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Detroit Bankruptcy Lawyer Ryan Moran

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Detroit Bankruptcy Lawyer Ryan Moran

Many people often attempt to avoid bankruptcy, but sometimes it can be the best option when carrying an excessive amount of debt. The following information describes why bankruptcy may sometimes be an option, the benefits of having a Detroit bankruptcy lawyer, and how an attorney can provide help.

Why Bankruptcy is an Option

There are many reasons a person may fall into debt. A few include excessive medical bills, a lost job, or a failed business. If a person has already gone through credit counseling or considered other financial options, it may be time to seek the advice of an attorney and seriously consider bankruptcy. Debt settlement sometimes requires that a person make monthly deposits into a special account for up to 3 years. Many people in financial trouble simply can't sustain regular payments for that time period. Some people may also have such a high ratio of debt to assets that it is unrealistic that they will ever be able to pay off the debt. In the end, people sometimes decide it's better to start fresh and stop the penalties, late fees, and harassment they may be receiving from debt collectors. A Detroit bankruptcy lawyer can help an individual decide if bankruptcy is a good choice.

The Benefits of Obtaining a Bankruptcy Lawyer

There are different types of bankruptcy available. Chapter 13 is considered a less severe form of bankruptcy and is usually recommended for people who have a steady income and can repay the debt over time. This type of bankruptcy means a person will usually be able to keep their property and will be given 3 to 5 years to eventually pay off debt. Understanding the differences between Chapter 13 and Chapter 7 will require the experience and expertise of a bankruptcy attorney. Even with Chapter 7, there are particular debts that bankruptcy proceedings will and will not eliminate. For example, Chapter 7 Bankruptcy will not eliminate debt such as child support or student loans. However, in some cases individuals can claim that paying student loans will cause undue hardship and a person may receive some relief. This is why it's imperative to hire a Detroit bankruptcy lawyer to assist when wading through this complicated process. It's important to consult with an attorney who knows and understand the legalities of bankruptcy in both the city of Detroit and the state of Michigan.

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Ryan Moran

Michigan Bankruptcy Firm - Moran Law

Michigan Bankruptcy Firm - Moran Law

25600 Woodward Ave
Ste. 201
Royal Oak, MI 48067

Office (800) 209-1477