Not everyone knows what it’s like to go through bankruptcy. In fact, the people who know the most about it are bankruptcy lawyers. In Detroit, if you’re facing bankruptcy you’re probably not sure where to start. Hiring a bankruptcy lawyer can give you the structure and additional know-how so that you can not only get the bankruptcy filed correctly, but you can get the most out of the proceedings. Not all bankruptcies are as horrible as movies make them out to be. In fact, a bankruptcy can be the perfect way to re-structure debt that you can no longer pay.
Do you wish your bills could be edited and re-shuffled so you could afford to pay them each month? Chapter 13 bankruptcy is designed to look at your financial situation and change it so you can do exactly that. A bankruptcy lawyer can help you to determine whether or not you qualify for chapter 13 bankruptcy. If you do, you may find some of your debt forgiven. You’ll be able to keep all your assets, especially your home and car, but you’ll also be making a deal with your debtors so that you continue to pay off your debts. In this way, you’ll simply be changing your life from an unaffordable life to something you can manage.
Letting it All Go
The other option which a bankruptcy lawyer can help you explore is chapter 7 bankruptcy. In Detroit, many people file for chapter 7 bankruptcy every year. There may be ways to keep some of your assets, but depending on how in debt you are, you may lose everything. The good news is that if you are forced to give up your assets, your debts will also be wiped clear. The only thing that will remain is a bad credit report, and within a few years that will begin to improve again, too. While chapter 7 bankruptcy may sound harsh, it can also be that fresh start you needed to get your life back under your control.
Don’t Wait Until the Last Minute
The thing you should not do is wait for your situation to deteriorate completely. If you’re having a hard time paying bills, or if you’re behind on your mortgage and are afraid of foreclosure, consider contacting a Detroit bankruptcy lawyer today. It may not be too late to safe at least some of your assets and turn your life around with a chapter 13 bankruptcy. Get help today.
For a consultation with a skilled bankruptcy lawyer, get in touch with the folks at Always Helpful Lawyers, providing legal services to Detroit for over 60 years.