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Questions About Bankruptcy
Want answers to your specific questions?
Below you will find answers to some of the more common bankruptcy questions people ask us. But, we realize these are general questions that might not address your specific concerns. So, please ask us whatever specific questions about bankruptcy in Michigan you would like answered:
Answers to some frequently asked bankruptcy questions:
Can I file for bankruptcy protection without an attorney?Click here for the answer
There are plenty of qualified lawyers to help you. Please use them. I strongly suggest you not attempt this without experienced counsel. In fact, I even talk about this in the Fresh Starts video series.“
How long does a bankruptcy case last?Click here for the answer
How long will it be until I can qualify for credit again?Click here for the answer
As for buying or leasing new homes and cars, several variables can affect your credit profile after a bankruptcy. You obviously want to keep your interest rates low and re-establish your credit affordably. I suggest waiting for one to two years after a discharge before financing a vehicle for the best interest rate. Additionally, most mortgage lenders will recommend you wait at least two to five years before applying for a mortgage.
How long will the bankruptcy appear on my credit report?Click here for the answer
What about bankruptcy petition preparers? Aren’t they cheaper than attorneys?Click here for the answer
The United States Bankruptcy Court for the Eastern District of Michigan sets the maximum allowable fee for petition preparers at $100.00. Petition preparers must also disclose to the Bankruptcy Court in writing who they are, what services they provide, and their fee for the work they do. If they refuse to do this, you should not use them.
So, how can I avoid being scammed by a Bankruptcy Petition Preparer?Click here for the answer
Federal courts even prohibit many petition preparers from operating due to their repeated scams and even convicted some for disobeying Court Orders to stop.
I can’t overstate the caution you should take when working with someone who is not a licensed, qualified bankruptcy attorney.
What are the eligibility requirements for filing a Chapter 7 bankruptcy case?Click here for the answer
Bankruptcy lawyers are very well versed with the Means Test but tend to answer this question with only very broad input from you about your income. The truth is, not everyone with a higher than median income level is summarily ineligible for Chapter 7. In fact, the Means Test can be quite complicated.