Many people are confused about what the filling of a bankruptcy petition would actually mean for them. Each case is determined by the individual circumstances of the client. Most clients struggling financially find that they qualify and would benefit from the filing of a bankruptcy petition. My practice is limited to the Michigan Bankruptcy court.
Clients who are homeowners and vehicle owners can often keep these assets and receive relief from overwhelming unsecured debt. The filing of a bankruptcy petition does not mean you must surrender your home and other assets. The bankruptcy laws are designed to give individuals the opportunity to have a fresh start, allowing them to:
Contrary to popular belief, after filing Bankruptcy, most people find that they can still get financing. After getting relief from outstanding unsecured debt, credit opportunities may be favorable for people after the bankruptcy process is complete.
- Retain reasonable assets
- Continue to provide for their families
- Benefit from relief from overwhelming debt
If you are having difficulty meeting your expenses, an evaluation of your individual circumstances may offer the opportunity for relief.