DO NOTHING –
When we first speak to a client, it is important to get all the facts to determine all of the options available. After understand your finances, we will discuss all of your options and how they will affect you. The first option is not filing for bankruptcy at all. What would happen if you did nothing and continued to try and pay your debts? Some people merely need to organize and prioritize their debts. One this is done, there is no need to file for bankruptcy. Alternatively, sometimes bankruptcy will have little or no benefit (the only debt I have is a student loan).
DEBT CONSOLIDATION COMPANY OR NONPROFIT-
The second alternative is some form of debt organization through a company or organization. When considering this option, you must be careful that the fees and cost are not too high. Remember that nonprofit doesn’t mean FREE HELP. Sometimes the fees are extremely high for something that you can do yourself (like calling the creditor to get lower interest rates or payment plans). Alternatively, they charge you a high upfront fee and have a high dropout rate once the sales pitch wears off and you realize you cannot pay the payment they need to make the plan work. You need to add up your debt and divide it by you available income monthly (complete a realistic monthly budget with ALL your expenses). If you can pay all your debt in less than 24 months, you may not need to file for bankruptcy. Remember that debt companies cannot stop creditor phone calls, law suits, or foreclosure.
CHAPTER 7 OR CHAPTER 13 BANKRUPTCY-
The last option maybe some form of bankruptcy (either chapter 7 or chapter 13). Bankruptcy offers advantages that debt consolidation cannot. All forms of bankruptcy stop creditors from all actions against you. Once you file, they cannot call and harass you, they cannot sue you, that cannot garish your wages, or take any action against you. Chapter 7 bankruptcy eliminates your unsured debt (credit cards, medical bills, etc…). You pay nothing back to these creditors. You can keep your home, car, retirement accounts, and other property. Chapter 13 bankruptcy is similar to Chapter 7 bankruptcy. Chapter 13 allows you to get your house payment and car payment caught-up as part of a plan. Additionally, you pay your unsecured creditor to the extent that you have extra money to pay them (base on ability to pay, not on how much you owe). We can explain the difference and benefits as they apply to you specifically. Call today.
When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options. Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.
Call for a free phone consultation. Our office can help.
KRUPP LAW OFFICES PC
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or Mail@krupplaw.com
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