Embark on the journey towards financial liberation with Chapter 7 bankruptcy. Our adept Detroit attorneys offer seasoned guidance to eradicate debt and reclaim your financial sovereignty.
Seize control of your finances and cultivate a brighter tomorrow alongside our Detroit attorneys. Tailor a personalized repayment blueprint within the Chapter 13 bankruptcy process.
Every Detroit home tells a story. Let us protect yours. Our dedicated attorneys fight for families and their dreams, ensuring your property remains a haven, not a lost chapter.
Defaulting on a loan can put your prized possessions at risk, and vehicles are unfortunately prime targets for repossession. But before you envision your car being towed away, know that options exist.Understanding your rights and taking proactive steps can make all the difference. Don’t let repossession steal your freedom and financial security.
Rejuvenate your business under seasoned guidance. Our Detroit attorneys safeguard your company’s future with expertise in Chapter 11 bankruptcy proceedings.
Countless Americans annually grapple with the weight of unpaid bills and debts, often feeling bewildered and distressed, uncertain about their available options.
Shield your hard-earned wages. Our proficient Detroit attorneys specialize in preventing wage garnishment, securing your financial stability, and preserving your income for your future.
Ease the burden of medical bills. Our Detroit attorneys provide compassionate assistance, navigating the complexities to alleviate the strain of medical expenses through tailored legal strategies.
Escape the relentless cycle. Our adept Detroit attorneys shield you from incessant creditor harassment, empowering you to regain control and find peace amidst the storm of creditor pressures.
The stress of runaway debt can be overwhelming. Without solutions, you may fall deeper into the red, and be faced with increased penalties, fees, interest rates, and creditor harassment that can lead to the threat of lawsuits, wage garnishment, repossessions, or the specter of foreclosure. All of this can wreak havoc on your peace of mind, ability to cope, job performance, and even your personal relationships.
You need solutions and options, which you can find at Kostopoulos Bankruptcy Law. We have helped thousands of individuals and couples find the remedies they need through bankruptcy and other debt-relief solutions. With so many cases successfully handled, our bankruptcy attorneys are well positioned to help you to take control of your financial situation. We can help you explore your options, understand the law, and make an informed decision about the road to financial recovery that is right for you.
Learn More About Common Misconceptions and What to Expect
While bankruptcy is often viewed in a negative light, it was established by the federal government as a legitimate and effective way to help honest debtors get a fresh start. In today’s economic world, anyone can fall into overwhelming debt based on a variety of reasons. These can range from the loss of your job to a medical crisis in your family, an expensive divorce, the collapse or downturn of your small business, and more. Digging your way out of insolvency may be impossible without the benefits and protections that our government has extended to all Americans through the U.S. Bankruptcy Code.
Our firm can help you find real solutions to your financial problems, such as through a Chapter 7 or Chapter 13 bankruptcy filing. Chapter 7 allows you to eliminate many kinds of unsecured debt, such as credit card balances, medical bills, payday loans, and more. For those who wish to retain property such as their homes and vehicles through a restructuring of debt, Chapter 13 offers the option of a type of debt consolidation plan.
We have the experience, skills, and credentials that add up to truly professional representation.
Our San Francisco Bankruptcy Law Firm is Nationally Recognized
Our team members at Kostopoulos Bankruptcy Law are proud members of numerous legal organizations, including the following:
Deciding to file for bankruptcy requires serious consideration of all potential outcomes, your goals for resolving debt, impacts on your credit, and many other factors. When you are married and
Creditors will often engage in aggressive tactics to communicate with you regarding debt, including calling you at home and contacting you at work. However, there may come a time when
Debt can get out of hand before you realize it, leaving you struggling to pay bills and fearing legal action from creditors. Despite efforts to make payments and cutting your
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There is a protection built into bankruptcy rules that stops creditors from calling, taking legal action, or otherwise engaging in harassment against a debtor. The automatic stay is a rule that applies in both Chapter 7 and Chapter 13 cases. It is an order of the bankruptcy court that prohibits a creditor from filing a debt collection lawsuit, garnishing your wages, or foreclosing on your home. The automatic stay goes into effect at the time you file your bankruptcy petition.
The timeline of a bankruptcy case varies significantly according to the facts of the case and legal factors, but it is helpful to get a general idea. You can discharge all qualifying debt through Chapter 7, but some of your assets may be sold through liquidation to pay debt to creditors. The process may take around 45 to 60 days. Chapter 13 also discharges debt, but creditors are paid through a debt repayment agreement for 3 to 5 years.
There are certain debts that you cannot discharge in bankruptcy, including alimony and child support pursuant to a court order. In addition, it is not possible to eliminate debt for taxes and personal injury lawsuits arising from a DUI accident caused by you. Secured debts are not subject to discharge through Chapter 7, such as the mortgage on your home. However, in Chapter 13, you may be able to wipe out arrearages related to late or missed mortgage payments.
Medical debt is eligible to be discharged through bankruptcy, and it is one of the most common types of debt that filers seek to eliminate through Chapter 7. These cases focus on unsecured debt, in which the creditor does not have a security interest in collateral. Besides medical debt, Chapter 7 is an effective solution to wipe out debt for credit cards, personal loans, and lines of credit. With these cases, your assets may be liquidated by the bankruptcy trustee.
Chapter 7 bankruptcy aims to eliminate unsecured debt that is not backed by collateral from the debtor. Foreclosure is a legal process that affects secured debt, specifically your mortgage. Your home acts as collateral for the mortgage, so the lender has foreclosure as an option for exercising its financial interest. Fortunately, Michigan offers bankruptcy exemptions to protect your home from being sold by the trustee. It is possible to protect up to $35,500 of the equity in your home.
Your friends and family who have been through bankruptcy in Michigan are valuable resources to request referrals. In addition, your local bar association may keep a list of lawyers who focus on Chapter 7. However, you will still need to do your homework to find the right fit. When you meet with a Detroit bankruptcy attorney, ask about their experience to ensure that they have sufficient background in Chapter 7 cases. You can also ask for references from former clients.
Unlike Chapter 7 rules that allow the bankruptcy trustee to sell your assets to pay creditors, there is no liquidation with Chapter 13. Instead, you satisfy debt to creditors through a debt repayment plan that you pay over the course of 3 to 5 years. Arrearages, including interest and fees, can be rolled into this plan. However, to avoid foreclosure, you will still need to pay your regular mortgage throughout the duration of your Chapter 13 case.
If you default on the terms of your debt repayment plan, the bankruptcy trustee will report this information to the bankruptcy court. The trustee does not have the power to advise you, change the terms of your plan, or make other decisions. The bankruptcy court does have authority to dismiss your case, which means creditors can once again seek payment for outstanding debt. With help from a bankruptcy attorney, it may be possible to adjust your plan to get back on track.
There is no limit on the number of times you can file bankruptcy, though the rules do impose restrictions on how long you must wait after a previous case. If you went through the Chapter 7 bankruptcy process in the past, you cannot file a Chapter 13 case for 4 years. You must wait 8 years to file a second or subsequent Chapter 7 case. When the initial bankruptcy was Chapter 13, you can file the same type of case after waiting at least 2 years.
