OFFICE (734) 454-1490 OFFICE (734) 927-4525 FAX (734) 454-1496
164 NORTH MAIN STREET
PLYMOUTH, MICHIGAN 48170
PARLOVE LAW OFFICES, PLLC
ELIMINATE DEBTS
STOP CREDITOR HARASSMENT
The discharge prevents creditors from collecting or recovering payments on certain obligations. In effect, debts are eliminated. In a typical case, discharged debts include credit cards, personal loans, and deficiencies on secured loans and automobile leases, and utility bills. However, bankruptcy laws except some debts from discharge, such as certain income taxes, child support, and student loans.
The automatic stay creates a wall between individuals and their creditors, preventing creditors from suing, collecting, harassing or even calling the individual. Among other things, it stops lawsuits, garnishments, and utility shut-offs.
KEEP YOUR HOUSE AND CAR
Individuals can keep personal property, if the value of such property falls within the allowable exemptions. Bankruptcy laws provide exemptions for many categories of property, including your home, automobile, household goods and furnishings, clothing, and jewelry. A person may also be able to save pensions and retirement accounts.
A person may retain their home and automobile by signing reaffirmation agreements for the secured loans. Individuals may reaffirm secured loans if the payments are current, reasonable and affordable, the property is insured, and any equity in the asset falls within the allowable exemptions. Likewise, individuals can maintain residential and automobile leases by signing a lease assumption agreement.
Federal laws provide people debt relief under Chapter 7 of the Bankruptcy Code, allowing those overwhelmed by debt to eliminate obligations and get a fresh start.
RETAIN OTHER PERSONAL PROPERTY
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