Personal Bankruptcy

Reifman Law Group has personal bankruptcy attorneys standing by ready to discuss your case! Call us at 248-932-4000 for your free consultation today!

Are you facing overwhelming debt and considering filing for personal bankruptcy?

Through the legal process of personal bankruptcy, people who are unable to pay their obligations can either have them discharged or design a payment plan to repay them over time. Chapter 7 and Chapter 13 are the two primary categories of personal bankruptcy.

The most typical kind of personal bankruptcy is Chapter 7, commonly referred to as a “straight bankruptcy.” The non-exempt assets of the debtor are liquidated in a Chapter 7 bankruptcy in order to satisfy the creditors. Then, any outstanding debt is discharged. The majority of jurisdictions include exclusions that safeguard specific kinds of property, such a primary residence or personal belongings, so not all assets are vulnerable to liquidation.

A “wage earner’s plan,” often known as Chapter 13 bankruptcy, is for those who have a steady income and wish to repay their debts over a three- to five-year period. In a Chapter 13 bankruptcy, the debtor works with their creditors to establish a payment schedule for repaying some of their debts. At the conclusion of the payment plan, any outstanding debt is then cancelled.

Although both types of personal bankruptcy have some detrimental effects on a person’s credit score, credit can be rebuilt over time. In addition, some debts, such school loans and taxes, cannot be discharged in bankruptcy.

It’s crucial to remember that declaring personal bankruptcy is a serious choice and that doing so should only be done as a last resort. People should look at alternatives such as debt consolidation, credit counseling, and debt negotiation before declaring bankruptcy. Additionally, it’s crucial to engage with a proficient bankruptcy lawyer who can assist you with the procedure and make sure all the paperwork is done properly.

Last but not least, personal bankruptcy is a legal procedure that enables people who are unable to pay their bills to either have their debts forgiven or to set up a payment plan to repay them gradually. It’s crucial to look into other possibilities before declaring bankruptcy and to cooperate with a competent attorney the entire time.

Our experienced attorneys can guide you through the process and help you make informed decisions about your financial future. We understand that this can be a difficult and stressful time, and we are here to provide the support and expertise you need.

We specialize in person bankruptcy cases in Macomb, Oakland, Wayne County and across Michigan. Our main office is in the Town Center Building in Southfield. Don’t let debt control your life, contact us today and take the first step towards financial freedom.