Roscommon, MI Bankruptcy Law Firms & Lawyers

Depending on your circumstances you need either a tax attorney or a bankruptcy attorney. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.

Good news: Filing Bankruptcy stops wage garnishments. Bad news: student loan debt is generally nondischargeable, absent a very difficult to make showing on "undue hardship." This showing needs to be made in an Adversary Proceeding in a bankruptcy case. Bottom line: It is time to talk to a very good bankruptcy attorney.

It's the amount owed at the time the Bankruptcy was filed. You do not figure future interest into balance owed at filing. There is a place in the Proof of Claim to list interest rate. Practically speaking, interest rate is not relevant in the majority of claims. Because unless there are facts going toward non-dischargeability (and a complaint filed etc.) and unless the claim is secured, you will be getting 0% interest. To go even further, there may be a partial dividend, or no dividend, to general unsecured claims anyway. This is because unless it's a "100% plan" you would not be getting the full amount owed. There should be a clause in their Plan that states what each type of creditor is to receive. The Trustee may be willing to explain what will be paid out to you under the terms of this plan, so you might give their office a call. Court clerks might be willing to answer very specific questions about Proof of Claim drafting as well and that's the general nature of your question.