Bankruptcy

Unfortunately, bankruptcy is a very "booming" business in the Detroit area during this recession. Many good people have lost their jobs, homes, vehicles and much more because of the breakdown of our economy.

There are a lot of myths about bankruptcy. You may have read them on the internet. Perhaps you have heard stories about bankruptcy from family, friends, or even so-called "experts" on television.

This problem with much of this information is that it comes in different forms and with different purposes.

The advice you get from friends and family about bankruptcy is certainly well-meaning, but may be misinformed because of the sheer complexity of the process and the "telephone game" of hearing and then telling stories second and third hand.

The advice you get from others may have less noble motives...

Credit card companies, mortgage lenders, auto finance companies, medical bill collectors and others hope you remain confused and fearful about bankruptcy and never file, because bankruptcy is the single most powerful legal tool that you have against them.

Many "credit-repair" companies are scams, pure and simple. Some of them will charge you thousands of dollars in fees before paying a single dollar to your creditors. Others may actually try to help you, but will charge you to do what you could do yourself for free, (namely ask your creditors for mercy and hope to get a good answer). These companies prey on your desire to keep "good credit."

The fresh start of bankruptcy was written into the Constitution. It is a right provided to you under federal law. You deserve straight answers about it.

Zachary W. Fallstich is here to help answer your questions about bankruptcy.

FREQUENTLY ASKED QUESTIONS ABOUT BANKRUPTCY

*Every client has a unique situation. The information contained in these FAQs is general in nature. It is not intended to be legal advice and should not be construed as such.

**Congress considers lawyers and law firms who represent debtors in bankruptcy to be "debt relief agencies." We proudly represent clients filing for relief under the bankruptcy code.