GRAND RAPIDS BANKRUPTCY ATTORNEY – SHOULD I FILE FOR BANKRUPTCY?
When you are facing financial problems and have questions about your bankruptcy options, it is important to have the representation of a good bankruptcy attorney. Krupp Law Offices P.C. has been providing quality bankruptcy representation for over 85 years. If you are facing financial problems or have questions about bankruptcy, call the bankruptcy attorneys at Krupp Law Offices P.C. for a free phone consultation. During your phone consultation, our attorneys will provide you with immediate answers to your questions and schedule an appointment with one of our bankruptcy attorneys.
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SHOULD I FILE FOR BANKRUPTCY?
When a person faces financial problems the last resort is filing bankruptcy. Bankruptcy is not an option that most people like or want to consider. Typically individuals who file bankruptcy have filed bankruptcy because there are no other reasonable solution their financial problems.
When analyzing your financial situation you must take some initial steps. First of all, you must prepare a realistic budget. Start by determining your monthly take-home or net pay. Make sure you are realistic and not include overtime or bonuses. Next, prepare a realistic list of expenses. At the top of your expenses, list your most important expenses such as a house payment, car payment, utilities, food, car insurance, gas and automobile maintenance. When determining the amount to allocate for each expense, reflect on previous bills so that you are as accurate as possible. At this point, you can determine what it any disposable income that you have to pay credit card debt or other long-term debt.
If there is money left over to pay bills after your major expenses you may be able to consult with a credit counselor and create a plan to pay your credit card debt or other long-term debt. If your debt is so large that you realistically cannot pay your debt within 36 to 60 months, you should seriously consider filing bankruptcy. Chapter 13 bankruptcy would result in payments to your creditors without interest within a reasonable amount of time. A chapter 13 plan can provide for payments to your unsecured creditors in an amount you can afford to pay which may be as low as 10 percent of your total debts or as high as 100 percent of your unsecured debts.
If there are no additional funds to pay long-term debt, a person should consider filing a chapter 7 bankruptcy. Chapter 7 bankruptcy eliminates your credit card and long-term debt that is not secured by collateral.
Typically, individuals file bankruptcy due to unemployment, unexpected health problems or medical bills, divorce, or some other unexpected financial crisis. It is important to realistically analyze your finances when considering bankruptcy as an option. For example, if you owe 20,000 dollars in credit card debt and make the minimum payment; it will typically take you 15 years to pay your debt and you'll pay the credit card companies in excess of 60,000 dollars.
Financial problems also cause other stresses on your life which may result in a divorce, an alcohol problem, phone calls at your home or work, and garnishments of your check at work.
Typically, attorney’s fees for a chapter 7 bankruptcy will be about 1.300.00 dollars and attorney’s fees for a chapter 13 bankruptcy will be about 3,000.00 dollars (typically paid through the plan).
After reviewing your budget, you should prepare a listing of all of your debts including interest rate of each debt. At that point, you should contact our office to discuss your options under chapter 7 and 13 bankruptcy. Krupp Law Offices P.C. represents clients facing bankruptcy throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, and Ionia.
If you are facing financial problems, a good bankruptcy attorney is not optional, it is a requirement! Our bankruptcy attorneys can answer your questions with straight talk. Having the right bankruptcy attorney on your side can relieve your stress during difficult financial times. Our bankruptcy attorneys have over 85 years of bankruptcy experience. We can provide you with excellent bankruptcy representation.
Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right bankruptcy attorney for you. We represent clients in all bankruptcy matters throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, Muskegon, and Ionia.
Call for a free phone consultation. Our office can help.
161 Ottawa NW Suite 404
Grand Rapids, MI 49503
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