Is Bankruptcy Right for Me?
Debt Relief Through Bankruptcy in Detroit and Wayne County
One of the most frequently asked questions is regarding how people know if bankruptcy is the right choice for their situation. If you are struggling to pay your bills or have an overwhelming amount of debt, bankruptcy is an option. When looking for a fresh start, bankruptcy often comes to mind as a way to discharge debt or make a viable payment plan. There are several benefits to bankruptcy and it is often the right choice for many people, but it is not
always the answer. If your debts are small or you have creditors willing to negotiate, bankruptcy may not be your best option. It is important to look into what bankruptcy can and cannot do for you and decide if bankruptcy leads to the results that you need and want. For help determining the best choice for your unique situation, contact Bryant Logan Law Group, PLC. Our Wayne County bankruptcy attorneys would be happy to discuss your finances and options with you at no cost.
What can bankruptcy do and what can it
not do for me?
If you are interested in putting an end to creditor harassment, bankruptcy can help with that. As soon as you file for bankruptcy, there is an automatic stay ordered. This makes it so creditors must halt their collection efforts and their communication with debtors. If you are overwhelmed with phone calls,
wage garnishment, collection efforts, repossessions or
foreclosure, the automatic stay in bankruptcy can help. If you are looking for time to get back on your feet and to re-organize your finances, bankruptcy may be the right choice. Bankruptcy can give you the time that you need to catch up on your bills and mortgage while saving you from foreclosure. It can also discharge some or most of your debts, giving you more relief from debt. Bankruptcy may be a right for you if:
- You are looking for relief from unsecured debts
- You are looking for relief from creditor harassment
- You are looking to be put on a repayment plan for your debts
- You want a fresh start with little or no debts
- You want to reestablish your credit
- You are seeking lowered payments on some debts
There are several other benefits that come with bankruptcy, but there are also things that cannot be done by filing for bankruptcy. Filing for bankruptcy does not eliminate your tax debts or any debt on student loans. Bankruptcy also does not rid you of child support or spousal support obligations. Any criminal proceedings can continue even when you file for bankruptcy, so if that is one reason for filing you may want to rethink your choice. If the debt you are trying to eliminate is your student loans, filing for bankruptcy would clearly not be your best choice. Contact our firm to discuss your needs and then we can help you weigh your options. Bankruptcy may not be the best choice if:
- You had a previous bankruptcy case that was dismissed
- You have a cosigner on a debt that they are now responsible for
- You have already had a bankruptcy discharge in the past eight years
- You have been accused of fraud against your creditors
- You have reason to believe that there is an ongoing debt that will incur
Discuss Bankruptcy with Bryant Logan Law Group, PLC
If you are looking for relief and are unsure if bankruptcy is the answer, speak with an attorney. Our Wayne County bankruptcy lawyers have over 50 years of experience assisting clients in their financial hardships. If our discussion leads to bankruptcy, we can walk you through the process. If the decision is an alternative to bankruptcy, we can help you reach the results that you need and want. Searching for an attorney for your bankruptcy in Wayne County, MI? Call our firm today to schedule your
free case evaluation.