At the Detroit Michigan Bankruptcy Office of Walter Metzen and Associates, our experienced Michigan Bankruptcy Attorneys have successfully handled thousands of consumer bankruptcy cases over the past 20+ years. At our office you will be treated with respect and given personal attention. We pride ourselves in giving personal attention to our clients. My office primarily represents individuals and small businesses in both Chapter 7 and 13 Consumer Bankruptcy cases, we have
been helping people file Bankruptcy for over 20 years. The firm believes that bankruptcy is an honest solution and offers a free initial consultation. For more information, call us toll free at 1-800-398-DEBT or 888-4Walter, or email Attorney Walter Metzen at 8884Walter@sbcglobal.net
or go to Detroit Bankruptcy
Bankruptcy in Michigan, Chapter 7 or 13? Bankruptcy is a Federal Law Provided to you by the United States Constitution and is designed to get you a fresh start free from harassing creditor phone calls, lawsuits, repossessions and garnishments. Most of my clients are Chapter 7 bankruptcy cases in which most of their debt including credit cards, medical bills and other unsecured debt is wiped out by order of the Bankruptcy Court. Chapter 13 is a "wage earner plan" or "reorganization plan" in which a percentage of your unsecured debt is repaid according to your income.
Should I file a Michigan Bankruptcy Case?
Financial problems lead to great stress and can disrupt one's personal
and family relationships, yet many in Michigan people are scared at the thought of
having to file for bankruptcy relief. This is exactly what your
creditors want you to think. They do not want you to use your right
under the law. They would much rather you pay the minimum monthly
payment for the rest of your life at 20 to 25% interest!
Will I lose my Property? No, as long as you tell the court what you own
and what you think it's worth, the law will allow you to keep your
property as the basis for your "fresh start" subject to certain
limitations. The bankruptcy law in Michigan is very generous in allowing you to exempt your
home equity, automobiles, household goods and furnishings, clothing,
jewelry, bank accounts, stocks and bonds, pension and 401k plans, etc.
The most important thing to do is make an accurate list of what you own
and what you think it is worth (at a garage sale or auction.)
Can I keep my house and car?
Yes, you an file a bankruptcy and keep your
house and car provided you continue to make payments to the finance or
Where are you located? My office is located downtown Detroit, at the
corner of Griswold and Fort street in the historic Penobscot Building,
Suite 3156, Detroit Michigan 48226.
I'm married, can I file alone or must my spouse file jointly? If your
married the law recognizes you as one entity and can file either
together as a couple (jointly) or either spouse (husband or wife) can
file on their own. The law does not require that both file.
Will filing Bankruptcy mean I can't get credit for 7 years? I have heard
this wives' tale so many times and cannot figure out where it came from.
Straight bankruptcy is called Chapter 7, maybe that is where the seven
years came from, but the truth is that many people have a better chance
of getting credit after they file Bankruptcy. Bankruptcy is definitely a negative mark on a credit report and can be reported for 10 years after
filing after which is must be removed. Most people who are considering
filing Bankruptcy in Michgian, however already have a negative credit report due to
non or late payments, repossessions, charge offs or judgments. A
bankruptcy which wipes the slate clean will be an improvement. Keep in
mind that credit is not your friend, its what got you here in the first
place. Credit is the reason people end up filing for bankruptcy. Credit
I can't live without my MasterCard, what will I do? Believe it or not,
most retail establishments still accept cash! (Yes, even hotel rooms and
car rental agencies). For most people credit cards cause more harm than
good. They lead to impulse buying and mask the real pain of paying with
cold hard cash or even writing a check. Most of my past clients report
to me that they continue to be bombarded with new credit card offers
after filing bankruptcy. This is because the credit card companies want
to get you back into the game. RESIST at all cost! Consider getting a
debit card or a secured credit card.
I'm current on all my payments. I've never been late. Can I still file
Bankruptcy? I have many clients who look good on paper and appear to be
"making it" but realize that the house of cards is about to come
crashing down because they have depleted their savings and the ability
to transfer balances or "Robbing Peter to pay Paul" just doesn't work
anymore. If after you pay your normal monthly living expenses like rent
or house payment, utilities, food, clothing, transportation, recreation,
insurance and medical care, you don't have enough income left over to
make even the minimum monthly payment on your credit card or loan debt,
then you are already bankrupt! If you have used one credit card to
obtain a cash advance to pay another, the writing is on the wall. Seek
relief before you drown in debt.
I'm an honest person and want to pay my debts, I don't want to cheat my
creditors? First understand that bankruptcy is not about cheating your
creditors. Bankruptcy laws are designed to provide a person facing
financial difficulty with relief from the stress and burden of debt to
allow that person (or family) a "fresh start" while at the same time
being fair to the creditors. Chapter 7 Bankruptcy will discharge your
"legal" obligation to pay your debts, it will wipe them out. This means
that the creditor can't call you at home or at work to try to collect
the debt, they can't garnish your wages or seize money out of your bank
account. They must leave you alone permanently. After the bankruptcy, if
you win the lottery or come into some money and wish to repay those
creditors, you may do so of your own free will. If you can afford to pay
some amount to your creditors right now, but just not as much as they
want, the law encourages you to file a Chapter 13 Bankruptcy in which
you make payments to your creditors through the Court for 3 to 5 years.
Every debtor is required to appear at a
creditors' meeting conducted by a trustee who
asks the debtor questions about the debtor's
financial condition and gives creditors the
opportunity to do the same.