Addressing the 4 most important things people don’t realize about bankruptcy.

This was in response to a request by the Trenton Trib to address the 4 most important things people don’t realize about bankruptcy. If you would like mor Facts about Bankruptcy visit www.bowserandassociates.com and click on FAQ at the top of the page or call 855-2 BOWSER

 

1. Honestly and realistically evaluate your financial situation before you tap into you retirement funds in answer to problems like unemployment or another financial crisis. Usually it is never enough and once depleted bankruptcy is needed. NOTE: Retirement funds are 100% protected in bankruptcy - regardless of the amount.

2. If you are way underwater in your home, you can eliminate your 2nd Mortgage or Equity loan in a Chapter 13 Bankruptcy.

3. After bankruptcy, your credit score will improve and you will get credit again. The delinquent debt will be gone and you will get a fresh start.

4. If you have lump sums, you may be able to settle your debt, as a Bankruptcy alternative. But you can do this on your own - DON'T use a debt settlement company - they will take your money and you will have to file bankruptcy anyway.

Medical Bills can be discharged in bankruptcy

Medical Bills can be discharged in bankruptcy 

Medical bill debt is becoming the primary reason why many residents in the Metro, Detroit area are filing for Bankruptcy.  It’s not only the elderly population in this country that are incurring large medical bills, but also many younger individuals, age 35 or under.  Statistically, this age group tends to be either drastically under insured or uninsured entirely, due to loss of a job and health care coverage.  Without medical insurance, many individuals have to pay for medical expenses “out of pocket “. Under this circumstance, several small medical procedures can amount to a large bill and a catastrophic illness or injury can cripple a person financially.

If medical debt has made it extremely difficult to meet your financial obligations, bankruptcy may be a solution.  Medical bills in Chapter 7 bankruptcy can be completely discharge just like credit card debt and other forms of unsecured debt. The discharge of medical debt is more complicated in a Chapter 13 bankruptcy. A Chapter 13 bankruptcy is a type of debt reorganization plan in which some of your debt is paid off over a 3-5 year period. Since medical debt is considered unsecured debt, it is paid after “secure” debt like mortgages and what the federal government deems “priority debt” like child support and certain taxes. There are many requirements to filling a Chapter 13 bankruptcy, but generally after enough debt has been paid though the reorganization plan, all remaining unsecured debt is discharged. The attorneys at Bowser and Associate will review your finances to determine if filling a Chapter 7 or Chapter 13 bankruptcy is right for you.

Call us today for a FREE Consultation 810-329-3500

Utility Shutoffs - Bankruptcy Can Be Your Way OUT!

Michigan’s cold weather is approaching fast and many residents struggling with sever debt are concerned about their utilities being shut off. If you are having difficulty paying for your water, gas and electricity and are worried about receiving shut off notices, don’t wait to contact the very experienced lawyers at Bowser and Associates for a free consultation. Not being able to pay necessary utility bills usually indicates a more serious debt problem that can be resolved through a Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Once you have filled bankruptcy, you will be protected from utility shut offs. If your service has already been shut off, utility companies are required to continue your service, even if your past due bills have not been paid. Under Chapter 7 bankruptcy your overdue utility bills can be discharged completely similarly to other forms of unsecured debt. In a Chapter 13 bankruptcy all or some of your utility debt may be discharged as part of debt reorganization payment plan. Your qualified unsecured debt including overdue utility bills is consolidated into one manageable monthly payment. The amount that you are required to pay monthly payment is at a significantly lower rate and is based on your ability to pay or your income.  

Utility companies may however require you to pay a small deposit in order to continue your service. You usually are given 20 days to pay this deposit to the utility company. This deposit is used as credit and is not applied to past due balances. After your bankruptcy filing date, you will be responsible for all future utility bills. Once you have established a satisfactory payment record with the utility company, your deposit will be returned. The attorneys at Bowser and Associates will review you financial situation and help you made the right decisions towards a secure financial future.

Michigan Bankruptcy Attorney James Bowser

James Bowser - Bowser and Associates, a Michigan bankruptcy law firm

James Bowser, managing member of Bowser and Associates law firm, is a knowledgeable and experienced bankruptcy attorney that has been helping individuals, families and businesses owners overcome insurmountable debt and get a fresh start at financial stability for the last twenty three years.  Mr. Bowser graduated from Michigan State University, James Madison College (Political Philosophy) with Honors in 1981 and then attended the Lewis and Clark Law School in Portland Oregon, graduating in the top 10% of his class.  Mr. Bowser began practicing Law in Oregon in 1984 and then in Michigan in 1987. Since passing the Michigan State Bar, he has also been admitted to the Eastern District of Michigan, US Bankruptcy Court and is a Certified Veteran’s Attorney.  James Bowser’s vast experience includes being Judicial Clerk to the Honorable Robert W. Redding of the Multnomah County Circuit Court in Portland, Oregon and to the Honorable William Murphy of Wayne County Circuit Court in Detroit. Michigan.  In addition to being acknowledged as one of Michigan’s top lawyers, Mr. Bowser has gained the respect of thousands of clients that he has successfully represented in Chapter 7 and Chapter 13 cases as well as Chapter 11 filings. The Law firm of Bowser and Associates located in St. Clair, Mt. Clemens, Oxford and Trenton, Michigan has established a reputation for providing excellent legal counsel in bankruptcy cases that have resulted in giving their clients a chance to rebuild their life and financial futures.

Effects of a harsh economy in Michigan

Bowser and Associates - A Michigan Bankruptcy Law Firm

Due to the high unemployment rate, plummeting stock market and devaluation of home values, many individuals in Michigan are frustrated and overwhelmed by debt and the very real possibility of losing their greatest asset, their home. Recent statistics show that 1 in every 476 U.S. households was in foreclosure. Facing foreclosure and not knowing who to turn to for financial /legal advice can be devastating emotionally as well as financially. The most important thing you can do to regain control over your financial situation is to seek professional legal advice from a reputable law firm that specializes in bankruptcy, before your situation is beyond the point of no return. For over twenty five years, the attorneys at the Law offices of Bowser and Associates has been providing individuals, families and business owners in St. Clair, Macomb, Oakland and Wayne counties with legal assistance with debt relief and a chance to rebuild their financial stability. Due to the complex nature of bankruptcy cases, you need to hire a lawyer who has specialized in bankruptcy law and can answer all of your questions and concerns about you particular financial situation. The knowledgeable and experienced bankruptcy lawyers at Bowser and Associates can determine if filling bankruptcy (Chapter 7, Chapter 13 or Chapter 11  ) is your best legal option for stopping wage garnishment, creditor harassment and foreclosure of  your home. The vast majority of bankruptcy clients’ cases represented by Bowser and Associates law firm have resulted in very positive outcomes that allowed their clients to keep all or most of their important assets. The associates at this bankruptcy law firm know that you are not just looking for an experienced attorney that you can trust, but also an attorney that is sympathetic and will treat you with the respect that you deserve while you get your life and finances back on track.