considered legal advice and should not replace the work of an actual attorney

What is a Chapter Bankruptcy?

From a legal standpoint the definition of any chapter bankruptcy is the inability of an individual or organization to pay its creditors. When someone gets into a situation where they are unable to pay their bills they often turn to personal bankruptcy to fix their problems. When someone files for bankruptcy they must submit a petition to the court requesting to have their debt wiped cleaned or reorganized with a payment plan. The idea behind this is to give individuals and businesses a chance to have an immediate clean slate or the help they need to slowly pay off their debt.

A chapter bankruptcy can be voluntary (filed by the debt0r) or involuntary (filed by the creditor). The majority of filings are voluntary but there are a few circumstances where creditors often file a petition with the court to force someone into bankruptcy.

Currently there are six different types of chapter bankruptcies under the United States Bankruptcy Code. The first of these types is a chapter 7. A chapter 7 bankruptcy provides basic liquidation for individuals and businesses. The second type of is a chapter 9. The chapter 9 bankruptcy laws state that they are only for municipalities. This means that they are only for government entities such as cities, counties, and states. The third type is a chapter 11. A chapter 11 bankruptcy filing is primarily used for business bankruptcies but can also be used by individuals who have a significant amount of debt. Chapter 11 bankruptcies will not wipe out someones debt but merely reorganized it and set up a payment plan. The fourth type of filing you can make in bankruptcy court is a chapter 12. Chapter 12 bankruptcies are very specific and can only be used by family farmers and fishermen. The fifth type you can petition for in US bankruptcy court is a Chapter 13. Chapter 13 bankruptcies are for individuals and simply setup a reorganization and payment plan for individuals with a regular income. The sixth and final type of bankruptcy is a chapter 15. Chapter 15 bankruptcies are for ancillary and international cases.

Chapter Bankruptcies are a very interesting idea and offer individuals and business an opportunity for a new start when they have gotten themselves to far into debt. The decision to file a bankruptcy is a major decision in someones life and everyone should seek professional advice when trying to decided whether it is right for them or not. For some people it is inevitable and they are almost forced to file a bankruptcy but for others it is a choice of what you want to do. Bankruptcy filings have serious affects on peoples credit and should only be petitioned for in the most extreme cases.

For more information on chapter bankruptcies feel free to take a look around the rest of my blog. Also, if you have any questions leave a comment or email me at personal.financial.advising@gmail.com (I will get back to a comment quicker).

Information About Filing A Chapter Bankruptcy

Hello and welcome to the Chapter Bankruptcy Filing blog.

At the Chapter Bankruptcy blog I will be providing general information about the most common bankruptcies available. This will include information about chapter 7, chapter 11, and chapter 13 bankruptcy filings.

My goal with this blog is to give people the personal bankruptcy information that they need in order to determine whether or not a bankruptcy is right for them. I also want to provide further information about bankruptcies to anyone that has already made the decision to go forward with a bankruptcy.

If you have any questions about bankruptcy court, bankruptcy laws, or filing a bankruptcy please feel free to email me at personal.financial.advising@gmail.com.

About Me

I am a casual blogger who writes about all kinds of various topics that are popular on the internet. My main area of expertise includes anything related to money and personal finance. Here you have found a blog of mine that talks about chapter bankruptcies. Bankruptcy is a very serious decision and everyone should research all potential options before deciding to file for bankruptcy.

I have written hundreds of different posts related to personal finance and feel that I provide great information to my readers. If you have any questions at all regarding chapter bankruptcies or personal finance send me an email and I will do my best to answer.

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