Michigan Bankruptcy Lawyers Serving Morenci and Lenawee County
Are you living in Morenci or another part of Lenawee County and feeling overwhelmed by mounting debts? At Marrs & Terry, PLLC, we know how stressful it can be to fall behind on bills or face threats from creditors. If you’re considering Chapter 7 or Chapter 13 bankruptcy, we can guide you through the legal process. Our firm helps people explore their legal options and understand which bankruptcy path is right for their financial situation. We’ll walk you through every step, from determining your eligibility to filing your claim and protecting your assets when possible.
Bankruptcy isn’t the end – it’s a new beginning. Let Marrs & Terry, PLLC, help you regain control of your finances and move forward with confidence. Call us today at 734-663-0555 or complete our online contact form for a free consultation.
Is Bankruptcy Right for You?
Filing for bankruptcy has pros and cons. It can wipe out many debts, stop creditor harassment, and let you rebuild your financial future. On the downside, bankruptcy can impact your credit for years and may require you to give up certain assets. Before filing, it’s worth considering other options that might fit your financial situation better.
Here are some alternatives to bankruptcy:
- Debt Consolidation: Combine multiple debts into one loan with a lower interest rate and a single monthly payment.
- Debt Settlement: Negotiate with creditors to pay off your debts for less than the full amount owed.
- Credit Counseling: Work with a nonprofit agency to set up a debt management plan and restructure your payments.
- Payment Plans: Some creditors may agree to a manageable payment plan to help you catch up without filing for bankruptcy.
Each option has advantages and disadvantages, and it’s vital to know which one is right for you. The team at Marrs & Terry, PLLC can help you determine the best way to move forward.
Debts You Can Discharge Through Bankruptcy
When filing for bankruptcy, it’s crucial to understand the difference between secured and unsecured debts. Secured debts are tied to collateral, like a home or car, while unsecured debts aren’t backed by any property. Bankruptcy allows you to discharge many unsecured debts and some secured debts, providing significant financial relief.
Some debts you can discharge through bankruptcy include:
- Unsecured debts: Credit card debt, medical bills, personal loans, and utility bills.
- Secured debts: In some cases, you can reorganize or reaffirm secured debts like a car loan or mortgage under Chapter 13.
Certain debts like child support, alimony, and most student loans usually cannot be discharged through bankruptcy. If you have these debts, we can help you find another path to financial solvency without going through bankruptcy.
Personal Bankruptcy Services We Offer
Our firm focuses on personal bankruptcy cases, rather than commercial ones. There are two main types of personal bankruptcies in Michigan, each involving one chapter of the federal bankruptcy code.
Chapter 7 Bankruptcy:
Many people refer to a Chapter 7 bankruptcy as a liquidation bankruptcy. This process is designed for individuals who cannot pay off substantial unsecured debts, such as credit cards, medical bills, and personal loans. To qualify for Chapter 7, you must pass a means test, which evaluates whether your income is low enough to qualify. If your income exceeds the state’s median, you may have to file for Chapter 13 bankruptcy instead.
In Chapter 7, a court-appointed trustee oversees the sale of your non-exempt assets to repay your creditors. However, you can protect many essential assets, like your home, car, and personal belongings, through certain exemptions under Michigan law. Once the trustee has sold your eligible assets, the courts will discharge most or all your remaining debts, which means that you will no longer have to repay them.
Chapter 7 typically takes three to six months to complete, making it a faster option for individuals who need immediate relief from overwhelming debt. Once the process concludes, you can begin rebuilding your credit and move toward a fresh financial start.
Chapter 13 Bankruptcy:
Lawyers often refer to Chapter 13 bankruptcy cases as reorganization bankruptcies. This process is best suited for people with a reliable source of income who want to keep more of their property while paying off debts over time. In Chapter 13, instead of liquidating your assets, you work with the court to create a repayment plan lasting three or five years. The amount you pay each month is based on your income, necessary living expenses, and the debts you owe. To qualify for Chapter 13, your secured and unsecured debts must fall within certain limits, which change periodically based on federal law.
A major benefit of Chapter 13 is that you can catch up on missed mortgage or car loan payments while keeping those assets. It’s a great option if you’re facing foreclosure or repossession. However, you must have enough disposable income to meet the court-approved payment plan. Once you complete the repayment period, any remaining unsecured debts, like credit card bills or medical expenses, can be discharged.
The entire Chapter 13 bankruptcy process takes up to five years but can provide long-term financial stability. However, it’s worth noting that missing a single payment could derail your case, putting you back at square one with fewer options moving forward. Be sure you understand all the rules and requirements before committing to Chapter 13 bankruptcy.
Why You Need a Michigan Bankruptcy Attorney
Managing a bankruptcy case yourself can be overwhelming, as even small mistakes can delay your case or result in a denial. A bankruptcy attorney can help you understand the legal process, help you fill out all the necessary paperwork correctly, and make sure you meet all the required deadlines. A lawyer can also help you determine the best type of bankruptcy for your situation while protecting your assets wherever possible. With an attorney’s support, you’ll have someone to advocate for your interests, manage creditor communications, and guide you through each step, reducing the stress and uncertainty of the process.
Why Choose Marrs & Terry, PLLC, for Your Bankruptcy Case?
Our Michigan bankruptcy attorneys bring over 20 years of experience to these cases, giving us in-depth knowledge and insights we can use for your benefit. We also take the time to truly understand your unique situation so we can tailor our services accordingly. We know your rights in these cases and will fiercely protect them at every stage of the legal process. Trust us to provide the compassionate, comprehensive legal support you need.
Contact Our Bankruptcy Attorneys Serving Morenci and Lenawee County Now
The sooner you talk to a bankruptcy lawyer, the faster you’ll get the debt relief you need. Call Marrs & Terry, PLLC, now or reach out online for a free case evaluation.
How to Find Our Office in Lenawee County
We have multiple offices throughout Michigan, including one in Lenawee County at 247 S. Main St. in Adrian. Here’s how to find that office:
From the North:
- Take MI-52 S towards Adrian
- Continue onto South Main St (BUS-223)
- Destination will be on the left
From the South:
- Take US-23 N towards Adrian
- Turn right onto South Main St (BUS-223)
- Destination will be on the right
From the East:
- Take US-223 W towards Adrian
- Turn left onto S Main St
- Destination will be on the right
From the West:
- Take US-223 E towards Adrian
- Turn right onto S Main St
- Destination will be on the right