If you are one of the tens of thousands of people who are dependent upon the Detroit Pension system or who expected to be recipients of modest pensions upon retirement you are facing a financial crisis of undetermined proportions.
More than likely you will be one that is affected by Detroit’s bankruptcy
- To what extent their pensions will be reduced?
- How will you survive on significantly less income than you had before.
Resorting to bankruptcy may be the only way that you will be able to survive. Chapter 7 or Chapter 13 bankruptcy will eliminate your unsecured debt, either in whole or in part, and prevent creditor harassment, garnishments and other legal difficulties while allowing you to retain their homes and vehicles.
Chapter 13 may also allow you to eliminate second & third mortgages, either in whole or in part, retain your home and vehicles while paying only what they can afford to pay to your unsecured creditors after allowance for a reasonable budget. Often the amount paid to unsecured creditors such as credit card issuers, medical service providers and others is zero ($0.00).
Most Importantly, bankruptcy will allow you to focus your severely reduced incomes on the necessities of life: food, shelter and clothing.
Right now, there are planning opportunities for you and we would be pleased to meet you on a “no obligation” basis to discuss what those opportunities are and how we can help them. We provide a no obligation initial consultation to all our clients which means that if you decide not to retain our firm, there is no charge for this first meeting.
Our firm is focused on helping people with financial problems including potential foreclosures and assisting them with loan or credit workouts or bankruptcy, if bankruptcy is the best solution for them.