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Wednesday, May 29, 2019

Is Bankruptcy In Your Future?

There are simple ways to tell if you are a candidate for bankruptcy. While this may not be the most encouraging news, it can be helpful if you are to make any lifestyle or fiscal changes to help change the future of your financial situation and right the ship in terms of your money management skills. The bottom line is, of course, how you choose to handle the news of impending bankruptcy and financial doom and the moves you make within your personal realm of control to change how you spend, how you invest, and how you manage your money in an overall sense.

As we know, bankruptcy means that you have the inability or lack the capacity by which to pay your creditors or those that you owe money to. This refers to a legally declared inability. Bankruptcy is not just a personally declared inability to pay your debts or bills. Your creditors could also declare a state of bankruptcy for you should they want to recover some of the money they are owed in light of the possibility of you not paying them. The primary purpose of legal bankruptcy is to give the person declaring bankruptcy a fresh start in the fiscal sense and relieve them of most of their debts.

This also allows for the repayment of the creditors in a timely manner, which is good news for them. The debts are resolved through the division of non-essential assets of the bankrupt debtor. This also allows the debtor to be discharged, officially, of the majority of their financial obligations even if their debts have not been paid in full. This happens after their non-exempt assets are distributed to their creditors. The creditors are not permitted to extend any lawsuits or continue any particular legal action after bankruptcy is declared.

For more information, contact Charles L Basch II, directly at 313-343-9930 today for a free comprehensive confidential consultation. 

Wednesday, February 20, 2019

An Introduction to Chapter 7 Bankruptcy

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. Filing a petition under chapter 7, automatically stays most collection actions against the debtor or the debtor's property, but potential debtors should realize that the filing of a petition under chapter 7 might result in the loss of property.

After Chapter 7 bankruptcy, one will no longer owe money on credit cards, unsecured loans, unpaid hospital, medical and utility bills and unpaid rent. But debts like state and federal taxes (unless they are more than three years old), child support required by law; alimony, government-backed student loans, debts due to fraud, fines, penalties and debts due to willful injury to another person or property are not eliminated by Chapter 7 bankruptcy.

Just a few months after the petition is filed, in most chapter 7 cases, the individual debtor receives a discharge that releases debtor from personal liability for certain discharge-able debts. Thus, chapter 7 Bankruptcy is designed to give the debtor a new start and a chance to live with sound financial management.

Contact Charles L Basch II today at 313-343-9930 or

Monday, December 3, 2018

Buying A Home After Bankruptcy – Low Credit Score Mortgage Loans

Excellent credit is not required to buy a home. Of course, a higher rating will qualify home buyers for a low rate and better loan programs. Still, buying a home after bankruptcy is easy. Although home loans following a bankruptcy discharge come with high rates, a home purchase is a great way to quickly boost a low credit rating.

Here are a few tips on getting a low credit score mortgage loan.

Sub Prime Mortgage Loan Programs

There are many options available to home buyers with a low credit rating. Credit scores below 680 do not qualify for prime home loans. Hence, these persons will need to speak with a sub prime mortgage broker or lender. Sub prime loans are intended to assist those who cannot obtain traditional mortgage financing. These lenders work with all types of people and credit situations. Furthermore, sub prime lenders have a multitude of different loan options.

Who Qualifies for a Sub Prim Mortgage Loan?

Anyone with a low credit score can get approved for a sub prime mortgage loan. However, there are certain limitations. Many lenders will not approve a mortgage loan if the borrower's credit score is below 500. In this instance, the risks are too high. Home buyers who fall into this group may consider improving their credit before applying for a home loan.

Having a chapter 7 bankruptcy, collection accounts, and judgments will not disqualify a buyer from obtaining a sub prime mortgage loan. Naturally, loans of this sort have higher interest rates. However, if the home buyer maintains a good payment history, they will have the option of refinancing for a better rate in the future.

Other Loan Options Available after Bankruptcy

 As mentioned, sub prime mortgage lenders offer a range of home loans for every need.

Following a bankruptcy discharge, home buyers have the option of obtaining a “no credit score home loan.” Because lenders do not offer 100% financing on these loans, buyers must be prepared to pay a 20% down payment.

Another loan option available is the zero down home loan. This loan is offered to buyers with good and bad credit. Zero down home loans include 100% financing, which is perfect for first time home buyers and buyers with little cash savings. To qualify for a no money down home loan with bad credit, your credit score cannot fall below 580.


Excellent credit is not required to buy a home. Of course, a higher rating will qualify home buyers for a low rate and better loan programs. Still, buying a home after bankruptcy is easy.

Although home loans following a bankruptcy discharge come with high rates, a home purchase is a great way to quickly boost a low credit rating. Here are a few tips on getting a low credit score mortgage loan.

Call Today for a Free No Hassle Consultation ask for Charles 313-343-9930

Friday, November 9, 2018

7 Things Chapter 13 Can Do

Chapter 13 is a very powerful and useful chapter that can accomplish many things. Here are 7 things that you can get in a chapter 13 that you will not get anywhere else.

  • You can change or modify your automobile contract.
  • You can strip or remove second and third mortgage from your home
  • You can pay your tax debt interest and penalty free*
  • You can pay pennies on the dollar to your unsecured debt
  • You can get caught up on your mortgage arrears and stop foreclosure
  • You can enter into a permanent loan modification with your mortgage
  • You may be able to eliminate certain student loan debt, or reduce it
Unlike Chapter 7, which will not help you with any of the above mentioned things, a Chapter 13 will give you many more options to choose from. While Chapter 7 is quite powerful, it is limited in certain ways. 

These are a few of the many benefits of Chapter 13, for a free confidential consultation, call me today at 313-343-9930. 

*tax debt and bankruptcy are very complicated and have restrictions, not all tax debt is subject to discharge, and no information here should be construed as tax advice. The tax laws and how they interact with bankruptcy are complex and require a full and comprehensive review before any course of action is advised.

Thursday, July 26, 2018

Affordable Chapter 7 Fee's

Are you looking for an experienced and affordable attorney? Look no more, you have found him. I have over 16 years of exclusive bankruptcy experience.

I know the law, and I know the system, with personal, hands on attention, and no gimmicks, I will get you through your hard times, and be there down the road for questions.

I will meet or beat any fees you have been quoted! Call, 313-343-9930 or email at

Wednesday, June 6, 2018

Bankruptcy Specials

With the onset of warm weather (well, sort of, right) the thought of your finances seem to drift away and get buried under the busy summer months. But your creditors are hard at work and they will find time to sue you in those warm summer weeks. And the pain will be felt around the holiday season. When the garnishment begins.

New chapter 7 case fees are here, call today for your special quote. Free online and phone consultations. 1-313-343-9930 call today!

Chapter 7 can wipe all you debt right out! Get you a "fresh start" and get you back on the right path to financial success.

Chapter 13 can reorganize all your debt, lower car payments, reduce student loan balances, and in some cases eliminate second and/or third mortgages off of your home.


Thursday, January 4, 2018

Wills and Trusts

Make it your New Years resolution to get a will or trust in place. It has never been an easier or better time to get these important documents done. As the winter months plod along, and the thoughts of warmer weather fill your daydreams, there is no better time than now to get your estate plan in order. You do not even have to leave the comfort of your own house! That is right, with the Virtual Law Office of Charles L Basch II, we can do it all electronically, and you don't even have to take off your slippers.

Call me today at 313-343-9930 to get the process started, or email me at