Bankruptcy Myths

Common Bankruptcy Myths

Dispelling Bankruptcy Misconceptions in Michigan

There are many myths surrounding bankruptcy that can deter a person from considering this tool as a remedy to their debt problems.

My firm, Hensel Law Office has many years of experience providing financial help to clients burdened by debts in areas such as Madison Heights, Royal Oak, Sterling Heights, Clinton Township, and Warren. I can answer all of your bankruptcy questions and make sure you have accurate information regarding the process and how it will affect your future.

If You Are Married, You Must File a Joint Petition

A person that is married has the option of filing their own petition or filing with their spouse.

You Will Lose All of Your Assets in Chapter 7

Only non-exempt assets are liquidated in Chapter 7. A Michigan bankruptcy attorney can explain the laws that pertain to non-exempt property and determine which of your assets you will be allowed to keep.

You Cannot Have Credit After Bankruptcy

It may take time, but you will eventually be able to improve your credit score and regain your credit standing. You can start rebuilding your credit as soon as your bankruptcy case has been concluded.

Taxes Can Never Be Discharged in Bankruptcy

Under certain circumstances, taxes more than 3 years old can be discharged in both a Chapter 7 and Chapter 13.

You Must Have a Minimum Amount of Debt to File

There is no legal criterion for the amount of debt you must have in order to file for bankruptcy.

Reach Out for Experienced Bankruptcy Protection

When I founded my firm, I wanted to provide my clients with the attention their situation deserved and superior customer service. Large firms will often have clients meet with different attorneys knowledgeable in a particular area of bankruptcy law. Your case may even be delegated to a paralegal.

I service all of my clients directly and counsel them following their bankruptcy to make sure they are getting all of the benefits bankruptcy has to offer. 

I also offer a free initial consultation, affordable rates, and payment plans, so do not hesitate to contact the firm today.

  • Tom's expertise and tact was invaluable for us, and we will absolutely recommend him to any of our friends and relatives that may find themselves in similar positions to ours.
    - EJO
  • Tom was so knowledgeable and helped us throughout the whole process. He never once made us feel uncomfortable or dumb when we had questions. He was also very easy to get a hold of when questions would come up and would always return our calls and emails pr
    - Stacy S.
  • I will gladly and confidently recommend you to anyone I know facing a tough financial time requiring your expertise.
    - Jay
  • I feel lucky to have found the Hensel Law Office and I never hesitate to refer others who could use assistance - because I know they will get superior service and help.
    - Kelly