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2425 South Linden Road, Flint, Michigan 48532

Do I need to Declare Bankruptcy?

An experienced Flint bankruptcy attorney can advise whether bankruptcy is right for you. There are many factors to consider and at George E. Jacobs & Associates, we only recommend bankruptcy when other remedies are not a better solution.

The best idea is to sit down with a lawyer and review your finances. Our attorneys provide you with an honest evaluation of what is in your best interests. We have close to 30 years of experience and bankruptcy is the main focus of our practice. You can benefit greatly from our knowledge and experience. Because our initial consultations are free, it costs you nothing to find out whether bankruptcy is a viable option.

Factors that point toward bankruptcy

Whether threats or actual occurrences, if you are experiencing any of the following, bankruptcy may be the right solution:

  • Home foreclosure
  • Wage garnishment
  • Car repossession
  • Using credit cards to pay off debts
  • Greater debt than income
  • Debt collection harassment
  • Termination of utility service
  • Termination of phone service
  • Divorce
  • Job loss
  •  Health problems and high medical bills

Under current bankruptcy law, all persons wishing to file bankruptcy must first take a credit counseling course by a government approved agency. This type of course helps you work out a budget to see if you can handle debt without filing for bankruptcy. If credit counseling does not help you resolve your debt, our bankruptcy attorney in Flint, MI can see if trying any other alternatives are appropriate before deciding on bankruptcy.

Evaluating bankruptcy types

Which assets do you want to keep and which are you willing to let go? Listing your assets (secured and unsecured) and reliable income along with the type of debt you have helps us to steer you toward the right type of bankruptcy. Some debts are dischargeable in Chapter 7 and others may only be dischargeable in Chapter 13. Certain assets are exempt during bankruptcy and others are not. Generally people with few assets, a lot of unsecured debt, and a lack of stable income qualify for and benefit most from Chapter 7 bankruptcy. In contrast, people with substantial assets and a stable income source typically do not qualify for Chapter 7 and find Chapter 13 more appropriate.

Discuss your financial situation with a Flint bankruptcy attorney

Contact the Flint Bankruptcy attorneys of George E. Jacobs & Associates to set up a free initial consultation.