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Bankruptcy: Navigating the “B” Word with Garik Osipyants of Sigal Law Firm

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Introduction

If you’re contemplating the “B” word—bankruptcy—life has likely thrown a curveball your way. Nobody dreams of filing for bankruptcy while riding high on the “gravy train.” This guide is for everyday individuals seeking clarity about the bankruptcy process, offering a straightforward and approachable explanation to make the journey less intimidating.

About the Author

Let me introduce myself—my name is Garik Osipyants, and I’m a bankruptcy attorney with almost two decades of experience. I graduated from the University of Detroit School of Law and have devoted the majority of my career to helping people navigate financial hardships. My journey into bankruptcy law wasn’t born from a grand calling; it was the first job I landed out of law school, and my then-girlfriend (now wife) wanted an engagement ring. Looking back, it was one of the best decisions I ever made—not only professionally but also personally.

As a husband and father of two, I deeply understand the financial pressures families face. Life often feels like I’m at a sporting event, tossing metaphorical wads of cash into the crowd, except the crowd is my kids, and the game lasts 18 years. That perspective helps me relate to my clients on a personal level.

The Goal of This Blog

Here, I’ll simplify the bankruptcy process, explore alternatives, and outline what you can expect before and after filing. However, let me make this crystal clear: this blog is not a substitute for legal advice. Every financial situation is unique, and consulting an attorney is crucial to finding the right solution for your circumstances. If you’re in Michigan, feel free to contact me at gosipyants@sigallaw.com to discuss your specific case.

Is Bankruptcy Right for You?

When clients come to my office to discuss their financial woes, the question I hear most often is, “What would you do if you were in my shoes?” My answer is always the same: approach bankruptcy as a business decision, not an emotional one.

Companies file for bankruptcy protection regularly without hesitation. Even public figures like Donald Trump have openly embraced it as a strategic move. Why? Because it’s a practical solution when the numbers simply don’t add up. The key question is this: how much money is coming in versus going out? If you’re left with little to nothing at the end of each month, it’s time to explore your options.

Common Pre-Bankruptcy Pitfalls

Before admitting there’s a financial problem, many people go to great lengths to avoid the “B” word. They borrow more money, sell off personal belongings, or slash their budgets to extremes. But sometimes, no amount of creative budgeting can fix the math.

This is where I step in. If your financial situation feels like quicksand, the best course of action is to come in for a consultation. Together, we’ll evaluate your circumstances and discuss the solutions available to you.

Why Consider Bankruptcy?

Bankruptcy isn’t about failure—it’s about a fresh start. Whether you’re dealing with insurmountable credit card debt, medical bills, or the fallout from a failed business venture, the process is designed to help you regain control of your financial life. Remember, this is a legal tool created for situations just like yours.

Next Steps

In upcoming posts, we’ll dive deeper into the bankruptcy process, alternatives to consider, and the responsibilities that come with filing. Whether you’re contemplating Chapter 7 or Chapter 13, the goal is to arm you with the knowledge you need to make an informed decision.

If you’re ready to take control of your financial future, reach out to Sigal Law Firm. We’re here to guide you every step of the way.

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