The Benefits Of Filing Bankruptcy
If you are overwhelmed with debt, understandably you feel trapped not knowing how to obtain debt relief. You might be working in overdrive trying to keep your head above water so you can avoid filing bankruptcy. Unfortunately, your good intentions could be causing you to become further entrenched in debt.
Many people seeking to avoid bankruptcy begin using credit cards as their crutch. The tendency to make minimum credit payments can cause individuals to avoid addressing their financial problems, while becoming even more consumed with debt. For others, taking out a 401(k) loan can appear to be a feasible solution. Unfortunately, the desire to quickly access funds can leave individuals without a nest egg in the future. At the law firm of Marrs & Terry, PLLC, we want to help you avoid the pitfalls of Band-Aid solutions.
The Ann Arbor bankruptcy lawyers at our firm have extensive experience helping clients throughout Michigan obtain debt relief through Chapter 7 and Chapter 13 bankruptcy. Contact our law firm today to schedule a consultation at one of our six office locations in Ann Arbor and Jackson. We can help you address your financial concerns head-on without relying on credit cards or depleting your savings.
There Is A Bright Side To Bankruptcy
At Marrs & Terry, PLLC, our firm’s bankruptcy attorneys are committed to helping you obtain a fresh start. Chapter 7 and Chapter 13 bankruptcy can provide immediate relief with a long-term financial plan. During an initial consultation, we will explain how the benefits of filing bankruptcy can apply to your situation, such as:
- Stopping wage garnishments — If you file Chapter 7 or Chapter 13 bankruptcy, creditors will be forced to stop taking your earnings directly from your paycheck to satisfy any of your debts.
- Stopping liens — Consumer bankruptcy forces creditors to end any proceedings to seize your property to satisfy your debts.
- Stopping car repossessions — Through filing bankruptcy, we can help you save your car or get your car back from the lender.
- Stopping creditor harassment — Filing Chapter 7 or Chapter 13 bankruptcy can put an end to creditor calls and letters from creditors threatening to seize your property or garnish your wages.
- Stop home foreclosures — We can help you save your home through filing consumer bankruptcy to put an end to your foreclosure proceedings.
- Eliminates credit card bills and medical bills — Filing bankruptcy will wipe away any of your dischargeable credit card or medical debts.
You will be required to complete credit counseling with an approved agency before you file for bankruptcy. You must also complete a personal financial management course. These are not difficult. We can advise you on approved credit counseling agencies you can use.
Income is the biggest factor in rebuilding credit. If you have regular income and your debt problem is being resolved, your credit will most likely rebound within a year or so after bankruptcy.
Contact Us Today To Take The Next Step Towards A Better Future
Everyone’s situation is unique. During an initial consultation, we will explain the benefits of filing bankruptcy, while helping you determine if Chapter 7 or Chapter 13 bankruptcy would be viable solutions. Contact us online or call 734-663-0555 to schedule a consultation at one of our six office locations in Ann Arbor and Jackson.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.