105 Cass Mt. Clemens, MI

BANKRUPTCY FOR

INDIVIDUALS

CHAPTER 7

CHAPTER 13

DEBT REORGANIZATION

DEBT ELIMINATION

Are you facing ﬁnancial hardships, job loss, creditor harassment, wage garnishments, foreclosure, or repossession? Are you behind on credit card, mortgage, or car payments? Are you underwater on your home? Or are you just sick of making minimum payments and getting no where fast?

If so, seeking debt-relief by ﬁling for bankruptcy may be a good option for you.

When you ﬁle for bankruptcy, your creditors must immediately stop all action to collect debts, including garnishments and property repossessions.

Contact Mike DiLaura directly to set-up your free consultation appointment today. You deserve the chance to overcome your debts and focus on more important things in life.

In most cases certain basic assets are protected by exemptions:

In most cases, Chapter 13 is used to completely eliminate secondary mortgages for homes that are underwater.

Only your ﬁrst mortgage will remain and you’ll be able to keep your home.

Allows you to reduce your total debt and set up payment plans based on what you can afford Let’s you spread remaining payments out over a 3-5 year period.

Secured debts can be discharged, but only if you want to forfeit your property: Mortgage & Car loans.

If you want to keep your home and/or car, you must keep making payments.

Home

Household items

Retirement funds

Vehicle

Business

Cash savings

Most unsecured debts will be discharged:

Credit cards

In-store lines of credit

Medical bills

Legal Judgments

Private loans

Some unsecured debts cannot be discharged

Student loans

Property taxes

Child support

Spousal support

Fines or restitution ordered by a court

Income tax debts less than 3 years old

DEBT CONSOLIDATION

ALTERNATIVES TO

BANKRUPTCY

If you’ve been able to maintain decent credit, but your debt is unmanageable, you may be eligible to secure a loan to pay of all or most of your debts. Your legal counsel can help you apply for and obtain a loan that will leave you with one low monthly payment. This process will also increase your credit score, since your total amount of credit will go up and the proportion of outstanding debt will go down.

Sometimes Bankruptcy is not the best option - every situation is unique. A free consultation appointment with Mike will help you determine which options are best for you.

DEBT RELIEF OPTIONS

ASSET PROTECTION

Lenders are normally willing to negotiate reductions if they believe the debtor will be otherwise forced into bankruptcy, however, this is not normally the case. Millions of Americans that are underwater on their mortgages attempt loan modiﬁcations every year, but only a small portion of them actually go through with bankruptcy if negotiations aren’t successful. Having an Attorney represent you will show your lenders you are serious about resolving your debt issues.

There are legal techniques that can prevent creditors from making claims against your assets based on the debts you owe. If you’re worried about foreclosure or repossession, this may be a good option for you.