Benefits of Filing for Bankruptcy in Michigan
Struggling with debt? Bankruptcy may be right for you.
Although the economy has continued to steadily rebound, countless families and individuals have been left reeling in the aftermath. As such, it is no surprise that the number of personal bankruptcies in the U.S. has been on the rise since the market crashed.
If you have been forced into a similar situation, it is important to understand that you are not alone. Although most people feel that filing for bankruptcy is something to be embarrassed about—namely due to the misconceptions that surround this process—we are here to inform you that there is no shame in getting your financial future back on track. With the help of an attorney from Hensel Law Office, PLLC, you can take control of your debt and move forward with a fresh start.
Listed below are just some of the numerous benefits that you can glean from the bankruptcy process:
- Discharging all eligible debts once and for all
- Fighting foreclosure, repossession & wage garnishment
- Stopping creditor harassment & debt collection efforts
- Moving forward in your life with a clean slate
Benefit #1 - Freeing Yourself from Unmanageable Debt
The most significant benefit of filing for bankruptcy would be the eventual discharge of debt. While this could take a matter of months or three to five years, depending on the type of petition that you file, this process is one of the most practical ways to eliminate debt once and for all. When filing under Chapter 7, for example, you would have the opportunity to liquidate non-exempt assets and use the proceeds of their sale to repay creditors.
Once this is done, the court would grant a discharge of all remaining debts—freeing you of the legal responsibility to repay them. Although the same would apply when filing under Chapter 13, this process allows for more gradual relief. Since it would require you to reorganize your debt and develop a repayment plan, this process is typically executed over the course of three to five years. In the end, however, the court may grant a discharge of any remaining debts.
Benefit #2: Acquiring the Protections of an Automatic Stay
Another reason that you may want to consider bankruptcy is for the protection that you are afforded by the automatic stay. Once you file your petition with the court, a judge will move quickly to issue this order—which would effectively prohibit all creditors from contacting you and/or continuing their collection efforts. This means that you would be protected from all creditors' efforts to initiate foreclosure, repossess your property or even garnish your wages.
Additionally, you would no longer have to worry about creditors harassing you over the phone or by mail, as this is strictly prohibited. If they were to contact you after the automatic stay has been put into place, you would have the right to take legal action against them and possibly even pursue compensation.
Benefit #3: Moving Forward with a Fresh Start
Once you have successfully completed the bankruptcy process in Michigan, you may find that a weight has been lifted. Not only would you be free of the obligation to repay your debts, but you would have the opportunity to move forward with a clean slate—which is, ultimately, the goal. For this reason, you should not hesitate to pursue the relief that you are looking for by contacting the legal team at Hensel Law Office, PLLC today.
Our Michigan bankruptcy lawyers are also available to meet with you in the evening or on the weekend, so there is no reason why you should wait any longer to acquire the professional help that you will need. Call today to schedule an appointment.
When you contact our office at (888) 258-0651, your initial consultation won't cost you a thing!