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Bankruptcy Law in Downriver Michigan

Tough decisions should not burden us for life. You owe it to yourself and your family to live a fulfilling lifestyle, and this begins with taking control of your finances. Whether it’s through bankruptcy or another path, there is a legal, honest way to regain financial stability. If you have lost or are at risk of losing this stability, call us for a free consultation to discuss your rights and the path to financial freedom.

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Demystifying Bankruptcies

Many misconceptions exist in regard to bankruptcy law, such as the erroneous idea that you would have to give up more than you really do. Even after you file for bankruptcy, many legal safeguards are in place that can help protect your physical, emotional, and financial well-being. Watch our videos to learn more about troubles you may be facing, and contact us for a free consultation. The path to the right solution for you may be just a phone call away.

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Too Much Debt?

Tough decisions should not burden us for life. You owe it to yourself and your family to live a fulfilling lifestyle, and this begins with taking control of your finances. Whether it’s through bankruptcy, debt consolidation, or another path, there is a legal, honest way to regain financial stability.

If you’re worried about the repercussion from filing for bankruptcy, that’s a valid concern. However, some of your concerns may be simply myths without any substance.

Myth #1:

“I won’t be able to own anything after I file.”

WRONG.

Myth #2:

“I’m current on my car payments and they’ll take my car!”

WRONG.

Myth #3:

“I won’t be able to own property again or for a very long time.”

WRONG.

Myth #4:

“I’ll lose my tax refunds.”

WRONG.

The Downriver Bankruptcy Filing Process

  1. Free legal consultation at The Law Offices of Bryan Yaldou, PLLC. You’ll provide your taxes, paystubs, and bills you’d like to include. We see what you qualify for.
  2. A $200 deposit is given and then we stop paying on all debt included in the case. We advise you to stop using credit and to let creditors known that you’ve been retained and to stop calling.
  3. Take a credit counseling class online, provide us with remaining documents and fee.
  4. Prepare and sign documents to be filed.
  5. Attend a 5-minute Zoom hearing with Bryan Yaldou 4-6 weeks later when case is filed.
  6. Wait 60 days for Order of Discharge which is your proof that your debt has been wiped clean.
  7. Watch as your credit begins rebuilding immediately after the case is over.

If you have lost or are at risk of losing this stability, call us for a free consultation to discuss your rights and the path to financial freedom.

When should I file for bankruptcy?

Filing a case depends on your situation. Discuss this with your attorney to determine the best time for you. Timing does matter. It can make a big difference in which debts you can discharge and which assets you can protect.

Tough decisions should not burden us for life. You owe it to yourself and your family to live a fulfilling lifestyle, and this begins with taking control of your finances. If you have lost or are at risk of losing this stability, call us for a free consultation to discuss your rights.

Credit Card/Medical Debt
Stress caused by credit card and medical debt can be unbearable. It can disrupt your daily life and strain your relationships. If you are facing either of these scenarios, there are honest, legal paths to obtaining relief. Collection companies can be relentless. Do not allow them to steal your peace of mind or harass you, which is against the law. Once you retain our office, collection companies are no longer permitted to call you but are required to discuss matters with your attorney. Bankruptcy is not the only path to financial freedom. Take the first step to protect your check and call us for a free consultation to discuss your options.
Foreclosure Prevention
If you have received a foreclosure notice, it may not be too late to save your home. But you must act quickly. There are strict deadlines that must be met to stop foreclosure proceedings. Call us today to discuss your options and let our dedicated team of attorneys help you and your family regain the financial freedom you deserve.

Q: Can I keep my house if I file for bankruptcy?

A: In most circumstances, the answer is yes! Discuss your circumstances with your attorney. An attorney can determine if there is any particular advantage to the type of bankruptcy you are eligible to file and how it could affect your property.

Stop Garnishments
After receiving a judgment from a court and obtaining a writ of garnishment, a creditor may be able to garnish your wages, bank accounts, and state tax refunds. If you are aware of any lawsuits pending against you, filing for bankruptcy can stop a garnishment from happening before a judgment is entered.

If a garnishment has already been taken from your check, filing for bankruptcy can stop future garnishments. Additionally, if your funds have already been garnished within 90 days of filing for bankruptcy and the garnishment from one creditor was more than $600, we may be able to recover those funds and return them to you.

Garnishments can have a life altering effect on your livelihood. Creditors may garnish up to 25% of your paycheck until your debt is paid off. Creditors may also take the entire balance in your bank account or your state tax refund every year to satisfy a debt. But you have options. You do not need to be the victim. Call us for a free consultation, and let us help you regain your financial freedom.

Repossession/Car Loan
Repossession
Q: Can I stop a repossession or get a vehicle returned if I file a bankruptcy?

A: Yes, timing is everything. If the vehicle has not been sold at auction, in most cases it can be quickly returned. Don’t wait!

An auto repossession occurs when the lienholder attempts to take back a vehicle after payments have been missed. The loss of a vehicle can have devastating effects on your life, often impacting your employment. Fortunately, there are options for recovering a repossessed vehicle and restructuring the associated debt to make repayment terms more affordable.

If your vehicle has already been repossessed, you must act before your car is sold at auction. Contact us at (734) 692-9200 to set up a free consultation to learn how to:

  • Stop a repossession before it occurs.
  • Force a creditor to return a vehicle after repossession but before the auction sale.
  • Modify the repayment terms of your auto loan, including the monthly payment and secured loan balance.
  • Safely return an unaffordable vehicle to a lender and eliminate the associated deficiency debt.

Making a Car Loan More Affordable
If you are experiencing difficulty making your vehicle payments, there may be options. One option is to file a Chapter 13 bankruptcy. By doing so, you may be able to keep your car and reduce the monthly price to make the loan more affordable.

IRS & State Tax Debt
IRS and State Income Tax Debt
If you owe the IRS or State of Michigan, you have options for resolving tax debt and avoiding a tax levy. Your ability to eliminate income tax debt rests on a variety of factors. During a free consultation, we can discuss whether a Chapter 7 or a Chapter 13 is the best course of action to protect your check.

Chapter 7
Generally, income tax debt that was incurred over three years ago can be discharged by a Chapter 7, meaning you will not be required to pay the debt. However, there are exceptions to discharge, including the date your tax return was filed. We will work with you to determine whether Chapter 7 is the right course of action to resolve your tax issues.

Chapter 13
Chapter 13 allows an individual to reorganize income tax debt regardless of when it was incurred. A Chapter 13 may be a good option for you if the tax is less than three years old, considered non-dischargeable, or is secured by a tax lien. Treating income tax debt will allow for repayment over a three- to five-year period. While your Chapter 13 case is active you are protected from collection efforts by the IRS and state taxing authority.

Eliminate Second Mortgage
Potentially Eliminate a Second Mortgage or Home Equity Loan
If the value of your home is less than what you owe on your first mortgage, it may be possible to eliminate your second mortgage or home equity loan. Under Chapter 13, an individual may “strip” a lien from collateral, including a home, if there is no equity supporting the lien (first mortgage balance is greater than the home value). By stripping the lien, the debt is treated as an unsecured debt. For most people, Chapter 13 allows for the repayment of unsecured debt at pennies on the dollar.

After the successful completion of the Chapter 13 plan, documents are filed with the Register of Deeds, which removes the stripped second mortgage or home equity loan lien from your home. Any unpaid portion of the stripped lien is eliminated (“discharged”) and may not be collected upon by a creditor.

Utility Shutoff
Stop Utility Shutoffs and Restore Services
If you are facing utility shutoffs, it is time to consider filing for bankruptcy. Utilities are necessary for keeping your family safe and comfortable. Even if you have already lost services, we can help. Call us today to discuss how best to protect you and your family from utility shutoff.
Debt Settlement
If you are overwhelmed by debt, there are options available beyond bankruptcy. Debt settlement is when a creditor and a debtor agree to settle a debt for less than what is owed. Depending on your individual circumstances, this may be the best course of action for you. Our attorneys have experience settling debts for significantly less than what is owed. We will ensure you are protected from common problems associated with debt including:

  • Ensuring the debt settlement agreement is enforceable.
  • Obtaining an agreement that releases you from the unpaid balance.
  • Negotiating how the settlement agreement is reported on your credit report to minimize negative credit implications.

There are significant differences between debt settlement and bankruptcy. Call us today to learn more.

Q: What about credit counseling and debt negotiation and settlement?

A: Although many people try to negotiate with their creditors, a voluntary agreement with your creditors does not force them to stop any collection activities against you. Also, your debt can and often does accrue interest and penalties while in that process. Bankruptcy stops attempts to collect debts and in most cases freezes the amount you owe as of the date of the filing of your case.

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Our Approach & What To Expect

Bankruptcy law is complex, and each situation is different. Our clients often ask us basic questions about the steps involved in a bankruptcy case. While no case is the same, answers to common questions are below. Contact us for specifics.

How long will it take before I can get credit to buy a car or house?
In many instances, creditors are willing to lend either during the final stages of the bankruptcy case or immediately after the discharge in bankruptcy. There are no bright-line rules, but it may take up to two years before you may qualify for a mortgage under Fannie Mae/Freddy Mac guidelines.
Can I file alone if I'm married, or should both spouses file bankruptcy?
Married people are not required to file together. In many instances there are advantages of filing jointly, but that will depend on your preference and situation. For example, if your goal is to preserve one spouse’s credit, filing jointly may not be the best decision for your family. On the other hand, filing jointly may be advantageous if one spouse co-signed for another for a purchase or lease or if the assets you are seeking to keep are in both your and your spouse’s names.
Are my retirement accounts such as my pension, IRA, or 401k/403b safe?
Yes! Your pensions and ERISA-qualified savings accounts are not part of the bankruptcy estate. Your retirement savings will not be jeopardized by filing for bankruptcy.
I've filed before. May I file bankruptcy again?
There are limitations on how often you can file for bankruptcy. For example, if your prior case has been discharged, you may be able to file a Chapter 13 bankruptcy four years after your prior case was filed and a Chapter 7 bankruptcy eight years after your prior case was filed. However, there are no limitations as to the number of times you can file for bankruptcy.
Can I be prevented from getting a job if I file bankruptcy?
No. The Bankruptcy Code prevents employers from discriminating against you when hiring.
What should I not do before filing a bankruptcy?
Despite the best of intentions there are certain mistakes you should avoid before filing a case.

  • Charging or incurring significant amounts of debt before starting a case
  • Paying back friends or family money you borrowed from them
  • Transferring money or property (such as houses, land, or vehicles) to friends and family for less than fair market value

Some of these mistakes can cause you to lose the property, your discharge, or worse.

When should I file for bankruptcy?
Filing a case depends on your situation. Discuss this with your bankruptcy attorney to determine the best time for you. Timing does matter. It can make a big difference in which debts you can discharge and which assets you can protect.
Can I keep my house if I file for bankruptcy?
In most circumstances, the answer is yes! An attorney can determine if there is any particular advantage to the type of bankruptcy you are eligible to file and how it could affect your property.
Can I be prevented from getting a job if I file bankruptcy?
No. The Bankruptcy Code prevents employers from discriminating against you when hiring.
Are credit counseling and debt negotiation and settlement viable options?
Although many people try to negotiate with their creditors, a voluntary agreement with your creditors does not force them to stop collection activities against you. Also, your debt can and often does accrue interest and penalties while in that process. Bankruptcy stops attempts to collect debts and in most cases freezes the amount you owe as of the date of the filing.
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"Very professional and personable. Would highly recommend to anyone needing legal services."

Carole Ann F.

I was a weepy mess when I first met with Mr. Yaldou, feeling quite overwhelmed, helpless and embarrassed at the thought of having to file for bankruptcy.

"Mr. Yaldou was comforting and reassuring, taking me under his wing much like a "big brother". He, Nick Chambers, Lisa Segur, and his entire legal staff were never too busy to answer my questions and respond to my emails throughout the entire (successful) bankruptcy process. Everyone was absolutely wonderful!!! If you're looking for a knowledgeable, top-notch legal team, then I highly recommend Yaldou Law."

Rebecca D.

"Did great job on my case was very helpful and knowledgeable he knew what he was doing call back at two maybe three times and still very helpful after the case was finished."

Mark W.

Bryan is an excellent attorney!

"He has an extremely, professional, knowledgable manner and yet is kind and understanding. He puts you immediately at ease and you feel free to talk to him about all the deepest and most embarrassing things without feeling like he is judging you, in fact that he understands and empathizes with you. He is very thorough and explains every step of the process and what to expect - both good and possible bad which I really liked because I don't like a rosy picture painted for me when a potentially bad situation might arise. I would highly recommend him...in fact - do yourself a favor and just go straight to him and forget shopping around as you won't find a better champion than Bryan! By the way, I had never met Bryan, just saw his sign and decided to stop - the best decision I ever made!"

Julia D.

Bryan is so friendly and always available to answer any questions you may have.

"My case was handled efficiently and with ease. I appreciated always being informed and knowing what the next step would be. Overall, I’d absolutely recommend him to anyone in search of a quality attorney."

Nicole Marie A.

I recently had some legal work with Bryan and could not have been more pleased.

"Bryan is an excellent attorney. He has an extremely, professional, knowledgeable manner and yet is kind and understanding. He puts you immediately at ease and you feel free to talk to him about all the deepest and most embarrassing things without feeling like he is judging you, in fact that he understands and empathizes with you. He is very through and explains every step of the process and what to expect - both good and possible bad which I really liked because I don't like a rosy picture painted for me when a potentially bad situation might arise. I would highly recommend him...in fact - do yourself a favor and just go straight to him and forget shopping around as you won't find a better champion than Bryan! By the way, I had never met Bryan, just saw his sign and decided to stop - the best decision I ever made!"

Julia F.

"Bryan is very down to earth and very personable. I would not hesitate to enlist Bryan's help in the future should I need him."

Karen B.

Best Law Office In Town!!!!

"Bryan helped me with my bankruptcy. He was very nice, very helpful, and extremely professional. I was nervous about filing bankruptcy, as most people would be, but everything he said was true. It's been 4 years since I've filed and I have my own car and I own my own house now. My credit is better now than it was before the bankruptcy. I highly recommend this law office, not only are they great people to work with, they're very affordable too...you won't be disappointed!!!!!!"
Melissa M.

Very prompt and immediate answers! Very professional! Very friendly!

"My husband and I had went to this office after we had visited another office. Bryan is hands down the most helpful Lawyer we had worked with. Bryan will not only answers every question you have he makes sure you fully understand and by the time you leave you have no other questions and everything was answered with full detail. I have had to contact Bryan with other questions after our case and he was always quick at getting me whatever it was we needed. We will go to Bryan with every legal question we may have in the future!"
Michelle K.

The highest quality service that I have ever had.

"Bryan is always available when needed. If I needed to go to the office to speak to him or make a payment on short notice he's willing to take time to see you. Very good at explaining what will happen with your case. I would definitely recommend Bryan to anyone that asked me for an attorney."
Katherine Y.

"Bryan was excellent during my ordeal. He went out of his way to work around my long work hours. I would definitely recommend him."

Jen

Bryan handled my bankruptcy case and did a wonderful job.

"It turned out to be much more complicated than anticipated, however, he quickly managed all of the issues and was able to resolve my case as promised. Bryan kept me informed every step of the process and worked our meetings around my schedule."
Diana

Excellent, highly professional lawyer who truly care for his clients.

"Bryan is an excellent attorney. He has an extremely, professional, knowledgable manner and yet is kind and understanding. He puts you immediately at ease and you feel free to talk to him about all the deepest and most embarrassing things without feeling like he is judging you, in fact that he understands and empathizes with you. He is very through and explains every step of the process and what to expect - both good and possible bad which I really liked because I don't like a rosy picture painted for me when a potentially bad situation might arise. I would highly recommend him...in fact - do yourself a favor and just go straight to him and forget shopping around as you won't find a better champion than Bryan!"
Julia

"Attorney for life. He saved my home, organized all my debts into a manageable payment, eliminated a huge IRS debt, and it was all reasonably priced. He also cares, and that's hard to find. Thank you Bryan."

John B.

I highly recommend Bryan Yaldou and associates to help with your bankruptcy.

"I was out of work and on disability at the time that I filed for my bankruptcy...I filed it myself. I had garnishments that were taking 25% of my weekly paychecks. I couldn't afford to pay my bills, the garnishments, or hire an attorney. The trustee was wanting to garnish my paychecks to pay a large sum of money to a couple of the creditors. The whole reason for filing in the first place, was to stop the garnishments. When you live paycheck to paycheck, you can't afford anything more. Bryan and his associates saved me from losing everything. They lifted a huge weight off of my shoulders...I feel like I can finally breathe again. I'm so thankful and grateful for everything they have done on my behalf."
Michelle W.

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Counselor Journal

Explore our law blog posts to learn more about Chapter 7 and Chapter 13 bankruptcy options, overtime and unpaid wage laws, protecting your paycheck, personal injury claims, and general information that can help you make informed decisions.

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