If you are wondering whether
bankruptcy is right for you, it is important you not only understand what bankruptcy
does do, but what it doesn't do as well. Bankruptcy is
not an end-all solution to financial debt.
1.Individuals who have an obligation to pay child support, alimony, student loans, criminal fines, certain taxes and
other court-ordered restitutions or fees will not be able to get these
types of debt discharged through bankruptcy.
Bankruptcy does not protect co-signers from financial damage. If you have a loved one who has co-signed on one of your debts, the creditor
will be able to pursue payment or legal action against that co-signer
for the purpose of getting the debt paid.
Any debt which is incurred after an individual has filed for bankruptcy or which is left off the bankruptcy petition will not be eligible for
Bankruptcy does not eliminate the rights of those creditors with whom you
have a secured debt. A home mortgage, a car loan or a lien on any other type of property which
has been used as collateral to secure a loan are all examples of secured
debt which is not eligible for discharge in the same way that unsecured
debt is eligible for discharge. The way to get this type of
debt discharged is to give up possession of the relevant property. If you wish to retain
possession of the collateral used to secure your loan, then you will be
required to continue making regular payments according to the terms of
your loan agreement.
Bankruptcy is a complex procedure that can be extremely beneficial when
done right. If you are looking at filing for bankruptcy or you are considering
any of the
alternatives to bankruptcy, we recommend you consult with a
Detroit bankruptcy lawyer before you make your final decision. Our lawyers have more than 33 years
of combined legal experience and we have successfully handled thousands
of bankruptcy cases. We are well-versed on bankruptcy laws and are dedicated
to providing clients with the personalized attention their case requires.
No two cases are the same, so it is vital that you have a lawyer who can
understand your situation and who will do everything possible to help
you alleviate your financial woes.
Contact Marshall D. Schultz today to find out what we can do for you.