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Focus on Your Future - Get Help From Troy, MI's
Leading Consumer Bankruptcy Attorneys

Our top priority is ensuring that you move through this process seamlessly, leading to results that will give you the peace of mind you need to focus on your future. Our goal is to provide you with the highest quality representation at a reasonable price. When you choose Wolfson Bolton PLLC, you will be given the same respect, courtesy, and attention that we give to our corporate clients, no matter how large, or small, the matter.

What Type of Bankruptcy is Right for Me?

Our experienced bankruptcy attorneys will review your financial situation to determine your
best path towards relieving your debt and protecting your assets.

Chapter 7, 11 & 13 Bankruptcy Lawyers: Metro Detroit | Wolfson Bolton - consumer_bankruptcyChapter 7 Bankruptcy - What is it and how does it work?

Chapter 7 Bankruptcy is designed to extinguish unsecured debts, allowing you to get on with your life as quickly as possible. It is the fastest and most straightforward type of bankruptcy available for individual consumers, making it a popular choice for many. Filing for Chapter 7 Bankruptcy will give you the breathing room you need to focus on payments which are most important, such as your home loan, car loan or lease payment. Choosing Chapter 7 also allows you to surrender a home, car or other secured property that you decide not to keep.

What is the Process?

After meeting with one of our experienced Chapter 7 Bankruptcy attorneys for a free initial consultation, you will be asked to provide key documents, including a current credit report, bills, proof of income, and a valuation of your assets. We will use these documents to prepare your bankruptcy petition. You will meet again with your bankruptcy attorney to review and sign your petition, which is filed electronically with the Federal Bankruptcy Court. You will attend a brief meeting of creditors with your attorney approximately four to six weeks after your case is filed. A Chapter 7 Bankruptcy discharge is typically granted approximately two months after your meeting of creditors.

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Chapter 7, 11 & 13 Bankruptcy Lawyers: Metro Detroit | Wolfson Bolton - image-content-planChapter 13 Bankruptcy - How is it different from Chapter 7 and what are the advantages?

Chapter 13 Bankruptcy provides additional benefits above and beyond a Chapter 7 filing. Chapter 13 Bankruptcy will allow you to stop a pending foreclosure or repossession by giving you time to cure missed payments. Similarly, it will provide you with time to repay property taxes, water bills, or other liens on collateralized property you want to keep. If you do not qualify for Chapter 7 Bankruptcy based on the amount of your income, or if you choose to retain assets of value, such as a second home, art, jewelry, or your business, Chapter 13 allows you to keep your assets by re-paying some of your debts over time.

How Does it Work?

Our Chapter 13 Bankruptcy attorneys will help you keep any property that has sentimental value or is important to you and your family. This is accomplished through a payment plan that will be based on what you can afford, and the value of the special assets you seek to protect. You pay what you can afford to pay while discharging what you cannot afford to pay. Chapter 13 Bankruptcy also consolidates all of your debts into a single monthly payment. Through your individual reorganization, creditors agree to accept a lesser amount and/or a longer term of repayment on your debts. Payment plans generally last from three to five years, depending on your circumstances.

The Advantages of Chapter 13 Bankruptcy:

  • Keep the assets that matter most to you and your family
  • Most debts are eligible to be discharged
  • Have up to five years to pay off your debts
  • Unique ability to remove a second mortgage 
  • Cramdown an older car or investment property loan to the present value of the asset
  • Stop accruing interest immediately
  • Discharge debts related to divorce property settlement

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Why is it important to hire an experienced attorney to handle your bankruptcy case?

Bankruptcy is a highly specialized practice with many nuances. An individual who is unfamiliar with federal bankruptcy law is likely to face many challenges. It is always advised that consumers considering filing for bankruptcy not only consult with, but hire experienced bankruptcy counsel to assist with this technical process. A single misstep, error or omission in the filing and handling of a case may result in the loss of property, valuable assets, or loss of the bankruptcy discharge itself. Determinations made by the bankruptcy court may have a life-changing impact. When handled by an experienced and knowledgeable attorney, a bankruptcy can provide significant benefits and relief. Conversely, an individual who chooses to file on his or her own, or with an inexperienced attorney, may experience difficulties including significant fines or, in egregious cases, federal imprisonment.

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