DO NOT PAY YOUR BILLS GO BANKRUPT!….. Wall Street did it, ….Big Banks did it. The 1 % do it every day. The City of Flint is heading to it. Now Congress is doing it by letting us fall off a fiscal cliff. Do not pay your bills go Bankrupt. It’s now the cool thing to do. Flint Bankruptcy Attorney Terry Bankert 810.235-1970 can help you.

The headline is satire but the economic devistation is real in America.
For Help contact Flint Bankruptcy Attorney Terry Bankert 810-235-1970

Your elected official in Washington have given you a way out of financial hardship.

Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4).

Big business has had their bailouts a personal bankruptcy is yours.

When you declare bankruptcy to obtain relief from debt, this is accomplished either through a discharge of the debt or through a restructuring of the debt.
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
Chapter 11: rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
Chapter 12: rehabilitation for family farmers and fishermen;
Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy
Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.

The most common types of personal bankruptcy for individuals are Chapter 7 liquidation and Chapter 13 repayment plan then liquidation.

In Chapter 7, you surrender non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors.

Most people keep everything they own in a Flint Area Bankruptcy. In exchange for giving to the Bankruptcy Judge control of your non exempt assets through a trustee you are entitled to a discharge of some debt; however you will not be granted a discharge if guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though you are generally discharged from your debt. Many of you in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee.

Congress wanted assurance that you could not pay your bills so a test was developed. It is income related. If you make less than $42,000 you will meet the “means test” for eligibility for chapter 7.

There are a variety of net value exemptions that will allow you to keep that value. Examples are $3,400 for your car and $22,00 in net value of your home . In the rare occasion you have property not protected like multiple homes the trustee will sell or negotiate a payment from you to pay that excess to your creditors. However, certain assets of the debtor are protected to some extent. For example, Social Security payments, unemployment compensation, and limited values of equity in a home, car, or truck, household goods and appliances, trade tools, and books are protected.

In Chapter 13, the you retain ownership and possession of all of your assets, but must devote some portion of your future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor’s property and the amount of a debtor’s income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.

Relief under Chapter 13 is available only to you if you have regular income whose debts do not exceed prescribed limits. If you are an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years. If your monthly income is less than the state’s median income, your plan will be for three years unless the court finds “just cause” to extend the plan for a longer period. If your monthly income is greater than your state’s median income, the plan must generally be for five years. A plan cannot exceed the five-year limitation.

In contrast to Chapter 7, in Chapter 13 you may keep all of our property, whether or not exempt. If the plan appears feasible and if you comply with all the other requirements, the bankruptcy court will typically confirm the plan and then you and creditors will be bound by its terms. Creditors have no say in the formulation of the plan other than to object to the plan, if appropriate, on the grounds that it does not comply with one of the Code’s statutory requirements. Generally, the payments are made to a trustee who in turn disburses the funds in accordance with the terms of the confirmed plan.

When you complete payments pursuant to the terms of the plan, the court will formally grant you a discharge of the debts provided for in the plan. However, if you fail to make the agreed upon payments or fail to seek or gain court approval of a modified plan, a bankruptcy court will often dismiss the case on the motion of the trustee. Pursuant to the dismissal, creditors will typically resume pursuit of state law remedies to the extent a debt remains unpaid.

An important feature applicable to all types of bankruptcy filings is the automatic stay. The automatic stay means that the mere request for bankruptcy protection automatically stops and brings to a grinding halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity.

Contact Terry Bankert at 810-235-1970

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