Bankruptcy Info

Bankruptcy Laws are Designed to Help You Get A Financial Fresh Start.

Most people who seek bankruptcy relief have suffered some catastrophic event such as a job loss, divorce, a medical emergency or some other event that has made it difficult to keep on top of debt. Millions of people have used U.S. bankruptcy laws to eliminate debt and get a fresh start.

Bankruptcy laws are designed to help individuals and families struggling with debt.

Chapter 7 vs Chapter 13 Bankruptcy

Bankruptcy laws give individuals seeking debt relief two main options: Debt elimination through Chapter 7 bankruptcy or reorganization of debt through Chapter 13 bankruptcy.

In Chapter 7 bankruptcy, debts like credit cards, medical bills and utility bills can be completely wiped out, you don't have to pay them back.  In a few cases, some property may be used by the bankruptcy courts to repay creditors--however, in most cases the bankruptcy laws allow individuals to keep all of their valuable assets.

Chapter 13 bankruptcy allows individuals reorganize their debts so they can catch up on their mortgage payments or auto loans and even allows individuals to repay taxes without interest or penalty.  In general, the Chapter 13 repayment plan is based on what you can afford and not what you owe. Chapter 13 bankruptcy plans usually last between 3 and 5 years, and once you successfully complete your Chapter 13 bankruptcy plan, any remain debt is discharged - wiped out.

One of the experience bankruptcy attorneys at Sterling Bankruptcy Center can evaluate your financial situation and advise you on whether you qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy protection.

Speak one of the Experienced Michigan Bankruptcy Lawyer at Sterling Bankruptcy Center Today.

Filing Bankruptcy is more common than you think.  Each and every one of us know at least two people who have filed for Chapter 7 or Chapter 13 bankruptcy protection to get a financial fresh start. 

Every day, people just like you decide to file for bankruptcy and get out from under the insurmountable debt they have been struggling with, many times for years.

With this economy, bankruptcy just doesn't hold that old stigma it may have had a decade ago. Most of us are struggling with debt--and many of us have lost income thanks to the economy.

Bankruptcy laws have helped millions of Americans get out of debt. They've also helped people stop creditor harassment through the bankruptcy automatic stay.

If you're tired of creditors calling at all hours harassing you and your family, call one of the experienced Michigan bankruptcy attorneys today for your free consultation. 

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