Escaping the debt trap can be a stressful affair. You may face foreclosure of your home, creditor lawsuits, loss of your property, and constant harassing phone calls by creditors. Fortunately, federal law provides a way for you to obtain a legal discharge of your debts under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code. Nevertheless, many complex issues arise before and during bankruptcy proceedings. The situation may not get much simpler even if you choose a non-bankruptcy option to manage your debt.
Attorney Nancy Neal Joyce is a skilled Michigan bankruptcy attorney who has accumulated over two decades of experience helping both personal and business debtors put their debts behind them and get on with their lives. Since 1999, she has served greater Detroit from her law office in Livonia. She is known throughout the metro area for her quick mind, her caring and understanding attitude, and her innovative and detail-oriented approach to her clients’ cases. Nancy will listen closely to your concerns, answer your questions, and learn as much as she can about your current financial circumstances before taking action on your behalf.
Bankruptcy
If you decide to file for bankruptcy, Nancy can prepare and file your court petition. In response, the bankruptcy court will immediately:
- stop foreclosure and repossession proceedings;
- dismiss lawsuits against you, even if they have already begun;
- cancel any wage garnishments against you;
- prevent the seizure of funds from your bank account; and
- forbid creditors from harassing you; and
- discharge all or a portion of your debt (although it depends upon the type of bankruptcy you file and your individual set of circumstances).
Chapter 7
Chapter 7 proceedings result in a permanent and relatively speedy discharge of your debts, but may require you to part with many of your assets. It is likely, however, that many of your assets will be legally exempt from bankruptcy liquidation under federal or state bankruptcy exemption regulations. If you don’t own many assets, you may even be able to keep all of them.
Chapter 13
If your income meets a certain threshold, you might be ruled ineligible to file for bankruptcy under Chapter 7. Even if this turns out to be the case, you could still be eligible for debt restructuring under Chapter 13. In Chapter 13, you seek court approval of a three-to-five year installment repayment plan that doesn’t necessarily require you to repay your debts in full. The bankruptcy court will supervise your repayment during this time, and issue a full debt discharge once you have paid your last installment.
Alternatives to Bankruptcy
If you prefer to avoid bankruptcy, Nancy can advise you on a variety non-bankruptcy debt management options that will save your credit record from a bankruptcy entry. When faced with a negotiator who understands the law and knows how bargaining position works, creditors can be surprisingly willing to negotiate with financially distressed debtors, rather than allow them to commence a bankruptcy proceeding in which they might receive little or nothing. Nancy can negotiate with your creditors to allow you to repay your debts on terms that could be far more favorable than the terms you are currently living with. You might end up enjoying:
- lower interest rates;
- a longer repayment term;
- the elimination of past due installments (by merging them with future installments); and
- lower monthly payments.
Attorney Nancy Neal Joyce will Make a Difference for You
If you have decided that it’s time to take decisive action about your debt problem, contact attorney Nancy Neal Joyce at (734) 427-7772 for a free face-to-face initial consultation. If you prefer, she can even answer your questions over the telephone. Call today and start looking forward to a debt-free future.
