Frequently Asked Bankruptcy Questions
Choosing to file for bankruptcy is an important decision-one that requires time and understanding of the bankruptcy process. At Bryant, Logan, Wheeler Law Group, PLC, our team of dedicated Wayne County bankruptcy attorneys has been providing outstanding representation to clients for years and assisting them in obtaining the resolutions that they need to reach financial freedom. Our team has more than 50 years of combined legal experience, and we stand ready to provide trusted legal counsel to each and every client.
Below you will find a list of some of the most commonly asked questions regarding bankruptcy. If, after reading through this list, you still have questions, contact our firm today.
What is the difference between Chapter 7 and Chapter 13?
A Chapter 7 bankruptcy is also known as a liquidation bankruptcy. All non-exempt assets will be sold to help pay off outstanding debts to lenders. If you are ineligible to file for bankruptcy under Chapter 7, you may still be able to file under
Chapter 13. In a Chapter 13 bankruptcy, you can retain all property and still work toward paying off debts through a court-approved payment plan.
Who can file for bankruptcy?
So long as he or she qualifies under the specific guidelines of the U.S. Bankruptcy Code, any U.S. citizen, or anyone who has domicile or business in the United States, can legally file for bankruptcy. It, however, is primarily established to help individuals who have high amounts of debt with no way to reconcile it. Bankruptcy can provide immediate relief to people faced with debt, but should not be used as an "easy out."
Can bankruptcy stop foreclosure?
Yes! Filing for bankruptcy in Michigan can stop foreclosure if it has already started or prevent the foreclosure process from beginning. The moment bankruptcy is filed, an "automatic stay" will be placed on your account and any attempts to foreclose will be forced to stop. If the process tries to continue past the filing date, your attorney can inform them that you have filed for bankruptcy and that all efforts need to cease.
How do I stop collection calls?
One of the biggest reasons people are driven to file for bankruptcy are the persistent calls and collection attempts from creditors and lenders who are making an effort to collect unpaid dues. If you choose to file for bankruptcy, one of the biggest benefits to you is that all collection efforts will immediately stop and any attempts made after the filing date can be directed to your attorney.
Do I have to tell anyone I am filing for bankruptcy?
No! Although bankruptcy is public record, not many people search bankruptcy or have the need to search for your filing history. The only people who may care about you filing would be lenders, creditors or banks.
Will I need to go to court?
Not necessarily. The bankruptcy process is generally an administrative process that is completed through paperwork with your attorney. If you do, however, end up having to go to court, when you work with Bryant, Logan, Wheeler Law Group, PLC, your attorney will stand by you and provide you with outstanding support.
Is my credit going to ever recover?
Yes, if you take immediate actions to begin reestablishing your credit after you file for bankruptcy, you can rebuild your credit in as little as six months.
Contact our firm today!
If you are ready to move forward with your case, contact Bryant, Logan, Wheeler Law Group, PLC right away and retain trusted legal representation. When you work with our team, you will be working with dedicated and trusted lawyers who stand ready to provide you with only the best available representation for your case. Contact our firm today to learn how bankruptcy may be the right option for you and your family.