Sheehan & Associates, P.L.C.

Detroit Law Blog

Can bankruptcy help me get a fresh start?

Those who are crippled by financial debts may feel like there is no way out. These debts can place such a heavy burden on every part of their life, causing them to feel constantly stressed and fearful about the future.

Being relieved of all debt can feel like an impossible dream for many. But it can be possible through bankruptcy. While bankruptcy does have some disadvantages - a poor credit score being the most notable of them - it can serve as a lifeline to those who would otherwise be unable to tackle their debts.

How quickly can I get the divorce process over with?

When you've committed to getting a divorce, you will likely want it over with as soon as possible. The sooner the divorce is finalized, the sooner you will be able to close this chapter and move on positively with your life. However, it's important that you do not rush the divorce process. Taking your time to get the settlement that you deserve will benefit you for years to come.

If you want to quickly move through the divorce process, make sure that you understand the most important things to do so that you can be as efficient as possible.

A loved one died without a will, what next?

If you recently lost a loved one who did not have an estate plan in place, you may feel that the logistical aspects of settling their estate are an additional stressor in addition to the grief and sense of loss that you are experiencing. It's important that you reach out to others for emotional and practical support during this time.

If your loved one dies without an estate plan in place, there is a process that the estate will follow. This is known as intestate succession. State law determines exactly how the estate will be distributed among relatives. The following is an overview of how state laws in Michigan deal with intestacy.

Will I be financially insecure after divorce?

Filing for divorce is an emotional decision that is usually the result of an unhappy marriage. Life is short, and you should always strive to move toward a happier life. While divorce may help you get out of an unhappy relationship, it may also present you with financial struggles if you do not plan properly.

If you are considering filing for a divorce in Michigan but you are worried about the possible financial implications, you should take the time to understand marital property laws in Michigan.

Filing for bankruptcy after a job loss

If you were already dealing with debts, suffering the sudden loss of your job could lead you into serious financial difficulties. Without the funds to make your minimum debt repayments, you may be facing the loss of your home and be inundated with communication from creditors demanding that you repay your debts.

All of this can be extremely stressful, and you may be doubtful that you will ever be able to clear your debts. However, filing for bankruptcy can help you to significantly reduce your debts, and in many cases, you will be able to be debt-free in a matter of months. The following are some possible options if you want to file for bankruptcy after a job loss.

Under what circumstances is bankruptcy a good idea?

Financial difficulties can leave people feeling extremely stressed, worried and unable to think clearly about their situations. Those with significant debts who become suddenly unemployed may immediately panic and decide to file for bankruptcy without thinking. You must take the time to understand your financial situation before making a swift decision that may not be the best choice.

While bankruptcy is not always the best option for addressing financial issues, the following is an overview of some situations in which bankruptcy may be the best choice.

What laws apply to divorces in Michigan?

States differ when it comes to the laws in place regarding the divorce process. This is why you should always make sure that you have a good understanding of the laws in the state that you plan to file in. You can't choose any state to file in based on your preferences - you must first meet the eligibility requirements.

If you are considering filing for a divorce in Michigan, the following are the key laws and regulations that would apply to the process.

Is Chapter 13 bankruptcy the right choice?

If you are currently facing huge debts and you don't know how you will be able to keep up even with minimum repayments, you should assess your options sooner rather than later. By considering your options for bankruptcy, you may be able to prevent losing your home, and you may even be able to reduce the total amount of debt that you owe.

One of the most common bankruptcy chapters is Chapter 13 bankruptcy, otherwise known as a "wage earner's plan". As this nickname suggests, this chapter is ideal for a person who has a reliable source of income. The following are some ways to know whether Chapter 13 bankruptcy is right for you.

You may lose property with Chapter 7

Chapter 7 bankruptcy is, in some senses, the cleanest way to eliminate your debt. Filing gives you a chance to wipe out what you owe and start over. That's different than Chapter 13, for instance, where you have to spend years paying off that debt.

One thing to keep in mind, though, is that you may lose property. Before eliminating your debt, you need to liquidate the assets that you own that are not exempt. Selling them off creates capital that can be used to pay off as much of the debt as possible. The rest is then eliminated. The amount that each person has to pay under Chapter 7 is different based on their debts, assets and many other factors.

COVID-19 isolation will lead to divorce

Many industry experts believe that the isolation imposed because of the COVID-19 pandemic is going to have a drastic impact on families all over the world. When things finally calm down and the strict rules are lifted, they think we're going to see a spike in divorce rates.

The reason is essentially just the increased exposure to one another for couples who are already having troubles. One expert noted that spikes are very common after Christmas and summer, two times when vacations and breaks mean that couples see more of each other than they do during the rest of the year.

Email Us For A Response

Tell Us About Your Legal Concern. We Will Respond Promptly.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
Rochester Hills Law Office Map

map