Trusted Bankruptcy Lawyer In Farmington Hills MI
Wolfson Bolton Is Your Bankruptcy Lawyer!
Bankruptcy laws provide tools to help debtors find financial relief. Wolfson Bolton can help you get that new beginning. Wolfson Bolton helps clients near Farmington Hills MI overcome the difficult bankruptcy process - bringing relief, peace of mind, and resolution. We approach your case with compassion, discretion, and empathy - helping you weigh your legal options and guid you through the complicated bankruptcy process. Seeing clients regain control of their financial future is the most rewarding aspects of our duties.
The Bankruptcy Code provides resources for debtors in crisis, but the options are complicated and the process is oftentimes painstaking. Wolfson Bolton focuses primarily on helping individuals and business work through bankruptcy. Our team has years of experience handling Chapter 7, Chapter 11, and Chapter 13 cases. Wolfson Bolton's work has garnered positive reviews from clients and competing attorneys - making us one of the most prominent bankruptcy law firms in the Detroit metropolitan area.
Filing For Bankruptcy In Farmington Hills MI
The three most common filings are Chapter 7, 11, and 13. Each provides a different benefits, and an expert lawyer can help you navigate the filing and legal process to completion.
- Chapter 7 - Chapter 7 Bankruptcy can eliminate unsecured debts, helping you to get your financial situation in control. It is the most streamlined form of bankruptcy for consumers, making it a popular strategy. Chapter 7 provides the reprieve you need to focus on critical, late payments - like 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.
- Chapter 11 - This filing is often understood as "reorganization" and businesses can use it as a method to stay afloat until revenue picks up. A business owner can present the court with a financial plan to liquidate some assets and restructure other debt. The benefit is that you can stay afloat and creditors have a chance at compensation.
- Chapter 13 - People with a steady income can utilize this filing by creating a repayment plan. Your debts may not be closed out, but it gives you an opportunity to pay them down over time without your assets being seized. Essentially, it buys you time to get your financial life on track.
What Does a Chapter 11 Bankruptcy Lawyer Do?
A Chapter 11 bankruptcy attorney helps businesses and individuals "reorganize" debts. After a debtor files a Chapter 11 petition, the debtor, creditors, and court work out a new plan for repaying the existing debts, which may include the debtor retaining most or all of the debtor's property.
What Does a Chapter 13 Bankruptcy Attorney Do?
A Chapter 13 lawyer helps reorganize the debts of individuals. With the attorney's guidance, the debtor presents a reorganization plan to the court. If the court approves the plan, the individual may retain most or all of his or her property and the court may reduce the debtor's total debt.
Advantages to Hiring an Attorney for Your Bankruptcy Case
Bankruptcy is a highly specialized, nuanced process. If you're unfamiliar with federal bankruptcy law, it's nearly impossible to effectively navigate the related legal hurdles.
Judgements by the court may have a life-changing impact. When handled by knowledgeable attorneys, bankruptcy can provide significant advantages and provide peace-of-mind.
Advantages of Chapter 13:
- Keep assets that are important to you and your family
- Most debts are able to be discharged
- Have up-to five years to pay debts
- Can remove a second mortgage
- Cramdown an older car or investment property loan to the present value
- Prevents accruing interest
- Discharge debts related to divorce property settlement
What Does a Chapter 7 Bankruptcy Lawyer Do?
After your 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. Your petition is then filed electronically with the Federal Bankruptcy Court. You'll also meet with creditors and your attorney approximately five weeks after your filing. A Chapter 7 Bankruptcy discharge is typically granted approximately two months after your meeting of creditors.
Every person's situation is different, and the Bankruptcy Code includes many complications. If you are facing a debt crisis, it is best to contact a qualified bankruptcy attorney. Wolfson Bolton has been handling bankruptcy proceedings in the metro Detroit area for over 17 years. We have the knowledge and experience to help you regain control of your financial life.
Why Choose Wolfson Bolton As Your Bankruptcy Lawyer in Farmington Hills MI?
Scott A. Wolfson is the principal of Wolfson Bolton, serving Farmington Hills MI , Michigan. Scott earned a Bachelor of Arts degree from James Madison College. He continued his education at the University of Minnesota Law School and received his law degree.
Wolfson Bolton is admitted to practice in all courts in Michigan, including the U.S. District Courts for the Eastern and Western Districts of Michigan. Our attorneys include members of the Federal Bar Association, State Bar of Michigan and Consumer Bar Association. Wolfson Bolton gives each client the consideration and attention to detail they deserve.
Schedule Your Free, Initial Consultation Now!
When hiring your bankruptcy lawyer in the Farmington Hills MI area, don't hesitate to contact us for your free initial consultation! When you're faced with bankruptcy, you have resources! Wolfson Bolton helps you understand your options, so you don't have to worry about your future. With years of experience, we've helped many of your neighbors, friends, and family with their bankruptcy problems.
Melissa and Marc - Independent Property Managers:
Before: Melissa and Marc, a married couple with two children, both work full time in fast-paced careers. They have a successful side business owning four rental homes, which they lease to students in a nearby college town. Years ago, the couple took out a second mortgage on their primary residence to make the down payment on these properties, which properties they also mortgaged. As their children continued to grow and expenses increased, they found that they needed to take equity out of the rental homes. Due to a number of factors - including the rising costs of raising a family, living outside of their means, a decrease in salary, and increase in utilities and health care costs - the family eventually found itself living on credit cards. The family now finds itself in a position where they have two mortgages on their home and two mortgages on each of their rentals. The side business they believed would create positive cash flow became a burden, and the couple could no longer afford to choose between making the mortgage payments or making the credit card payments. The properties, including their own home, had dropped in value, and they began to feel themselves slowly spinning out of control with all of the obligations they faced. The couple had always envisioned that collecting rents from their investment properties would carry them through to retirement. They finally decided to speak with an experienced bankruptcy attorney.
After: Melissa and Marc filed a Chapter 13 bankruptcy, which allowed them to strip off the second mortgage on their home, strip off the second mortgages on their rental homes, cramdown the primary mortgages on these properties to match the current value, and pay those crammed-down loans out over the life of their case. The junior liens, which were stripped from their primary residence and rental homes, were reorganized as 'unsecured debt' and treated together with their credit cards. The credit cards and junior liens received cents on the dollar, and at the end of the five year plan, the balance on those debts was discharged. At the end of their five-year plan, Melissa and Marc owned their four investment properties free and clear, and had significant equity in their primary residence after removal of the second mortgage. They wiped out all of their credit card debt and were able to start fresh with all of their assets intact.