Before Filing Bankruptcy

Deciding to file for  bankruptcy protection in Detroit is not one that's easy to make. Somehow, you want to  "do the right thing." So, you struggle along while your creditors turn up the heat. Before you know it, with all the late fees, penalties and mounting interest, keeping your head above water becomes almost impossible. This we call the snowball effect and once it starts snowing it soon develops into a blizzard.

Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you? Just ask the millions of Americans who have taken this step to rebuild their futures. A clean slate is the ultimate tool of empowerment. Bankruptcy may not be the right decision for you, but you owe it to yourself to become educated about all of your options so that you can make an informed decision and get a Fresh Financial Start today.  Walter Metzen will help you determine if Chapter 7 or Chapter 13 is best for your particular financial situation. Mr. Metzen is a Board Certified Consumer Bankruptcy Specialist specializing in:

  • Detroit Chapter 7 Bankruptcy Liquidations (wipe-out debt)
  • Detroit Chapter 13 Bankruptcy Reorganizations (partial repayments)
  • Michigan Bankruptcy Chapter 7
  • Michigan Bankruptcy Chapter 13


First, assess your financial situation

Taking a close look at the bottom line is a courageous first step. But, it's a crucial first step. You can start the process yourself. However, the best avenue is to seek legal counsel even in the early stages. An experienced attorney can help separate panic from reality and even advise that you might not be in as bad shape as you think.

Some initial questions to ask yourself:

  • Are you heavily in debt, with little prospect of getting out of that debt in the near future?
  • Have you had, or are your creditors threatening, a foreclosure on your home, a repossession of your car or other legal action to take your property?
  • Have you experienced a dramatic drop in income that you don't anticipate replacing anytime soon?
  • Are you frequently late paying bills?
  • Do you only pay the minimum on your credit cards?
  • Are you unable to make even the minimum payments?
  • Do you have to sacrifice basic necessities just to make ends meet?
  • Are you paying more money than you make on just your monthly living expenses?
  • Are you losing sleep at night wondering how you're going to make it?
  • Have you bounced more than one check in the last two months?
  • Are your wages currently, or in jeopardy of, being garnished?
  • Have you recently become partially or totally disabled?
  • Are you going through a divorce resulting in a decrease of income but an increase in expenses?
If you answered yes to some or a number of these questions, bankruptcy could be right for you. Your next step is to talk to a qualified bankruptcy attorney to assess your rights and determine if bankruptcy is right for you. Bankruptcy is not for everyone, but you need to be an informed consumer to make the right decision. Don't wait until your wages are being garnished or your car is repossessed.


How can the U.S. Bankruptcy Code protect me?

The Bankruptcy Code is a set of federal laws with very broad powers that entitle you, and others with severe financial problems, to obtain relief from debt and rebuild your credit and your life. For individuals, the options are either Chapter 7 or Chapter 13. In a Detroit Michigan Chapter 7 case, most of your unsecured debts are discharged and assets beyond allowable exemptions are liquidated to pay some or all of your debt. Usually most of your assets are exempt-meaning they cannot be liquidated.

Exempt property usually includes:

  • Primary residence
  • Vehicles
  • Certain items of personal property including clothes, jewelry and household goods
  • Bank Accounts
  • IRA, 401k and Pension plans
  • Tools and work equipment
  • Numerous other categories of property

After your case is completed and all dischargeable debts are forgiven, the bankruptcy case is closed. You can make a new start with a commitment to avoid getting in this situation again.

In a Detroit Michigan Chapter 13 case, you can reorganize your debts and repay them in an affordable payment plan that lasts 36 to 60 months. Your creditors cannot take any action against you while you repay your debts.

The experienced bankruptcy attorneys here at know how to help you navigate the sometimes tricky waters of bankruptcy, eliminate the majority of your debts and help you keep as much of your property as possible. They can also help you emerge from bankruptcy with a plan for a healthier financial lifestyle and a Fresh Financial Start.

So, get started today. Call Walter Metzen at 1 (877) 4FreshStart.

Feel free to explore our site for more information. When you do, we're sure you'll make the right move toward a better future.

Contact me, bankruptcy attorney Walter Metzen to learn more about how the new Chapter 7 bankruptcy law may affect your case. I offer a free initial consultation so we can discuss your case personally.

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.

Bankruptcy attorney Walter Metzen represents clients throughout Southeast Michigan, including the communities of Detroit, Southfield, Warren, Roseville, Farmington Hills, Ann Arbor, Belleville, Canton, Clinton Township, Dearborn, Dearborn Heights, Hamtramck, Highland Park, Holland, Howell, Lincoln Park, Livonia, Macomb, Northville, Plymouth, Port Huron, Redford, Rochester, Saginaw, Southfield, Sterling Heights, Taylor, Trenton, Troy, Westland, Wyandotte, Ypsilanti, Mount Clemens, Howell, Oakland County, Macomb County, Wayne County, Washtenaw County, Livingston County, and all of the surrounding areas.
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