Financial Law Group

Mount Clemens Chapter 7, Chapter 13, Chapter 11 Lawyer

We help people facing consumer bankruptcy and business bankruptcy. People incur overwhelming debt due to many things, including lost jobs, medical emergencies, a family member's death, a divorce, or a bad business climate. Federal law can help you. Our Macomb County, Michigan, bankruptcy attorney, of the Financial Law Group, can help you. Contact a Mount Clemens Chapter 7, Chapter 13, and Chapter 11 Lawyer for an appointment.

Warren Chapter 7 Bankruptcy

Chapter 7 bankruptcy gives people a fresh-start. Most of our clients who file Chapter 7 get to keep all their property, but in some cases, assets may have to be sold to pay toward debts. This is called liquidation. There is consumer liquidation and business liquidation. However, other than the possibility of selling assets to pay toward debts, clients do not pay on most debt. It is discharged. There are exceptions and exemptions under federal bankruptcy rules. Our Michigan bankruptcy attorney explains these nuances to clients, and helps figure out the best course of action for a client.

Once a chapter 7 petition is filed with the court, an automatic stay is enforced. An automatic stay stops a debt collector from taking any further action to collect from debtors, except through their involvement with the bankruptcy court in the case. Debts affected can include wage garnishments, lawsuits, judgment liens, and medical bills.

To learn more about chapter 7 bankruptcy for individuals and businesses, contact our seasoned and dedicated Macomb County, Michigan, bankruptcy attorney.

Macomb County Michigan Bankruptcy Attorney - Chapter 13

Chapter 13 bankruptcy is consumer reorganization. To qualify, you must have a regular source of income. Chapter 13 combines certain debts for payoff over a three to five year period. This is the best option for clients facing foreclosure for falling behind on mortgage payments.

Debt under chapter 13 may still be discharged. It is based on the reorganization plan. After the three to five year period has been completed, the remaining debt is discharged. Chapter 13 also invokes the automatic stay against creditors for the duration of the case.

Chapter 13 is often filed when a client does not qualify for chapter 7. This is the case for only a small percentage of clients. Generally it is clients who earn enough to have some disposable income to pay toward debt. There is a means test to qualify for chapter 13, as there is for chapter 7. Our Macomb County, Michigan, bankruptcy attorney, will assist you with the means test and other bankruptcy  paperwork.

Sterling Heights Chapter 11 Bankruptcy

Chapter 11 is business reorganization, and occasionally an option for very wealthy individuals who do not qualify for chapter 7 bankruptcy or chapter 13 bankruptcy. A business reorganization plan is worked out among our Macomb County, Michigan bankruptcy attorney, the bankruptcy court, and creditors. Our seasoned bankruptcy attorney drafts the plan and presents it to the court. A business may continue to operate during chapter 11 proceedings.

In chapter 11, clients determine what is in the best interest of their business. For example, a business may decide a property lease is harming profitability and they may reject the lease. The same is true for the businesses contracts. Clients are also often to reclaim assets. These powers allow clients to come out from bankruptcy healthy and in some cases running at a profit.

Contact a Mount Clemens Chapter 7, Chapter 13, and Chapter 11 Lawyer at Financial Law Group. Our law office provides personal service and skillful resolution to your financial concerns.