Bankruptcy Law

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

What exactly is bankruptcy?

Bankruptcy is the legal process where individuals or entities can relinquish some or all of their debt. 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 a discharge for 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 be then discharged when the plan is completed. 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. These payments are usually less than the monthly payments an individual owes 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.

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Federal vs. State Bankruptcy Exemptions

Michigan residents can choose either federal or state bankruptcy exemptions, but cannot choose both. If you file for bankruptcy in the state of Michigan you won’t lose all of your assets— another alternative could be to use the federal bankruptcy exemptions.

Federal Bankruptcy Exemptions

Property that can be protected under federal exemptions include:

Personal Property

This includes cap amounts for property such as vehicles, jewelry, household goods, tools of your trade, health aids, and more.

Support of Benefits

Spousal or child support that you reasonably need
Life insurance
Social security, unemployment, veteran’s, and disability benefits

Personal Injury Recovery
Retirement Account Protections

Michigan State Exemptions

Property that can be protected under Michigan state exemptions - that are subject to varying cap amounts - include:

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

These exemptions are only examples of what you can expect, but because your case is unique to you meeting with an experienced bankruptcy attorney is the best way to put together a plan for filing.

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 are 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!