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Affordable Bankruptcy Services in Livonia

Bankruptcy
Phoenix Law specializes in helping individuals and families resolve problems with debt of all kinds by taking them successfully through the bankruptcy process. Going into this process, you may wonder what all it entails. Bankruptcy allows consumers and businesses to repay their debts, either partially or in full, under the protection of the federal bankruptcy court. Our attorneys can represent you in several types of bankruptcy proceedings and help you retain your property.

Types of Bankruptcy

Generally, bankruptcy can be divided into two kinds: liquidation (Chapter 7) and reorganization (Chapter 13). Phoenix Law can help with either case.

Chapter 7 Bankruptcy - Permanent Discharge

This kind of bankruptcy can be filed by an individual or business. It usually lasts between three and six months and uses your property, such as your home, to pay off your debt. Phoenix Law can help you get rid of unsecured debts (debts without collateral attached) such as medical bills and credit card obligations. We will help you understand how to keep your property, including your home and vehicles, in a Chapter 7  filing.
Chapter 7 is a powerful tool to make a fresh start in your life. Phoenix Law may be able to use it to permanently discharge, or wipe out, your unsecured debts within 90 days, during which your creditors cannot sue you, call you or take any other action to collect debts. In the process, we will explain to you how to keep your property in a Chapter 7 filing including your home and car.

Chapter 13 Bankruptcy - Repayment Plan

This is known as “wage earner” bankruptcy because, in order to file for it, you have to have a reliable source of income to repay some or all of your debt. Chapter 13 requires you to propose a repayment plan detailing how you will pay back your debts over a certain amount of time. We will put together a repayment plan that allows you to keep your property and catch up on your secured debts and other bills.
For further questions or concerns regarding bankruptcy, send us an email or come to our office. 
We care about you and want you to come out of this process debt-free. Contact our firm today to find out which kind of bankruptcy is right for you and how we can help you get back on the road to financial wellness.
Chapter 13 can help you get your finances back on track. If you have a steady salary but it is not sufficient to pay back your debts, we can help you reorganize your debt payments into an affordable repayment schedule.
Under Chapter 13, we will help you keep your property while you catch up on secured debts and bills through a consolidation plan that takes from your disposable income and combines your debts into a single payment payable at regular intervals to a trustee for distribution to creditors. It takes 3-5 years to pay off depending on your income, expenses and debts. In the end, we can help give you a fresh start by reducing the burden of your monthly debt payments.

Automatic Stay

Once you’ve chosen Phoenix Law, we work to get you immediately under the protection of automatic stay through either Chapter 7 or Chapter 13. This will stop creditor phone calls, repossession efforts and foreclosure proceedings. Creditors will no longer be able to take legal action to collect debts from you.
Talk to us about which plan is right for you as choosing the wrong filing may hurt you more than help you. For further questions or concerns regarding bankruptcy, send us an email or come to our office.
We care about you and want you to come out of this process debt-free. Contact our firm today to find out how we can help you get back on the road to financial wellness.