Bankruptcy Overview

Detroit Bankruptcy Do’s and Don’ts

There are many different considerations that go into deciding to file bankruptcy. I am Walter Metzen, a lawyer that has over 14 years of experience assisting individuals in determining if bankruptcyis right for their individual situation. Below are a list of dos and don’ts when it comes to filing for bankruptcy. If you have questions or concerns, please do not hesitate to contact me and schedule a free initial consultation.

Pre-Bankruptcy Do’s and Don’ts

Before you file Chapter 7 or 13

DO – Continue making payments on vehicles you intend to keep. (Do this after you have filed for bankruptcy as well.)

DON’T – Borrow or withdraw from your 401K, IRA, or ERISA qualified savings and retirement plans to pay bills. If you do, you may be liable for penalties and taxes that are not protected by the bankruptcy filing.

DO - Give "friendly" creditors a security interest in non-exempt property. If you have to borrow money from a friend or relative you could give that creditor a security interest in the property which you own. This will possibly make it less likely that a trustee will take the property.

DON’T – Borrow money on your home to pay unsecured bills, such as credit card, utility, or medical bills.

DO – Reduce the amount withheld from your pay for taxes.

DON’T – Pay $600 or more back to relatives or business associates from whom you have borrowed money.

DON’T – Put property you own into someone else's name to avoid it being taken by creditors or the trustee. This is considered fraud.

Post-Bankruptcy Do’s and Don’ts

After You Have Filed Chapter 7 or 13

DO – Continue making payments on vehicles which you intend to keep. (Do this before filing bankruptcy as well.)

DON’T – Sell or transfer assets without contacting me first to discuss the matter.

DO – Call my office when you get your Notice of Meeting of Creditors.

DON’T – Be concerned if a few Creditors still attempt to Contact you or send you bills or collection letters after filing.

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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Walter Metzen
645 Griswold, Suite 3156
Penobscot Building
Detroit MI 48226
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Board Certified Specialist, American Board of Certification