The Truth About Bankruptcy In Michigan

There are a lot of myths and rumors out there about the bankruptcy process. Whether you have talked to friends or looked for answers online, you are probably going to find false information. Before you make any decisions, make sure you talk to an experienced bankruptcy lawyer who can set the story straight. At the Royal Oak and Flint offices of Bidwell Tovarez PLLC, our attorneys will make sure you know the truth about bankruptcy.

Below, we have listed some common bankruptcy myths, along with some honest answers, but the best way to get information pertinent for your family is to schedule a free initial consultation with one of our bankruptcy attorneys.

Home And Property

  • Myth: You will lose your home and all other property.
  • Fact: Not only will filing for bankruptcy immediately stop a foreclosure, but most filers do not lose any property they wish to keep.

Chapter 7 Bankruptcy

  • Myth: You can no longer file Chapter 7 bankruptcy.
  • Fact: Chapter 7 bankruptcy is available to anyone who passes the means test.

Too Much Money To File

  • Myth: Some people make too much money to file for bankruptcy.
  • Fact: While some people make too much money to file for Chapter 7 bankruptcy, Chapter 13 bankruptcy is available to most debtors. Also, even debtors with higher incomes may qualify for Chapter 7 because of other expenses they have, such as child support payments or secured debt payments.

Retirement Funds

  • Myth: You will lose your retirement funds and assets.
  • Fact: Most retirement funds are exempt under the federal Bankruptcy Code, allowing you to keep these assets while discharging your debts.
  • Myth: None of your taxes can be discharged.
  • Fact: State and federal taxes over three years old may be discharged through bankruptcy. An experienced attorney can assess your tax debt and determine if any taxes can be discharged.

All Bankruptcy Is The Same

  • Myth: One bankruptcy attorney is as good as the other.
  • Fact: Every person who files for bankruptcy faces unique challenges. Our lawyers will help you come up with a plan tailored to your needs. Our attorneys will also be there to answer your calls and address your needs throughout the process.

Contact Us Today To Learn More

At Bidwell Tovarez PLLC, we are ready to do more than answer your questions and set the record straight. We are ready to help you get the fresh start you deserve, by coming up with a plan that works for you and your family. Located in Royal Oak and Flint, we represent clients across Michigan. Call 248-237-3718 or contact us online today for a free initial consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.