Bankruptcy Attorney in Dearborn
Covid-19 is causing an All-Time High Consumer Bankruptcies
No one knows how many people will file for unemployment by the end of 2021. Here are some basic numbers to review.
More than 40 Million people have filed for unemployment as of June 2020.
Millions of people still haven’t received their first unemployment check, as the states are overwhelmed, and it's estimated that the unemployment figures will likely increase over the course of the year.
The coming financial recession could end up with 25 to 30 million people declaring bankruptcy in the next 24 months.
31% cannot pay rent, and it’s only going to get worse; according to the New York Times. Some landlords are seeing their property at risk and are asking to be paid back, and/or attempting the start eviction procedures. The vast majority of people will not be able repay their mortgages or landlords and will eventually declare bankruptcy.
Recently, Bill Gates shared how the "economy won't magically return the way it was."
In the event this is true, and the economy doesn't "bounce back," as planned, what does this mean for you and your family? Any way you look at it, millions of people will declare bankruptcy, will you?
Before borrowing any funds from your 401K or your IRA, it’s best to set up a private strategy call to learn more. Call Antonia Skatikat at A&A Bankruptcy today!
Fresh StartAsk about our $0.00 down payment options.
Filing for Bankruptcy is intended to give people a Fresh Start, free from creditor harassment. Filing for Bankruptcy is intended to:
- STOP Creditor Harassment
- STOP Credit Card Debt
- STOP Lawsuits
- STOP Garnishments
- STOP Foreclosures
- STOP Vehicle Repossessions
- STOP Utility Shutoffs
- and more...
Two Types of Personal Bankruptcy
There are basically two types of Personal Bankruptcy: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy is intended to eliminate unsecured debt without having to make payments to creditors. Most people receive their Discharge (Bankruptcy completion) 6 months from the time their bankruptcy is filed.
Chapter 13 Bankruptcy is often filed to catch up on mortgage payments, property tax payments, vehicle payments, or eliminate a second mortgage or home equity line of credit. However, there are also other reasons Chapter 13 is filed rather than a Chapter 7 Bankruptcy.
Chapter 13 is a plan payment to creditors, typically as short as 3 years to as long as 5 years. Plan payments do not necessarily have to pay 100% back to unsecured creditors. Many plans pay a very low percentage to creditors and complete at the end of the plan period of 3 to 5 years.
Your Property: Home, Vehicle, Bank Accounts, Retirement, Life Insurance, etc.
Most people that file for bankruptcy, whether they file for Chapter 7 or Chapter 13, can keep all of their property, including their vehicle and home, if they so choose.
A Previous Bankruptcy Filing
Most people can still file for bankruptcy, even if they have filed for bankruptcy in the past.
Debt Relief Agency - Call us for a FREE initial consultation
A & A Bankruptcy is a Debt Relief Agency and helps people file for bankruptcy under the U.S. Bankruptcy Code. Call us for a free initial consultation at (313) 274-1234. You may also send us an email using the contact form provided on this website.