Bankruptcy law can be confusing and complex, especially if you are reading information from articles or questionable online sources. If you are considering filing for bankruptcy or another form of debt relief, it is essential that you speak with a bankruptcy lawyer in Royal Oak and Southeastern Michigan at Gudeman & Associates, P.C. who is knowledgeable and caring.
Does filing for bankruptcy stop creditor harassment?
Yes! Filing for bankruptcy puts an automatic stay in place, which can help to stop all collection attempts and creditor harassment, as well as prevent wage garnishment and foreclosure. There are many other benefits of filing for bankruptcy which we can discuss in detail during your no-obligation initial consultation.
Can bankruptcy save my home from foreclosure?
If you have gotten behind on your mortgage payments, you may be facing foreclosure. Fortunately, when you file for bankruptcy, you are awarded foreclosure protection through the automatic stay. From there, you will either enter into a payment plan of Chapter 13 or discharge debt through Chapter 7. Please note that Chapter 7 only allows for a temporary foreclosure stay.
What types of debt are dischargeable?
In bankruptcy, certain types of debts are dischargeable while others are not. For example, unsecured debt like medical bills or credit card debt can typically be discharged entirely or partially. Secured debt or amounts owed to child support cannot be discharged and you will be expected to keep making payments.
What types of bankruptcy are available to me?
There are two main types of bankruptcy which are appropriate for individuals: Chapter 13 and Chapter 7. There is also the lesser known Chapter 11, which is primarily used for businesses, and Chapter 12, which is focused on famers and fishermen. In Chapter 13, your debts are rearranged and often reduced so you can make feasible payments. Chapter 7 allows you to give up non-exempt property in exchange for discharging your debt.
Why hire a bankruptcy lawyer in Royal Oak & Southeastern Michigan?
At Gudeman & Associates, P.C., we are committed to providing our clients with useful information and resources. Having a lawyer by your side to guide you through the bankruptcy process is invaluable and can lead to a positive outcome for your case.
If you would like to learn more, call us at (248) 826-2441 to request a no-obligation consultation.