Bankruptcy Attorney in Grand Haven, Holland, Muskegon, and West Michigan
Is it time to file bankruptcy?
Are you recently having hard time economically? Do your electric bills, water bills, etc keep piling up? The economy is never been stable. At times it is good, at other times it is like a lynch seeping your every blood until nothing remains. Several businesses have been forced to close which lead to higher unemployment rate and in turn, many homes are facing foreclosure. With all these misfortunes, how will you determine whether or not to file bankruptcy? When is it time to admit “enough is enough”?
There are various factors to be considered in determining whether an individual should file bankruptcy. Lucky you because the experienced Bankruptcy Attorneys at Van Tubergen, Treutler & Hayes are here to help make this process a little less painstaking and achieve a fresh financial start.
Some questions that need to be asked:
What are the financial problems that have caused your economic distress?
Do you have credit card debt?
Are you in foreclosure?
Have you received overdraft notices from your financial institution?
Are you receiving repeated telephone contact from collection agencies?
Trying to solve the problems like those presented above may become overwhelming for you. It is not easy to solve them without getting a legal aid. It is either you break or you will become more broke. When these rough times occurred, perhaps you should consider filing a bankruptcy case to eliminate much of your debt.
How you may qualify
Chapter 7 Bankruptcy
-designed to discharge most consumer and individual debt to achieve a fresh start
-if you are unemployed and have no other means of support
-determined by a Means Test, a form used to compare your income with families of like size and location
-for example, if your family income is below the average median income in your area and you have no other way to pay your bills and other creditors the bankruptcy court may approve your filing under Chapter 7.
Chapter 13 Bankruptcy
-designed to protect your personal assets while allowing you to pay a portion of your debt and discharging the remainder of debt
-if your family income is beyond the median for a family of your size and in your location
-the court will confirm a plan of repayment for all or part of your debt on a schedule that your income can sustain
-you must have a steady income and available assets in order to file a Chapter 13 to pay your debt over a three to five year period
Most common reasons for the discharge of consumer and individual debts:
- credit card debt
- foreclosure actions
- massive medical bills
- personal lines of credit
- personal guarantees on business lines of credit or commercial leases
Although there are debts that can be discharged, some certain debts are impossible to discharge like recent tax debt, student loans, alimony or child support, criminal penalties or restitution, and fraudulent transfer of assets.
Hitting two birds with one stone requires skill. If you are to protect your assets while discharging debts, you need a skillful case preparation and you a skillful lawyer to do that. If by protecting your assets you avoid creditors by transferring them to your relatives or other financial vehicles, you might jeopardize the case.
Law Office of Van Tubergen, Treutler & Hayes, PLLC can provide you with sound advice regarding a bankruptcy case that will lead a solution to your financial crisis wherever in Grand Haven, Holland, or Muskegon, Michigan.
Contact us today for a free initial consultation at 616-844-3000.
Mr. Van Tubergen has been a featured lecturer for the Institute of Continuing Legal Education on establishing special-needs trusts for disabled children and adults. He is also general counsel for the Grand Haven Area Arts Council. Mike’s diverse experience is an asset to his clients. His versatility gives him the ability to recognize peripheral issues that affect his client’s decisions. Mike also has strong people skills that allow him to effectively communicate with his clients. Mike’s people skills also help him connect with juries.