Filing a Personal
Bankruptcy is a
financial decision based
on your amount of debt,
your income, your
assets, and your present
ability to repay debts.
It should be a last
resort after you have
explored other options.
If you have explored
those options but
realize that you will
never be able to pay all
of your creditors,
you may be a candidate
for Bankruptcy.
When the expected time
period for the repayment
of creditors, in full,
exceeds the time it
would take to rebuild
credit, bankruptcy
should be given serious
consideration. A good
bankruptcy attorney or
lawyer could help out
with this process. We
have been helping
Michigan residents file
personal Bankruptcy for
over 10 years. Instead
of struggling with
minimum payments for
months or years and
ending up in the same
place you are today, you
can use that time to
rebuild credit and save
money for the future.
If you are in a
situation in which you
have accumulated more
debt than you will be
able to repay in the
foreseeable future, then
you probably will
benefit greatly from
filing bankruptcy and
taking a debt-free fresh
start.
By filing bankruptcy
with qualified
attorneys, you give
yourself a chance to
rebuild and re-establish
credit and staying in
line with the law. Many
people get too caught up
in worrying about how
they’re going to incur
future debt, when the
focus should be on the
best way to deal with
the debt they have now.
We are a debt relief
agency that provides
bankruptcy assistance.
If you need relief from
debt, the best thing you
can do is call us as
soon as possible at
313-962-4656 or
toll free at 888-4Walter
or 888-777-FILE
in order to set up an
appointment. There is no
charge for the first
office interview and
evening appointments are
available. We normally
recommend that you come
in as soon as possible
so that your rights can
be secured without
delay. Many people
postpone or put off
consultation with a
qualified specialist
only to make major
blunders such as
borrowing more money to
pay off debts. It is
best to have the free
consultation instead of
waiting to see us as a
last resort. When you
come to see us, we look
at your budget (income
and expenses) and
analyze the debts
involved and advise what
course of action to
take. Walter Metzen is a
Board Certified
Specialist in Consumer
Bankruptcy Law by the
American Board of
Certification and
specializes in Chapter
13 payment plans and
Chapter 7 straight
bankruptcy.
Chapter 13 works well
for employed persons who
can make some type of
payment. Chapter 7 is
also available for cases
where a payment plan is
not feasible or
appropriate. We will
recommend the best
action for your case.
With Chapter 13, the
payment plan is usually
a LOT LESS than what one
is paying without the
help Chapter 13 offers!
We can usually
consolidate all debts at
a payment that is
affordable, and nothing
will be lost or given
up. The home, car and
belongings are protected
by the filing of Chapter
13. Also there is
automatic protection
from creditors upon
filing. This means that
harassment stops, no one
can garnish wages, take
property, repossess the
car or truck, foreclose
on the home, etc. But
one needs to file a case
in order to get the
automatic protection.
On completion of the
Chapter 13 plan debts
are wiped out, paid,
discharged, etc. Chapter
13 can usually pay off
debts much more quickly
because in most cases
the interest and
penalties are stopped on
your charge and loan
accounts. Payment
amounts are generally
reduced. When you visit
us, we can explain how
it applies to you, but
the relief usually is
very dramatic.
In most cases, you do
not need to bring money
to get your case
started. This is true
for most Chapter 13
cases since attorney
fees are included in the
payment. The payment is
set based on your
budget....your ability
to pay. That is why we
need to go over your
income and expenses in
detail. Our office is
unique in that we have a
computer program which
calculates your budget
of income and expenses
while you watch it on
the monitor. You can see
the income and expenses
broken down as we type
it in, and see just
where your money goes
each month. This enables
us to calculate how much
you can afford to pay
toward your debts very
quickly, while you watch
us. You just need to
know how much you make
in a typical week, and
how much you spend on
house payments, rent,
utilities, insurance,
groceries, gasoline,
etc. House payments and
rent are generally not
included in the chapter
13 plan unless you are
behind. If your mortgage
is past due, a chapter
13 can help catch it up
and stop a foreclosure
from occurring if the
case is filed on time.
Car payments are usually
included in the chapter
13 plan and the car is
paid off as part of the
plan. Generally, no one
can repossess or seize
your car or other
property once your
chapter 13 is filed.
Your wages, earnings,
bank accounts, and
personal property are
protected by the Chapter
13 "automatic stay"
against creditors.
Chapter 7 is
"straight bankruptcy"
and discharges most
debts without making
payments and is
appropriate when you
cannot afford a payment
plan under Chapter 13 or
when your circumstances
do not warrant a payment
plan. The relief under
Chapter 7 is very
dramatic since the
debtor receives an
"automatic stay" against
creditors.
There is no payment
plan under Chapter 7
bankruptcy. Most debts
are discharged. We can
discuss which chapter is
best for you.
Information
to Bring to the First
Interview:
When you meet with
us, bring as many of
your pay-stubs for a
typical work week or
biweekly pay period from
the past 2 months that
you can locate....and if
you are married, your
spouse should come also,
if possible. Sometimes
we file for just one
spouse, but usually both
spouses are on the debts
and both need protection
. Bring us ALL
debts....the NAMES,
ADDRESSES, ACCOUNT
NUMBERS AND APPROXIMATE
BALANCES of EVERY
creditor to whom money
is owed, if you have a
recent credit report
bring it, if not, we can
get it upon payment of
your initial retainer
fee. These debts
would include car
payment and house
payment information, and
all bills, charge
accounts, debts,
lawsuits, collection
letters, etc. We need
the balances owed on all
your debts as best as
you can estimate them.
Exact amounts are not
important; approximate
amounts are sufficient.
We also need to know how
much you have earned for
the year to date and the
prior 2 calendar years.
We also need to know the
value of your property
so bring in a tax
statement showing
Equalized Value or
appraisals on any real
estate you own. It is
also necessary to list
the name and address of
your spouse if you are
married and your spouse
is not filing with you.
Information must also
include the name and
address of anyone on
debts with you such as
cosigners or guarantors
of your debts. If you
have cosigned for
someone else, or someone
has cosigned for you,
their name, address and
the name and address of
the creditor need to be
included in the
information we prepare.
These contents are
general and should not
be relied on as legal
advice for your case.
Every case is different.
That is why you should
speak to us about your
situation as soon as
possible. The sooner we
can help, the better we
can do, usually. There
are some deadlines that
are important, like
foreclosure dates,
repossession auctions,
etc. If one waits too
long, the property is
lost for good. It is
much easier for us to
protect what you have,
than to try to get it
back for you once it is
seized by a creditor! So
it is best to consult
quickly. Also, the
longer one waits, the
more interest and late
charges are added to
balances. Chapter 13 can
stop interest and late
charges on most debts,
so, again, delay
generally is not good.
We are conveniently
located in Suite 3156 of
the Penobscot Building,
645 Griswold Street,
Detroit Michigan 48226.
