Michigan Bankruptcy Lawyers' Most Common Questions:
The most frequently asked questions pertain to discharge, because ultimately, discharge or final release from debts is the primary goal of everyone who files. Discharges are available in both Chapter 7 and 13 cases. The term straight bankruptcy, as used by practicing bankruptcy lawyers, usually refers to Chapter 7. In a Chapter 7 case, all debts are subject to elimination as if paid in full. No payments to creditors are made and debts are legally unenforceable once discharge is granted by the court.
Bankruptcy lawyers must carefully review each debtor's financial affairs before suggesting any particular remedy. Because each client is unique, all alternatives may not be available. Also, bankruptcy lawyers often offer different opinions regarding available alternatives in the same circumstance, based on each bankruptcy lawyer's personal level of legal expertise. All potential debtors should consider the opinions of at least two, and preferably three consumer bankruptcy lawyers to discover all available alternatives.
Chapter 13 cases provide either full or partial payment to creditors. In full Chapter 13 cases, payment amounts are reorganized to allow extended payment schedules at lower interest rates in accordance with a plan offered by the debtor's bankruptcy lawyer. In partial Chapter 13 plans, only a portion of debts owed are repaid according to the financial ability of the debtor and their bankruptcy lawyer's ability to gain approval from the presiding judge. Remaining balances, upon completion of the plan term, are discharged similar to a Chapter 7 case. Litigation of discharge issues remains fertile ground for all bankruptcy lawyers representing creditors.
Michigan Bankruptcy Lawyers - In Practice:
Special items are subject to extraordinary regulation. Liability for debts owed to government agencies or created without knowing consent of others receive a higher level of scrutiny. For more information, see:
Most bankruptcy lawyers and law firms that specialize in consumer cases offer free initial consultations. These meetings serve several purposes. Potential clients usually ask legal questions, inquire about fees and estimated costs, and evaluate any number of lawyers for legal representation. Lawyers also evaluate clients. Because pending legislation will increase attorney liability for client misrepresentations, the time and difficulty required to represent each is factored into costs. Likewise, lawyers avoid potential clients who are considered likely to create liability for misrepresentation, attempt bankruptcy fraud, or violate legal disclosure requirements.
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