New Year, New Start

 The Law Office of Charles L Basch II is running a winter special on all services provided. 

1) Bankruptcy, chapter 7 - eliminate all your debt! 

2) Bankruptcy, chapter 13 - save your car or house from repossession or foreclosure! 

3) Will or Trust - nearly half of all Americans do NOT have a basic Will or Trust, nor a Durable Power of Attorney or Medical Directive! 

4) Simple Divorce - why pay thousands of dollars for a simple uncontested divorce, let me help you walk through the process with minimal fight and minimal stress! 

As a sole practitioner I am able to keep my overhead low and my fees even lower than my competitors, with over 23 years of experience, you get the peace of mind and personal attention you deserve.   

As always consultations are free! 

email - debtfreedetroit@gmail.com     cell- 586-943-9211 call or text today! 

Chapter 7 Bankruptcy Special!

  The Law Office of Charles L Basch II is running a special through the end of the month for a basic chapter 7 bankruptcy* a flat fee of $1,000.00 including the filing fee! That is a huge savings but only through the end of the month! 

Call or text today 1-586-943-9211

*After a full and complete analysis. This fee only applies after the full analysis, and extra or complex issues are subject to rate increase based on the nature of the issues presented. The consultation is free. There is no obligation. And terms are subject to change. 

LIFE AFTER BANKRUPTCY

So you've finally been discharged from your bankruptcy, and now you are free to do whatever you want again. The world is your oyster!

But before you grab a bucket and head for the beach, there are a few things you need to know. First of all, a bankruptcy discharge is not a license to shop. That itch to celebrate your newfound freedom might almost impossible to ignore, but if you want to stay debt-free, you are going to have to lay low for awhile, especially in the three months after your discharge.

Here's why: you probably feel like you've been in debt forever, but you're not the only one who knows it. Credit card companies have caught the scent too, and chances are you're getting applications left, right and center these days. Talk about tempting! The best thing you can do is to throw those applications right into the recycle bin, regardless of how much this or that company says they want to help you rebuild your credit. The truth is they don't want to help you rebuild; they want to help you get back in the position that caused you to go bankrupt in the first place.

Those 'high-risk' cards come with a lot of caveats - the fee you pay to get the card, for instance. Some cards will actually charge you for the card by placing it on your card. So if your card has a $100 limit and it cost you $75 to get, guess what? You only have $75 in credit. Go over that, and get ready for some nasty fees.

So how can you get your life back to normal? Before you do anything else, you have to change your spending habits. Really think about the cost and quality of things and put yourself in control. For example, is it really worth it to buy that brand-name bread when the store brand is just as good and costs a dollar less? It's a small-scale example, but if you can apply that kind of thinking in baby steps, pretty soon you'll be able to apply it to everything you buy, no matter how large. So clip coupons, try to buy when things are on sale, and don't go hog wild when you do buy.

Second, prioritize your bills. Your most important, must-pay-on-time bill every month should be your rent or mortgage. It's your shelter, and without it, handling anything else that comes your way becomes a lot more difficult. Your utilities are next, because you have to be able to cook and store your food. Your third most important bill might be the telephone, the fourth your cable TV or satellite, and so on. Take an average of how much of your pay check goes for rent/mortgage and bills. Then, set aside a little bit of each check to put toward each bill. It might be tedious, but trust me; it will be worth it once you get into the flow.

The third thing you have to do is save up $500, doing the same as you've done for your bills - take a bit out of each pay check. Only this time, open a new account. Once you've saved $500, run to your nearest bank and request a secured bank loan for that amount. The bank should have no problem granting your request, as the money's already there. For the next 90 days, make your payments on time, every time. You will be amazed at how much faster this will build your credit than those high-risk cards!

If you have to use credit, why not do so to your advantage? Here's how: purchase an item that's on sale with your credit card. Then, when your credit card bill arrives, pay the item off in full. That's it! You get to enjoy your new item for a month before you have to pay for it. If you can stick to this, your credit will have nowhere to go but up.

By applying the above tips, your credit will be given a boost at a time when you need it the most - in the first 3 or 4 months after a bankruptcy discharge. You've been given a second chance. Don't give up - you can do it!

CALL 313-343-9930 today! or debtfreedetroit@gmail.com

Bankruptcy Tips - Some Rebounding Tips After Bankruptcy - Part #1

 

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 do get lucky and get approved for credit, the interest rates and fees attached will be rather punishing.

The silver lining? Think positive. It is good that you are restricted from getting new credit. Credits were what you got bankrupt in the first place. They will have no difficulty getting you in that place...again. Now, for the rebounding tips to help you climb back up from the pits of bankruptcy:

Lead a Frugal Lifestyle: Common sense dictates that you lead a simpler lifestyle properly slimmed-down, no frills attached. In other words, be frugal. If you filed under Chapter 13, it means that you have signed up for a repayment plan to pay off some of your debts. The purpose of Chapter 13 is to allow debt reorganization so that you can continue holding on to your properties and other assets in exchange for obliging yourself to pay your debts for a certain number of years. The bottom line, therefore, is that you are still in debt, albeit, you may only pay a portion of the total debt to your creditors.

The usual period given by bankruptcy courts with which you can pay off your debts is within three to five years. During this time, the court allows you only a set amount to live on while the court-appointed trustee divides the rest among your creditors each month. What does this mean to you?

As we earlier said, it means a no-frills lifestyle. No luxuries whatsoever, except those exempted under the law. And sometimes, just sometimes, it may also mean changing your basic expenses, such as how much you pay for shelter and groceries every month. You may even have to move to a cheaper apartment or a more low-end neighborhood just so you can get by with the amount the court allows you. Suffice to say that getting new credit will be a difficult feat, if not downright impossible. So you can forget about getting a new credit card or a car loan. Or at least, getting it the easy way. Besides, you can’t take on a new debt without the court’s permission anyway, and getting that means adding an awful lot of complexity in your life.

So how do you go about with barely anything to tide you over through the hard times ahead? It’s simple really – make a budget. Better yet, keep a close watch on your expenses for three months and make a budget based on any observations you have made on your spending habits.

Track your expenses for three months to get an idea of how much you’re spending and where that money is going. Then create a realistic budget that fits within your monthly income, he says. 'The first step to saving is to set boundaries on your spending. And after making a budget, stick to it. That’s the most important part.

You can do it, and I am always here to help. debtfreedetroit@gmail.com or 313-343-9930

Foreclosure On The Rise!

 https://www.freep.com/story/money/business/michigan/2021/10/16/foreclosures-rise-pandemic-era-mortgage-bailout-programs-expire/8440375002/

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 debtfreedetroit@gmail.com

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 debtfreedetroit@gmail.com

Foreclosures and Evictions Can Be Stopped By Filing Bankruptcy

https://www.candgnews.com/news/experts-brace-for-problems-as-eviction-and-foreclosure-moratorium-ends-118170

Call Me Today!  313-343-9930

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 debtfreedetroit@gmail.com

Stay Safe
Charles L. Basch II

Law Office Update

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, 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,

Charles

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. 

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 debtfreedetroit@gmail.com

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.

Summary

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

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.

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 debtfreedetroit@gmail.com

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.

1-313-343-9930

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 debtfreedetroit@gmail.com

Thanksgiving Special on Chapter 7 Bankruptcy

From now, until Turkey Day, you can get a complete chapter 7* case filed for $700.00, which includes the court costs!

A chapter 7 will eliminate all your debt, and allow you to keep all your assets, what a deal!!!!

With the average household running about 20k in debt, a chapter 7 is a perfect way to eliminate it and get that fresh start you deserve.


*this applies to a "basic" case, price is subject to change if issues presented are more complex

FREE CONFIDENTIAL CONSULTATIONS ARE ALWAYS OFFERED, CALL OR EMAIL ME TODAY FOR AN APPOINTMENT. 

Low Cost Chapter 7

For a limited time fees for no asset chapter 7 is only $1,100 that includes the filing fee.

If you file now, you could be debt free by Christmas!

Call 313-343-9930
Text 586-943-9211
Email debtfreedetroit@gmail.com