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Congratulations! You've made an excellent choice when you decided to contact the HS&A, P.C. law firm. We are Metro Detroit's Premier Bankruptcy Law Firm and are going to do everything we can do to provide you with the Clean Slate you deserve!
1800 Biddle - Wyandotte, MI 48192
Are your debts becoming too much to handle? If you are considering bankruptcy, it is important to contact a reputable firm. We offer a free consultation, please call us today.
29601 Hoover Road - Warren, MI 48093
Moran Law is committed not only to providing excellent legal service, but world-class customer service as well.
We care about our clients before, during and after their cases. Chapters 7 & 13.
A+ rated by the Better Business Bureau.
25600 Woodward Ave Suite 201 - Royal Oak, MI 48067
Shirley L. Horn has practiced almost exclusively in the area of consumer bankruptcy law for 20 years. She opened The Law Office of Shirley L. Horn in 2003. Her primary focus is Chapter 7 and Chapter 13 debtor and creditor representation.
25600 Woodward Avenue, Suite 214 - Royal Oak, MI 48067
Bankruptcy Law Firm Helping People Achieve Financial Freedom
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Nick Best & Scott Skinner
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26711 Woodward Ave Ste 207 - Huntington Woods, MI 48070
We are a bankruptcy law firm serving Grand Rapids, Kalamazoo, Lansing and West Michigan. We assist individuals with filing Chapter 7 bankruptcy, filing Chapter 13 bankruptcy, and negotiating debt settlement.
The Situation in the Wolverine State
Michigan’s real GDP is expected to drop by 4% to 5% this year and 50,000 to 60,000 more auto-related jobs will disappear. The recovery expected to begin late in 2010 will not help the multitudes of unemployed or underemployed struggling to survive in Michigan right now. Bankruptcies filed in 2008 hit record levels with over 55,000 in Michigan alone, and nearly 97% of those filed by consumers. It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.
The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005. Seek the advice of a Michigan law firm with specific long-term experience in Michigan bankruptcy matters. Check references, if possible. A competent Michigan attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.
Chapter 7 - The Most Common Consumer Bankruptcy Choice in Michigan
Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used. Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13. Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.
U. S. business bankruptcies were up 40% in May of this year, further verifying the depth and breadth of the sluggish economy. Chapter 7 and Chapter 11 are the two most common types of Michigan business bankruptcy choices. With some exceptions, Chapter 7 is a liquidation procedure where the business is closed and all unsecured debt is discharged. Chapter 11 provides for working out an arrangement to pay creditors all or part of what is owed while keeping the company in business.
Obtaining Credit Following Your Michigan Bankruptcy
Begin working on your credit repair right away. Try applying for credit and once accounts are open use them sparingly and pay them off on time. Get a secured loan on a house, car or student loan and at least one credit card or home equity line. Contact credit bureaus to correct mistakes on your credit report. Debts commonly show as active when they should show as discharged in bankruptcy which continues to negatively impact your credit rating.
Thoughts on Bankruptcy Filing in Michigan
As the State’s economy struggles to recover, decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings. Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”Click here to find Michigan attorney resources in your area.