Quality Medical Bills Bankruptcy Near Birmingham MI
Wolfson Bolton Is Your Medical Bills Bankruptcy!
Bankruptcy laws provide tools to help debtors find financial relief. Wolfson Bolton can help you get that new beginning. For years, Wolfson Bolton has guided metro Detroit clients through the bankruptcy process, helping to bring them comfort, peace of mind, and closure. 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 Birmingham
There are several types of bankruptcy filings. Each one was created to help you from falling deeper into debt. 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?
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 possible with a payment plan that fits your budget, while factoring 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 reorganization, creditors agree to accept a lesser amount and/or a longer term of repayment on your debts. Payment plans generally last approximately 4 years, depending on many factors.
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?
A Chapter 7 attorney helps a debtor get a "fresh start." In a Chapter 7 bankruptcy, the debtor gets to keep certain exempt property, but the court orders the sale of all other nonexempt property. The debtor pays the creditors with the proceeds. The court can discharge many---but not all---debts under Chapter 7.
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 Medical Bills Bankruptcy in Birmingham?
Scott A. Wolfson is the principal of Wolfson Bolton, serving Birmingham 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.
As an experienced bankruptcy attorney, Wolfson Bolton understands the hardships involved with filing for bankruptcy and takes great pride in providing his clients a welcoming, non-judgmental atmosphere.
Schedule Your Free, Initial Consultation Now!
When hiring your medical bills bankruptcy in the Birmingham area, don't hesitate to contact us for your free initial consultation! Bankruptcy is difficult, but it not insurmountable. At Wolfson Bolton, we specialize in legal services that help you start over - fresh. With years of experience, we've helped many of your neighbors, friends, and family with their bankruptcy problems.
See What Satisfied Clients Are Saying:
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.