Experienced Rochester Bankruptcy Lawyer Answering Client Questions and Concerns

Many people who are having financial problems consider filing for bankruptcy. While bankruptcy is an idea most people have head of, many folks have questions about the bankruptcy process, how it can help them, and how it can affect their future. The information below answers some of the more frequently asked questions regarding bankruptcy. For specific advice about your situation, call Karen E. Evangelista, P.C today.

What does Bankruptcy Accomplish?

In Chapter 7 bankruptcy, the most common form of consumer bankruptcy, most, if not all, of a person’s debts are then discharged. In a Chapter 13 bankruptcy, a debtor enters into a court-approved repayment plan that lasts three to five years prior to obtaining a discharge.

What Types of Debts are Dischargeable in Bankruptcy?

There is a variety of debts that are dischargeable in bankruptcy, such as the following:

• Credit card debts;
• Medical bills;
• Utility bills;
• Business debts;
• Personal loans;
• Certain tax debts;
• Unpaid rent;
• Auto loans;
• Judgements; and
• Collections.

There are certain types of debts that are usually not dischargeable, including student loans and unpaid child support. In cases involving student loans, however, you may be able to discharge your loans if you can show that paying them back would be an undue hardship. For this reason, it is always important to have an attorney review your case in order to determine your options.

Will I Lose all of my Assets if I File for Bankruptcy?

One common misconception that many people have is that filing for bankruptcy leaves a person penniless and with their credit ruined forever. The reality is that many people who file for bankruptcy are able to keep most, if not all, of their assets. In addition, people who file for bankruptcy are often in a much better position with their credit shortly after filing, as their debts are no longer active collections.

Do I Need a Lawyer to File for Bankruptcy?

There is no law requiring individuals to have an attorney when filing for bankruptcy, but the federal courts themselves advise folks to file with a lawyer. Doing so will ensure that your filing is complete and accurate and also that you are able to take full advantage of any exemptions that you may have available to you. Folks should be aware that mistakes or omissions in a bankruptcy filing have the potential to cause significant delays and even a denial of the discharge of your debts, so it is important to take steps to ensure that you comply with all substantive and procedural requirements imposed by law.

Contact a Michigan Bankruptcy Attorney Today to Schedule a Free Consultation

Individuals who are experiencing financial problems are often able to benefit from filing for bankruptcy. The best way to determine if bankruptcy is the right decision for you is to have your case reviewed by an experienced Michigan bankruptcy lawyer. To schedule a free consultation with attorney Karen E. Evangelista, please call our office today at 248-652-7990.