Under What Situation You Must Contact Bankruptcy Lawyer Southfield

Posted by Kallabatlaw on March 10th, 2014

Today you will find many articles and blogs advising you on filing bankruptcy in an easier way, however only a bankruptcy lawyer Southfield can guide you in a proper way. If you want to stop a foreclosure on your home then filing for bankruptcy is an effective way of doing that. It is important to have the knowledge about which person or entity must file the bankruptcy in order to stop the foreclosure and what are the requirements in order to file bankruptcy and stop the foreclosure.

It is essential that the person or entity that owns the piece of real estate headed for foreclosure can protect the real estate by filing for bankruptcy. With many companies and LLCs filing for bankruptcy it is important to recognize that if the real estate is owned by a company then it is the company which must file for bankruptcy protection. If married couples file for bankruptcy then according to the advice of a bankruptcy attorney Southfield one cannot always assume that both own the home, it is essential to look at the deed to the property.

One of the significant things is to make certain whether you qualify for bankruptcy. Bankruptcy lawyers Detroit can save you from having to repay your debts, as it’ll help avoid further financial problems. Before you situation worsens you must file for bankruptcy under Chapter 7 or Chapter 13. The filing process will entirely depend on different circumstances, so hiring bankruptcy attorneys Detroit make a simple comparison between the two.

Chapter 7 Bankruptcy is mainly filed for eliminating debts. It allows individuals to cancel their debts and start a new financial life. Moreover under Chapter 7 you will get the benefit as it is a type of consumer bankruptcy, so it involves individuals instead of businesses. If your budget can only afford the minimum payment on loans then chapter 7 is the right option for you. In addition if you do not have the ability to get rid of your debts in next five years it is better to file chapter 7 bankruptcy.

Filing for chapter 13 is mainly done for the purpose of reorganizing the debts. It allows you to reorganize your debts, so that you may pay within a certain time frame. Chapter 13 involves regular payments depending on the amount of debt it can take five years or more.