Are you behind on payments? Is a lender threatening repossession of your car? Bankruptcy immediately stops all debt collection actions, including repossession of vehicles or other debt secured by property.
At the law offices of Andersen, Ellis & Shephard in Grand Rapids, Michigan, our Michigan bankruptcy attorneys are here to put an end to your financial struggles and give you a fresh start. We have board-certified consumer bankruptcy specialists who can provide advice and representation tailored to help you keep your home, car, wages and other important possessions, according to your wishes.
Should You File Chapter 7 or Chapter 13?
Both Chapter 7 and Chapter 13 bankruptcy places an automatic stay on creditors. Generally, they cannot repossess your vehicle, home, or garnish your wages once the bankruptcy is filed. The chapter you should file depends on your situation.
A Chapter 7 bankruptcy discharges (or cancels) your unsecured debt, which allows you to start fresh without worrying about making any payments on unpaid bills. If you want to keep your home and vehicle, you will need to reaffirm the debt. This is called “reaffirmation.” A bankruptcy lawyer at our firm can help you negotiate the reaffirmation agreement.
Bankruptcy law allows you to keep exempt property which includes home equity, ownership of a vehicle, retirement and personal assets. Exemptions are limited by law and an experienced attorney can advise you about what assets can be retained and what assets might be at risk. Most people filing bankruptcy with our firm do not lose any important assets including the home and car unless they choose to let it go and cancel the debt.
A Chapter 13 bankruptcy consolidates debts into a single repayment plan that lowers monthly debt and pays off creditors over a three- to five-year period. If you are behind on your car loan, a Chapter 13 bankruptcy can extend the payments and help you afford the vehicle payments.
Contact Our Attorneys To Avoid Repossession And Wage Garnishment
Don’t wait to discuss the option of bankruptcy with an experienced lawyer at our firm in order to avoid repossession. We need to take immediate action to make sure your bankruptcy is filed before creditors take action against you.
At the law offices of Andersen, Ellis & Shephard, we have represented thousands of individuals in consumer bankruptcy filings.