Warren MI's Premier Medical Bills Bankruptcy
If You're Looking For A Medical Bills Bankruptcy Serving Warren - Wolfson Bolton Can Help!
Bankruptcy laws provide tools to help debtors find financial relief. Wolfson Bolton can help you get that new beginning. Wolfson Bolton helps clients near Warren 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. When we see clients regain their financial freedom and control, it's a rewarding sight - and helps push us towards helping others.
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 Warren
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 - This may help you reduce debt by exchanging non-exempt assets, applying their value to what you owe creditors. Michigan allows exemptions that include home equity, motor vehicles, household good, personal property, pensions, and retirement accounts among others. You may be able to keep a considerable amount of these things.
- 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?
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 Medical Bills Bankruptcy in Warren?
Peter C. Bolton is the principal of Wolfson Bolton, serving Warren MI, Michigan. Peter earned a Bachelor of Arts degree from Michigan State University. He continued his education at the University of Detroit Mercy, School of Law 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 Warren 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.