Southfield MI's Premier Medical Bills Bankruptcy
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 Southfield
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. An individual who chooses to file on his or her own, or with an inexperienced attorney, may encounter difficulties - including significant fines or, in egregious cases, federal imprisonment.
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.
After completing the legal process, you'll regain a new lease on life. You may soon be able to get credit cards. Once new credit has been established, you may be eligible for a mortgage sooner than you think. In many ways, bankruptcy can be the beginning of a renewed sense of financial freedom. At Wolfson Bolton, we are here to help you through these difficult financial times and regain your financial freedom.
Why Choose Wolfson Bolton As Your Medical Bills Bankruptcy in Southfield?
Scott A. Wolfson is the principal of Wolfson Bolton, serving Southfield 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 medical bills bankruptcy in the Southfield 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.
Manny - Small Business Owner:
Before: Manny owned and operated a small, local restaurant, serving his family's authentic cuisine from his native country. Unbeknownst to Manny, he was sued in state court for a debt that he had co-signed years ago. He was no longer in touch with the co-borrower, with whom he had a falling out. Although Manny did not receive notice of this lawsuit, court records indicate that he was served at a prior address. Due to his "failure" to respond in a timely manner, a default judgment was entered. The judgment creditor took swift action to collect on the judgment. Manny could not afford to challenge the validity of service at a prior address, and nonetheless, he had co-signed for the underlying debt. The creditor sought to freeze his bank account and seize his restaurant's equipment. Fearing the loss of his business equipment and assets, and needing to seek immediate relief, Manny contacted an experienced bankruptcy attorney for advice.
After: Manny was advised that he risked losing his business and/or the equipment he needed to operate his restaurant by filing for Chapter 7. Manny elected to file a Chapter 13 bankruptcy instead, with a plan to pay the judgment creditor the total amount a Chapter 7 Trustee would recover if his business assets were liquidated. Manny worked with his attorney on this plan, which gave him five years to pay a portion of the judgment, while retaining his business assets. To Manny's surprise, the judgment creditor - the only creditor in the case - failed to timely file a proof of claim. As a result, Manny's case was closed and a discharge of his debts entered. Manny emerged from Chapter 13 in just six months, debt free, and with full ownership of his business assets.