Monday, October 1, 2012


FLINT BANKRUPTCY-Millions of people before you and millions of people after you will cause their own personal financial bailout like the  Banks and Wall Street did. For us little people its what is called a Chapter 7 or Chapter 13 Bankruptcy.

You do not repair  your credit by continuing to slow pay your bills. Its no joke being broke. Bankruptcy is a way out. Call 235-1970 Terry Bankert Flint Bankruptcy Attorney

The most common reasons for filing Flint bankruptcy are:

  1. Large medical expenses; Seriously overextended credit; Marital problems,
  2. Other large unexpected expenses.
  3. Sudden loss of two wage earner family income or overtime
You are not alone others have filed for bankruptcy even professional athletes.

Ever wonder how professional athletes with multimillion-dollar contracts can end up bankrupt?

In the new documentary“Broke,” which is set to air on ESPN Tuesday 10/01/12 ,evening, director Billy Corben provides a “step by step guide on how to go broke” by talking to the current and former professional athletes who’ve gone broke themselves or have watched teammates and peers drain their bank accounts.

You cannot receive a discharge in a Bankruptcy Chapter 7 case if you received a discharge in either (a) a chapter 7 bankruptcy filed within the last 8 years, or (b) a Chapter 13 bankruptcy filed within the last 6 years.

Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding.

The  Flint Bankruptcy debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".

Chapter 13 Bankruptcy is also known as a reorganization bankruptcy.  Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts

By law, all actions against a debtor must cease once the bankruptcy documents are filed. Creditors cannot initiate or continue any lawsuits, wage garnishees, or even telephone calls demanding payments. Secured creditors such as banks holding, for example, a lien on a car, will get the stay lifted if you cannot make payments.

Flint Bankruptcy clients ask “Will I ever credit again.”Yes! A number of banks now offer "secured" credit cards where a debtor puts up a certain amount of money (as little as $200) in an account at the bank to guarantee payment. Usually the credit limit is equal to the security given and is increased as the debtor proves his or her ability to pay the debt.

Two years after a bankruptcy discharge, debtors are eligible for mortgage loans on terms as good as those of others, with the same financial profile, who have not filed bankruptcy.

The size of your down payment and the stability of your income will be much more important than the fact you filed bankruptcy in the past.The fact you filed bankruptcy stays on your credit report for 10 years. It becomes less significant the further in the past the bankruptcy is.

The truth is, that you are probably a better credit risk after bankruptcy than before.




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