Financial Law Group

Wayne County Michigan Bankruptcy Attorney

Financial Law Group, P.C. is an experienced bankruptcy law firm dedicated to helping clients facing the difficulties of bankruptcy. If you are facing financial hardship contact Financial Law Group for assistance.

At Financial Law Group we work with consumer and business bankruptcy; more specifically, chapter 7, chapter 11, and chapter 13 bankruptcy. Each bankruptcy chapter has specific tests for qualification under federal bankruptcy law. Our law office can help you determine if you qualify for chapter 7 or 13, if filing personal bankruptcy; or chapter 7 or 11, if filing for business or commercial bankruptcy. Our Wayne County, Michigan, bankruptcy attorney will work with you to prepare the paperwork and explain the law and its affects on you.

Detroit Debt Relief Lawyer

Bankruptcy is often unexpected and the last choice for individuals or businesses when faced with mounting debts. At Financial Law Group, our Wayne County, Michigan, bankruptcy attorney is compassionate and aggressive, providing personal attention to resolve your bankruptcy. We personally meet with clients for two to three hours in order to work through the means test and to gather information to prepare the bankruptcy filing.

Michigan Chapter 7 Bankruptcy

We have handled many personal bankruptcies. Chapter 7 is the most common form of bankruptcy to file for individuals or businesses. It is personal liquidation; the theory involves selling off assets to distribute cash to creditors, but by using exemptions, our clients can usually retain most or all of their property. It is subject to some exemptions allowing the client to retain certain property. Most chapter 7 cases involve no client assets and the client is allowed a discharge against dischargeable debt, including unsecured creditors and sometimes even a judgment lien. We will discuss with clients their exemptions, allowable dischargeable debt, and their options.

Overextending credits, loan garnishment, wage garnishment, and other miscellaneous expenses can also lead to bankruptcy . When you reach the point where you can no longer pay on a loan, for a car, a house, or a business, repossession or foreclosure proceedings begin. When you file for bankruptcy an automatic stay comes into effect through the course of the case. In fact, creditors can't even call or write you anymore once you have filed. Once the case is filed, a creditor cannot execute on property, repossess, foreclose, or garnish payments.

Dearborn Chapter 13 Bankruptcy Lawyer

Chapter 13 bankruptcy is limited to individuals, not businesses. This is considered consumer reorganization. Our Wayne County, Michigan bankruptcy attorney is a seasoned chapter 13 bankruptcy attorney. The biggest benefit to filing chapter 13 is it allows clients facing foreclosure on a home to keep their home. It reorganizes the mortgage payments any past-due balance. If your home is going into foreclosure, Chapter 13 is pretty much the only way to save it. In some instances a client will pay no interest and lower payments back to when they first missed a mortgage payment. Chapter 13 also requires a means test. Under this test a client must have disposable income of a certain amount per month to put toward debt. Our Wayne County, Michigan, bankruptcy attorney helps clients work through the calculations to determine if they qualify.

Livonia Chapter 11 Bankruptcy Lawyer

Chapter 11 is used for business reorganization. Businesses are able to continue to operate through this chapter, while working with a court approved plan to repay creditors. An automatic stay of debt collection also goes into effect. Under chapter 11 business clients review their business contracts and leases with us and decide which ones are necessary to the operation of the business. Our experienced Michigan bankruptcy law firm then drafts a financial plan to reject contracts and leases that are harmful to the business's profitability. Bad business decisions are able to be turned around with Chapter 11. Businesses can recovers assets and reorganize to make a profit.

If you or your business is facing heavy financial burdens, contact Financial Law Group to speak with an experienced and dedicated Detroit debt relief lawyer.