Bankruptcy Law

If you're drowning in debt with no relief in sight, we can help you find the best way out of your situation. Despite the negative perception sometimes associated with bankruptcy, it may be the best option for you to get out from under crushing debt. 

What exactly is bankruptcy?

Bankruptcy is the legal process that allows individuals or entities freedom from some or all of their debts. Our firm handles three types of bankruptcy cases:

  • Chapter 7 bankruptcy. This is designed to allow individuals permanent relief from all or most of their debts. The majority of individuals who file a Chapter 7 Bankruptcy will receive complete relief from credit card debts, medical bills, and other unsecured loans or debts. However, certain debts, such as child support, alimony payments, and some taxes, cannot be discharged.
  • Chapter 11 bankruptcy. This allows a struggling business to get its affairs in order and create a plan to pay its creditors a portion of what is owed to them. An individual may also file a Chapter 11 Bankruptcy (if they are not eligible for Chapter 13). A Chapter 11 Bankruptcy is usually much more expensive and time-consuming than Chapter 13 Bankruptcy.
  • Chapter 13 bankruptcy. This is designed to allow individuals to create a plan to pay their creditors a portion of what is owed to them, usually on a monthly basis. The balance that remains unpaid will then be discharged when the plan is completed. Chapter 13 also allows you to save your home from a mortgage foreclosure, in certain circumstances. Most plans last from 3 to 5 years. The amount that you will need to pay is based upon your income and how much debt you owe. Your Chapter 13 monthly plan payment is usually less than all of the monthly payments you owe to creditors.

In each of these cases, you need a skilled and experienced bankruptcy lawyer to help you navigate the process and guide you through the right proceedings.

 

Bernardi, Ronayne & Glusac, P.C., is a debt relief agency located in Plymouth, Michigan. Among other services, we help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Federal vs. State Bankruptcy Exemptions

If you file for bankruptcy in the State of Michigan, you won’t lose all of your property. Bankruptcy Law allows individuals to keep certain property so that they can have a fresh start. Michigan residents can choose either federal or state bankruptcy exemptions, but cannot choose both. A general description of the exemptions available to you follows. 

Federal Bankruptcy Exemptions

Property that can be protected under federal exemptions include:

  • Home Equity (up to a certain amount)
  • Personal Property (up to a certain amounts)
    • Property such as vehicles, jewelry, household goods, tools of your trade, health aids, and more. 
  • Support Benefits
    • Spousal or child support
    • Life insurance 
    • Social security, unemployment, veteran’s, and disability benefits
  • Personal Injury Recoveries 
  • Qualified Retirement Accounts and Pensions

Michigan State Exemptions

Property that can be protected under Michigan state exemptions include:

  • Home Equity (up to a certain amount)
  • Motor Vehicle (up to a certain amount)
  • Personal property — including household goods and jewelry
  • Qualified Retirement Accounts and Pensions
  • Public Benefits
  • Tools of your trade or profession

Your case is unique to you. You need to meet with an experienced bankruptcy attorney to tailor your exemptions and maximize the protection of your property. 

Put your future in your hands

If you're interested in finding freedom from your debts and stopping creditor harassment, during your free consultation we'll conduct a thorough analysis of your financial situation to help you decide if filing for bankruptcy is your most effective solution. We'll thoroughly explain your rights under Bankruptcy Law and explain the advantages and disadvantages of your available options.

Bankruptcy Attorneys Serving Plymouth, Michigan

If you're considering filing for bankruptcy, our attorneys can help you make the right decisions and create a strategy to help you get back on your feet. We will meet with you for a free consultation and go over your situation and options. Put our extensive experience and legal expertise to work for you. Call us today!