5 things You Need to Know if You are Considering Bankruptcy

If you live in the Upper Peninsula and are considering bankruptcy here are five things you need to know:

  1. There are two different types of bankruptcy for consumers: Chapter 7 and Chapter 13. To determine which one will work for you, we need to know both your annual income and the value of any property you own. If you qualify for Chapter 7, most, if not all, of your unsecured debt will be discharged (unsecured debt includes credit cards, signature loans, medical bills, utility bills and payday loans).
  2. Chapter 7 cases take about 6 months to complete. Chapter 13 cases take longer.
  3. As soon as you file your bankruptcy petition with the U.S. Bankruptcy Court, your creditors must stop contacting, suing or garnishing you.
  4. If you are contemplating  ling bankruptcy, do not incur new debt or change the ownership of any of your assets until you decide if bankruptcy is right for you.
  5. Understand that once you file a Chapter 7 bankruptcy you cannot have a do over. Once the petition is  led, the case will proceed whether you want it to or not. Because of this fact it is vitally important that you consult with a knowledgeable bankruptcy attorney who is licensed in your state.

Upper Peninsula Bankruptcy Lawyers, Church & Korhonen, PC focus exclusively on Chapter 7 and 13 cases. We represent clients from across the entire Upper Peninsula of Michigan.

We offer a FREE initial consultation via telephone or in person. Our clients do not need to come to Marquette to do business with us since we build cases using the mail, internet and phone.

If you are contemplating bankruptcy and wonder if it is the right thing for you, please call us today at (800)758-5611 toll free or locally (906) 226-0001 to speak to an attorney.

Hope and help is a phone call away.