When faced with financial distress, it is a smart idea to speak with a financial attorney about your situation. You should always be proactive and take action before its too late; you can are garnished, or lose your home or car. Our experienced bankruptcy lawyers provide direct and practical legal solutions that you will benefit from.
Jason Allen Law is a law firm dedicated to helping people that focuses solely on individuals in financial hardship around Kalamazoo, Michigan. Our team of attorneys has handled over five thousand bankruptcies and is committed to providing honest and person legal advice that is tailored to meet the needs of your situation.
Debt Reorganization in Chapter 13
A Chapter 13 bankruptcy, allows your debts to be consolidated into one low monthly payment where you will probably only pay back 10% of your debt. This payment will typically last 5 years. When your payments are done, your debt will be gone. A Chapter 13 may be the right option for you if:
You are looking to save a home or vehicle from foreclosure or repossession
Your main concern is taxes, child, support, or tickets
You want to pay your debt back
A chapter 13 will catch you up on your mortgage arrears, and if your are underwater on your house we can often get rid of your second mortgage.
Choose Chapter 13 vs. Debt Consolidation/Debt Settlements?
Debt consolidators are everywhere and would have you think your solution lies with them. Sadly, a lot of them are scams and can do more damage than good to your credit. Debt consolidation has several drawbacks:
Tax consequences: Debt settled becomes taxable income to you
Creditors are not forced by the law to accept your settlement
Debt settlement takes years
In all circumstances, debt settlement is more expensive than a bankruptcy
Bankruptcy has no affect on your taxes at all, forces all creditors to participate, can be done in as little as 3 months and will often cost less than 5% of your total debt.
Is foreclosure approaching on your home? What will happen if you lose your home? Our experienced bankruptcy attorneys at Jason Allen Law will answer get that foreclosure stopped. We provide honest and hands-on legal solutions for people throughout the Kalamazoo area in consumer bankruptcy. We help people who have fallen on hard financial times by offering personalized, honest and trustworthy legal advice that they can fully benefit from.
What Is the Best Foreclosure Defense? Answer: Bankruptcy
Foreclosure is the legal way by which a bank will sell your home if you are unable to make your mortgage payments. If you are behind on your payments and heading toward foreclosure, one of the only ways you can stop it is through bankruptcy. Loan modifications often require burdensome documentation, provide nominally lower payments, and are costly and time consuming. If you can't get caught up on your payments on your own, bankruptcy is the answer.
Keeping your home and filing bankruptcy:
Chapter 7: If you are current on your payment, in most cases you will be able to keep your home and get rid of all your unsecured debt.
Chapter 13: If you are behind on your mortgage payments, this will help you get caught up on the payments and keep your home.