This is a question I am frequently asked by clients in our initial conversation. The answer is no, you don’t have to be totally broke, penniless or destitute to file a bankruptcy. In fact, bankruptcy is designed to prevent you from being flat broke. Most of my Detroit area bankruptcy clients actually have good steady jobs and earn good salaries. The law does not require you to be in the “poor house” to file for bankruptcy relief. Bankruptcy is available to anyone who has difficulty paying their debts as they become due or is otherwise over-burdened by debt. Many people have the misconception that you will be left with a barrel around you because your creditors took everything, including your clothes. Reality is much different. 99% of my clients never lose anything they own because their assets are protected by the bankruptcy exemption laws. Bankruptcy in Michigan allows you the choice between the and the State of Michigan exemptions. Of the 1% who do give up an asset or pay the value of it to the bankruptcy Trustee, they know up front and are very happy to do so, because they are usually getting the better end of the bargain, that is they are usually only paying pennies on the dollar to their creditors. When my office meets with a new client, we carefully analyze their income and expenses as well as their debt burden to determine their eligibility under the bankruptcy means test laws. Most clients, 75% of them will qualify for eliminating all of their credit card debt with Chapter 7, while about 25% will pay a percentage (based on what they can afford), to their creditors in a court supervised Chapter 13 repayment plan.
Contact our office today: 248-549-3333 or 1-800-398-3328
Email me at: firstname.lastname@example.org
Download my starter packet at: http://www.detroitbankruptcylawyer.com/startup.pdf
Royal Oak Bankruptcy Law Office of Walter
Metzen & Associates
For comprehensive bankruptcy representation, or advice on alternatives to bankruptcy, tailored to suit your individual case and needs, trust your case to me, bankruptcy attorney Walter Metzen. I have handled bankruptcy matters for individuals across the Detroit area for over 14 years. My practice focuses only on bankruptcy and the alternatives to bankruptcy, allowing me to be as educated and informed as possible in all htmlects of bankruptcy filings and methods you can use to avoid having to file for bankruptcy while still managing your debts. I offer a free initial consultation so we may discuss your specific case before you make any decision.
Please use the form below to get in touch with me today. I look forward to speaking with you and helping you take control of your present financial situation.
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Detroit Law Office of Walter Metzen
645 Griswold, Suite 3156 Penobscot Bldg
We are a Debt Relief Agency helping people file for bankruptcy relief under the Bankruptcy Code. Let us help you decide if bankruptcy is right for you.