Flint, MI Bankruptcy Attorney
The law firm of Scott Stensaas, P.C. has significant expertise in assessing situations of financial distress. Any efforts to resolve debt problems by non-bankruptcy methods and negotiation with creditors are encouraged. However, when negotiations with creditors are not successful, Mr. Stensaas is skilled at evaluating and advising clients on their options for dealing with debt issues and obtaining relief for financial burdens under the federal bankruptcy code.
Bankruptcy is a complex area of law requiring considerable knowledge and skill. Anyone involved in a bankruptcy matter needs to have appropriate representation by a qualified Michigan bankruptcy attorney, whether you are a debtor, creditor, or another interested party. Flint bankruptcy attorney Scott Stensaas is available to consult with and represent you on any bankruptcy related issue including:
This office is dedicated to advocating for our clients’ interests in any bankruptcy matter.
If you need assistance with ANY BANKRUPTCY MATTER, please call Genesee County bankruptcy attorney Scott Stensaas at 810-653-9036 to schedule a consultation meeting.
DEBT RELIEF BANKRUPTCY:
There are two basic types of bankruptcy that individuals seeking debt relief may file - either a Chapter 7 or a Chapter 13.
Flint, MI Chapter 7 Bankruptcy Attorney
Chapter 7 is a liquidation style bankruptcy and will enable you to receive a fresh start. The Chapter 7 Discharge which you will receive gives you a permanent legal freedom from liability for all of your dischargeable debts. The Chapter 7 Discharge includes an enforceable federal injunction against all of your creditors, bill collectors, and collection agents, forbidding them from taking any future collection action against you.
Most of the people who file Chapter 7 are able to protect and keep all of their assets by claiming the EXEMPTIONS to which they are entitled by law. If your assets are substantial and thus exceed the amount you are allowed to exempt (or keep-away) from your creditors, then the non-exempt assets only are collected by the Chapter 7 trustee, sold and turned into money to repay your creditors. This does not mean that you will lose any of your property, as most personal bankruptcy cases do not involve asset liquidation.
Flint, MI Chapter 13 Bankruptcy Attorney
Chapter 13 is a reorganization type bankruptcy wherein you are given the opportunity to repay some or all of your debts. You will submit a Chapter 13 Plan for paying only so much as you can afford to pay on a monthly basis. Usually, you can repay the debts at low to no interest and you can modify the length of many of your debts. The Chapter 13 repayment plan usually spans from three to five years.
Upon approval by the Bankruptcy Judge, your Chapter 13 Plan is essentially a legally binding “debt consolidation” contract. So long as you fulfill your payment obligation to the Plan, your creditors must take what the Plan provides to them. Creditors are forbidden from taking any other collection actions against you. When you successfully complete your Chapter 13 Plan, you will receive a Chapter 13 Discharge, releasing you from any further liability on all dischargeable debts included in your Plan.
In some cases, Chapter 13 is filed to stop home mortgage foreclosure sales or repossessions of other property. Depending on the value of your home and the amounts owed to secured lenders, it may be possible to “strip the lien” of a second mortgage or home equity lender from your personal residence. If your household income substantially exceeds the IRS median-income for the number of people in your household, you may also be required to file a Chapter 13 bankruptcy.
If you need assistance with debt relief bankruptcy, please call Flint, MI bankruptcy attorney Scott Stensaas at 810-653-9036 for more information.
"This office is a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code."