Bankruptcy

 

 Are you facing Foreclosure? Wage Garnishment? Lawsuits? Repossession? YOU ARE NOT ALONE!

 

Bankruptcy is the ONLY legal means to STOP collection activity (foreclosure, wage garnishment, lawsuit, etc). Don't be fooled by those television and internet ads. Bankruptcy is a Federal program designed to help you and to give you the fresh start you need.

 

Our attorneys can help you STOP all collection activities against you! 

Bankruptcy vs Debt Consolidation (or Debt Settlement) Programs

Unlike debt consolidation programs and debt settlement programs, Bankruptcy is Court ordered. This means that once your Bankruptcy case is filed, a Federal Court Order stops ALL collection activity against you. Creditors can no longer call you, send you letters, bring a lawsuit against you, foreclose on your home, repossess your vehicle, garnish bank accounts, or garnish wages.

 

This is NOT true with debt consolidation programs or debt settlement programs (that you hear about on television or online, for instance). With those programs, there is nothing legally they can do to stop creditors from collecting from you. Creditors can still call you, send you letters, bring lawsuits against you, foreclose on your home, repossess your vehicle, garnish your bank accounts, and garnish your wages. 

Chapter 7 Bankruptcy
 

Chapter 7 Bankruptcy eliminates most unsecured debts. Unsecured debts are things like credit cards, medical bills and personal loans. You can also choose whether to keep paying on secured loans and keep the collateral such as a home, vehicles, etc., or you can give back the collateral and not owe anything more. However, there are limits to how much property you can keep. 

 

As soon as your case is filed, the Court issues an Order that STOPS ALL COLLECTION ACTIVITY  IMMEDIATELY including foreclosures, lawsuits, repossessions, wage garnishments, phone calls, and letters.

Chapter 13 Bankruptcy
 

Chapter 13 Bankruptcy is a repayment plan. This is where you pay back some or all of your debts over a period of 3 to 5 years. This is beneficial for people who are trying to stop a foreclosure or repossession, or people who do not qualify for Chapter 7 either because they have too much disposable net income each month, too much equity in their home or other assets, or for people who have substantial debts that cannot be discharged. Based on your monthly budget and the amount of debt you have, a monthly payment is calculated. You will then make one payment to the court each month. 

 

As soon as your case is filed, the Court issues an Order that STOPS ALL COLLECTION ACTIVITY  IMMEDIATELY including foreclosures, lawsuits, repossessions, wage garnishments, phone calls, and letters.

 

Effect of Bankruptcy on your Credit
 

Once a bankruptcy case is filed, it can appear on your credit report for up to ten years. That does not mean you cannot get credit for ten years. As long as your take steps to reestablish your credit, such as making regular mortgage payments or car payments, you can rebuild your credit within a relatively short period of time. 

 

If you are looking into Bankruptcy, you probably don't have good credit now. That will NOT improve on it's own. Bankruptcy is a good option to wipe the slate clean and get the fresh start you need. 

With over 20 years of experience handling Bankruptcy cases, our attorneys can help you STOP collection activities, get out of debt, and get the fresh start you need. 

 

Here at Michael B. Walling, PLC an experienced attorney will interview you in person to help you determine whether Bankruptcy is right for you. You may call this office to set up a free initial consultation.

 

Please call our office for a free initial consultation* 

Battle Creek:               (269) 968-1101

4625 Beckley Rd, Bldg 400

Battle Creek, MI 49015, USA                                      

Portage:                       (269) 324-7344

1662 E. Centre Ave

Portage, MI 49002, USA

info@wallingplc.com

* Except Asset Protection & Family Law consultations