Grand Rapids Bankruptcy Lawyer Helping Consumers Get Debt Relief
If you are struggling to pay your bills and creditors are harassing you, filing a bankruptcy case can provide you immediate relief from your debt. Bankruptcy laws prohibit creditors from harassing you, garnishing your wages, repossessing your vehicle or foreclosing on your home. Filing a Chapter 7 or Chapter 13 case could be the first step toward taking control of your finances and rebuilding your credit. At the Van Den Heuvel Law Office, we help you understand how bankruptcy can benefit you and we guide you through the process, step by step.
Is bankruptcy right for you?
Deciding to file for bankruptcy protection is a big decision. Consulting with a business attorney is the first step you need to take. There is no formula for determining the right time to file your case, but the circumstances below are indications that a bankruptcy may be appropriate:
- Your lender is threatening a foreclosure action (or your home is in foreclosure)
- You have more than one mortgage on your “underwater” home
- Creditors are repossessing assets
- You have lawsuits pending against you
- Your bank account or paycheck is being garnished
- Debt collectors are harassing you
- Your credit card or medical bills (or other unsecured debt) is overwhelming you
- You are delinquent on your taxes
- You have no savings
- A fresh financial start sounds good to you
Helping you with debt negotiation or consolidation
The process of debt negotiation involves negotiating with your creditors to reduce the amount of money you owe, extend your deadline for paying it or lower the applicable interest rate. If a creditor understands that forcing you to file bankruptcy results in them getting less than they would by agreeing to a settlement, they are more likely to reach an agreement with you.
Debt consolidation entails taking out one loan to pay off several smaller loans. The result is a lower or a fixed interest rate. Additionally, dealing with one loan is often easier than handling numerous loans. We can review your individual circumstances and help you determine which debt relief option is most beneficial to you.
Chapter 7 versus Chapter 13 bankruptcies
It is important to discuss your options with a qualified debtor’s attorney to determine whether you should file:
- Chapter 7. In a typical Chapter 7 filing, the debtor may be able to discharge or eliminate most or all debts and keep most of his or her assets. Thus, Chapter 7 is the most common type of filing for consumers. Anyone who is struggling to pay their bills should consider this type of filing. If you have significant unsecured debt (such as credit cards and medical bills), you don’t own a lot of property, you are being harassed by creditors and you already have a low credit score, a Chapter 7 can greatly benefit you.
- Chapter 13. In a typical Chapter 13, the debtor may keep the majority of his or her assets and pay back some or all debts over a period of three to five years under a plan of reorganization. If you are struggling to pay your debt, but there are certain creditors you want to pay, a Chapter 13 bankruptcy may be right for you.
At the Van Den Heuvel Law Office, we review your individual circumstances and help you determine which type of bankruptcy filing would be the most beneficial to you and your family. We also walk you through the bankruptcy process and ensure that you are fully prepared for how your filing impacts you now and in the future.
Contact a Grand Rapids bankruptcy lawyers for an initial consultation
The legal team at the Van Den Heuvel Law Office works hard to help you get the debt relief you want. Contact us at 616-698-0000 or online to schedule your appointment. We are also available via Skype by appointment.