Sheehan & Associates, P.L.C.

Posts tagged "Bankruptcy"

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.

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.

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.

Why am I subject to wage garnishment?

When you have a debt that you have not paid, you will likely receive frequent communication from the creditor or a debt collector that they have hired. Many people who have no intention of paying back the debt ignore such communication. Those who have become overwhelmed with debt may not even be aware of the extent of their debts, because they have become overwhelmed by their financial struggles.

Filing for Chapter 7 bankruptcy in the new year

The new year is a time for positive change and fresh starts. It is also a time to reflect on the year just past and the bad habits that you may have been engaging in. If you have accumulated debts in the past year, the new year is a great time to start reflecting on how you can address these issues going forward.

Can Chapter 13 bankruptcy prevent foreclosure?

Bankruptcy can help to resolve a wide range of financial problems due to the special rules that apply in the bankruptcy courts. This is why so many people can gain permanent relief from their debts and other forms of financial struggles by filing for bankruptcy. However, the bankruptcy chapter that will be best for you will depend on your individual circumstances.

What aspects of my finances can bankruptcy fix?

Bankruptcy can be a great solution for those who are drowning under ever-rising debts. Those who are unable to keep up with loan repayments and interest will suffer from the additional fees and implications that come with the terms dictated by creditors. While bankruptcy can be very beneficial in certain circumstances, it will not automatically fix all of your problems.

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Rochester Hills, MI 48309

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