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Tuesday, July 6, 2021

Steps to Eliminate Debt

  Have you ever asked yourself - "How can I pay this debt down?!" Where do you start, it can be overwhelming and hard. But armed with these easy steps, you can pay your debt down and eliminate it.

First, you have to know the basics, how much money you have coming in, and  how much going out! Or, in other words, a budget. 

Second, change what you spend on. Most spending his habit spending, and those can add up. If you like coffee, avoid the high end coffee shops, and brew at home. If you eat out a lot at lunch during work, pack your lunch. It takes three weeks to effectively change a habit, you can do it, and save money.

Third, lock up those cards! Put them away, take them out of your wallet. This will take away your ability to use them on a whim. 

Lastly, pay off your debt as quick as possible. A lot of advice out there says pay off the highest balances first, then move down. But that can be more counter productive, pay the lower ones first, and they will come off your "plate" quicker, and you will get gratification from seeing them lower ones go to zero, and eventually falling off the credit report. You will still pay on the larger ones, but you can eliminate the smaller ones quicker and get the euphoric feeling of accomplishment.

In sum, you can pay off you debt, it can be done, you just need some basic steps and habit changes and you can get there. 

If all else fails, don't count out bankruptcy, it is a quick and legal way to do so, and will not hurt you as bad as you think. As always, contact me for a free, no obligation analysis. At 313-343-9930 or

Monday, November 9, 2020

A Look At Personal Bankruptcy & What To Expect


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 the sale of non-exempt property. Which property is non-exempt in a bankruptcy proceeding? Each state has it’s own laws pertaining to the amount of property that an individual or married couple can keep without having to worry about it being liquidated.

The official bankruptcy process begins upon filing a petition with the local bankruptcy court. This can either be done without an attorney, also known as pro se, or with the help of an attorney. For most, hiring an attorney is the best way to make sure that every form is completed accurately and in order to make sure their assets are protected as much as possible. Upon the filing of a bankruptcy petition, the court will assign a trustee to the case and will set a date for a Meeting of the Creditors. Although creditors of the filer are invited to attend, they are not required to do so. The filer, however, is required to attend and will be questioned by the trustee, under oath, while having the meeting recorded. This meeting is typically the only appearance required of the filer unless special circumstances are present.

Following the Meeting of the Creditors, often referred to as the 341 meeting, the creditors will have 30 days to object to the filers property exemptions and another 30 days to object to the discharge if the filing is a Chapter 7 bankruptcy. In a Chapter 13 proceeding, creditors may object to the payment plan but the discharge will not be granted until the payment plan is complete. A Chapter 13 bankruptcy can last for up to 5 years before the payments are completed and a discharge is issued. Following the discharge, the bankruptcy case will be closed and the process will be complete.

Call today 1-313-343-9930  or email at

Friday, March 27, 2020

Chapter 7 and 13

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

Stay Safe
Charles L. Basch II

Wednesday, March 18, 2020

Law Office Update


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, and NOT in person, so, all the rules of law do and still apply, and your case is no exception. Your creditors cannot do anything to you without my knowledge, and they must still follow the Code and Civil Rules of Procedure.

So rest assured, The Law Office of Charles L Basch II is still open for new and existing cases and continually monitoring the fast changes that are happening almost daily with the Courts and the Federal Government. Check back here daily for any new updates.

Please stay healthy and safe.

Warmest Regards,

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.