Is Declaring Bankruptcy Right For You?
Author: audrey
It is unfortunate, but good hardworking people sometimes fall behind on their bills due to unforeseen circumstances like divorce, illness, loss of employment, or various other reasons outside of their control.
If you’re in financial distress, you’re probably confused and worried about what steps you can take to quickly put your life back on track. You’ve probably been asking:
What should I do? Should I tell my friends and family? How do I protect my assets? What are my options? Do I need a bankruptcy lawyer?
Don’t be misinformed about your rights as a consumer. There are many options for you. But beware – there are many companies that are just looking to make a quick buck. Do your research, ask about free consultations with debt consolidation companies and local attorneys. Consulting an attorney is important before making and decisions. They can explain the pros and cons of filing and can walk you through the process.
Before filing for a bankruptcy it is important that you know what is involved. Bankruptcy can stay on your credit report for up to 10 years which can make it difficult for you to get a loan, a new car, or buy a home. But, what sets bankruptcy apart from the other debt solutions is the potential to get rid of 100% of your debt. There’s no risk of losing your belongings, and creditors cannot harass you.
Make sure you weigh the pros and cons, and don’t feel ashamed or embarrassed. These days, there are many options available, and many people in similar situations. It’s never too late; there is a light at the end of the tunnel.
Article Source: http://www.articlesbase.com/bankruptcy-articles/is-declaring-bankruptcy-right-for-you-986241.html
About the Author
To talk to a Bankruptcy lawyer in California, or to get bankruptcy help today, contact www.JamesSextonLaw.com.
I want to declare bankruptcy in lansing michigan is there any cheap places to do so and how much should this b
List of Bankrupt Businesses in Michigan?
I’m trying to find out of a particular business based in Michigan declared bankruptcy in 2007 or 2008. Is there a resource where I could find this out? Thanks!
My wife declared bankruptcy in 2001, now a collection agency is after me (joint account) I did not file. Mich?
We live in Michigan – can the collection agency legally go after me for that credit card debt ?
Is property with equity owned by both myself and my wife exempt in bankruptcy if only I file against my debt?
I live in Michigan and all the debt is in my name. My wife and I both lost our jobs and obviously can’t keep up with our bills. We own a piece of land in both of our names with some equity in it. If I declare bankruptcy if the equity protected because she is a owner as well as i.
Can a bankruptcy court in which I have filed go after assets awarded to my spouse in our divorce?
My wife and I are divorcing and it looks as though I will clearly have to declare bankruptcy after the divorce. Are the assets awarded to her in the divorce eligible for the court to seize to pay my debts even though they are now hers awarded by a court? I live in Michigan.
Get a free initial consultation with a bankruptcy attorney in your area. A qualified bankruptcy attorney will advise you on how best to file bankruptcy at the lowest cost. Check out this webpage:
You can call the Secretary of State’s office. Go to the official state website and click the BUSINESS link.
Depends on how the property is deeded. If you own it “tenants by the entireties” then the property may not be seized by the bankruptcy court unless you BOTH file.
If the property is deeded as joint tenants or anything other than by the entireties then there is a danger you may lose it. If you have low equity then you may be able to protect it through the homestead exemptions in the state. You would only need to protect half the equity because they cannot take your wife’s equity if she does not file.
For example, lets say that your equity in the property is $6000, you would only need to file a homestead deed to protect $3000 of that because the other $3000 of equity belongs to your wife.
ed9455 is absolutely correct..statue of limitations is up….the debt is time barred from them suing you…..if they call again, request their name, address and send them a cease and desisit letter…..as well as threaten to sue if they call you again…..check this website out…www.bcsalliance.com…this is a great site on learning about debts, credit, etc…..Good Luck!!
Adding to the above response as well…they call these collectors..scavengar hunters..they try to scare you into paying, when you are protected by the statue of limitatons. It doesn’t mean you don’t owe the debt..it means they can’t sue you…because you didn’t file, it defaulted to you because it’s a joint account. I wouldn’t lose large amts of sleep over it…any current loan you go for…they are going to look at current pay history..not something that old……