Michigan Trust and Wills

  So you have filed for bankruptcy. What’s the next step? At first blush, you are full of ideas on how you are getting a fresh start. You have freed yourself from almost all of your debts and you are, for all intents and purposes (financially, at least), a new person. But note that by filing for bankruptcy, you had to pay a dear price. In exchange for a discharge of your debts and stopping your creditors from pursuing any collection actions against you, your credit rating took the brunt of the blow. Considering how your credit rating was probably not all that great to begin with, this recent hit is going to be an easy one to recover from. Let’s start with the bad news: • The bankruptcy will stay on your credit report for up to 10 years. • To lenders, you would seem a bad risk because you have legally written off at least some of your past debts. • As a consequence, you may not be able to get a loan or a credit card for some time after the bankruptcy. • And if you d

  One of the most difficult decisions that you can face is whether or not to file for bankruptcy. For individuals, there are two types of personal bankruptcy - Chapter 7 and Chapter 13. Designed to give the filer a fresh start in life by wiping out certain debts, a Chapter 7 bankruptcy will rid the filer of credit card and other unsecured debt. A chapter 13 bankruptcy, on the other hand, is a court-approved payment plan in which the filer is required to repay a predetermined percentage of their debt. The determination of which chapter to file will be based on the filer’s disposable income, if any, after paying their necessary monthly bills. When many people file for bankruptcy, their first thoughts are of their assets and whether or not they may lose their home. In a Chapter 13 repayment plan, the majority of filers are allowed to keep their property in exchange for repaying a portion of their debts. A Chapter 7, however, is designed to be a liquidation process that often results in

If you are still considering, or more to the point, NEEDING to file either chapter 7 or chapter 13 bankruptcy, you can still do so. As of now, ALL aspects of filing can be done remotely via email, fax, and telephone. Our Courts and Trustees have all switched to hearings via telephone conference with no person to person interaction.  So all the protections are still there for those who may still be facing garnishments, foreclosures, repossessions and other issues. In addition to bankruptcy, my office has been handling remotely for over 5 years now, wills, powers of attorney, and medical directives. You always could get these services remotely with my office, and now is no exception. There is never a good time to put off estate planning, and I am here to help in this crazy time. Call, 313-343-9930 or email at debtfreedetroit@gmail.com Stay Safe Charles L. Basch II

Hello, I wanted to let everyone know that during this unprecedented time The Law Office of Charles L Basch II is still open, and servicing new and existing clients full-time. I am still diligently involved in cases and all aspects of keeping them healthy and moving forward by what ever means available to my office offered by the Courts or the Federal Government that may arise going forward. I do not anticipate that any of us will all be out of work for very long, and, I am hoping that all the parties involved, Judges, Trustees and Creditors will be a bit accommodating considering the extreme circumstances that we face right now. I would hazard to guess, but cannot make any guarantees, if, in a prolonged stretch, that Congress will, or would intervene to address the millions that are going through the federal court systems especially bankruptcy court and offer some form of remedy. As of right now Bankruptcy Courts are still holding hearings, although all tel-phonically, an

Bankruptcy is a legally declared inability of individuals or businesses to pay their debts. A bankruptcy can be requested not only by creditors in an effort to get what they are owed but also by the insolvent individual or organization. If it is difficult to repay debts, declaring the bankruptcy may be the right solution to debt problems. Out of six basic types of under the Bankruptcy Code, Chapter 7 is a “liquidation” of nonexempt assets to pay debts. In a court-supervised procedure, a court appoints a trustee who liquidates the non-exempt assets of the debtor’s estate and makes distributions to creditors. The Bankruptcy Code allows the debtor to keep certain exempt property; but a trustee will liquidate the debtor's remaining assets. According to the amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, if a debtor’s income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief.

This is a perfect time of the year to give yourself a great present. A gift to yourself for your loved ones. A basic will can let the world know who gets what and when. Don't let the antiquated state laws determine coldly who will get your estate, if you do some simple thought and planning, you can direct the Court to who gets what and when. Contact me for a free comprehensive evaluation of your estate and how you can protect your assets and pass those on to your loved ones in an efficient and caring way. 313-343-9930