There are a couple of things, with the first being, I’ve been in your shoes; I’ve filed bankruptcy, I lived, I survived, I succeeded, I defied the odds, based on pure discipline and refusing to quit. It’s nice to have a cheerleader who will help you and I like to be that cheerleader, your success coach; to me, this is larger than just filing your bankruptcy and getting you a discharge. I want to establish a long-term relationship so that we can work together in the future, if something comes up.

 

Bankruptcy law is very complicated and many of the concepts can be very confusing. I like to lay things out on white boards – just like a teacher in a classroom – so that people can see them and then they get it; they understand what’s going on.

 

How Often Can I File Bankruptcy?

 

Most people are really confused about how often they can file bankruptcy. The rules relating to Chapter 7 and Chapter 13 are very different. You can file Chapter 7 and you are eligible for a discharge every 8 years. You can file a Chapter 13 and you’re eligible for discharge every 2 years; you can file a Chapter 13 after a Chapter 7 every 4 years; and, you can file a Chapter 7 after a Chapter 13 every 6 years and get a discharge.

 

A huge factor in filing a Chapter 13 is invoking the Automatic Stay. You can invoke the Automatic Stay even if you’re not eligible for a discharge. It’s not uncommon for people to file a Chapter 7, get a discharge, and then find themselves in financial trouble shortly thereafter. They can’t file a Chapter 7 but they can file a Chapter 13 and invoke the Automatic Stay. With the Stay in place, garnishments, lawsuits and all collection activities stop. It all comes down to strategic planning and putting together a plan for success.

 

Anything Else That You Would Like to Share?

 

Student loans are a big issue these days. People focus on the trillion dollar balance of loans but they don’t think about resolving payment plan issues or managing their student loans long term. The key to dealing with student loans – as it is to all financial matters – is to think long term. Learning how to manage student loan debt, as well as your ability to deal with other financial matters in your life is the key to personal financial success and wealth management.

 

For more information on Qualities of Attorney Mike Shovan, a free initial consultation is your best next step. Get the information and legal answers you’re seeking by calling Attorney Mike Shovan at (989) 233-9389 today!