Our Taylor Bankruptcy law office helps many clients discharge large amounts of debt using bankruptcy. The chances are quite good that with over 35 years experience helping local families, we have helped a friend, family member, colleague, fellow church member from your community. We have helped thousands of people from all of Metro Detroit and Downriver, including Taylor, Allen Park, Flat Rock, Riverview, Carleton, Wayne, Ypsilanti, Ann Arbor, Belleville, Huron Township, Livonia, Redford, and other surrounds.
We work with single, married, and divorced bankruptcy filers. We meet with each of our clients to determine their individual needs and concerns.
Our lawyers provide personal, professional guidance based upon law and experience.
What is the difference between Chapter 7, 11, and 13 bankruptcy?
A chapter 7 bankruptcy is designed to discharge most of your debts, if not all. A chapter 13 bankruptcy is payment plan where you pay back part of the amount you owe to your creditors and then your debts are discharged after 3 or 5 years. Chapter 11 is generally for businesses to reorganise.
What are the advantages of a Chapter 7 Bankruptcy?
You get to discharge most if not all of your debt without having to make payments going forward. Your debts are usually discharged within 4-6 months.
What are the disadvantages of a Chapter 7 Bankruptcy?
You have to give up some if not all of your property. Not everyone qualifies for Chapter 7 Bankruptcy. In order to qualify, you must not earn more than a maximum allowed income.
What are the advantages of a Chapter 13 Bankruptcy ?
In Chapter 13 Bankruptcy, you get to keep all property. Chapter 13 Bankruptcy provides an opportunity for some in foreclosure to keep their homes and catch up on the arrearage over time. This form of bankruptcy may lower the payments you are currently making on your property. Chapter 13 Bankruptcy may protect co-signers of debts as well.
What are the disadvantages of a Chapter 13 Bankruptcy?
In Chapter 13 Bankruptcy, you must make payments over a number of years, and pay a percentage of your debts. If you are unable to make your payments, your case can be dismissed, and creditors maybe able to come after your assets and property.