Bankruptcy

If you are contemplating relief under the Bankruptcy code, you owe it to yourself to discuss your rights and options with a qualified bankruptcy attorney. The Macomb Attorneys have an attorney who concentrates his practice on helping clients through this difficult, complex process.

CALL 1-888-MACOMB-LAW today to further discuss whether these possible options are right for you:

Chapter 7 bankruptcy: The primary purpose of filing Chapter 7 bankruptcy is to eliminate debt and to give an individual a fresh start. It prohibits creditors from taking collection or legal action and pestering the debtor with telephone calls, letters or other personal contacts. Individuals, partnerships and corporations can seek Chapter 7 and there are no debt limits in filing.

Chapter 11 bankruptcy: permits a business to restructure or reorganize its debt. Under Chapter 11, the debtor continues to manage its business but develops a plan on how to repay the debt owed, usually through asset liquidation. Upon court and creditor approval, a Chapter 11 debtor receives a discharge of any debt that arose before confirmation.

Chapter 13 bankruptcy: is used by individuals to restructure or reorganize debt. Like a Chapter 11, the debtor proposes a plan that outlines how his or her debts will be repaid. The debtor must devote his or her disposable income to payments under the plan for three to five years. To qualify for Chapter 13, a debtor must have regular income; In Chapter 13 cases, a debtor receives a discharge when the debtor has completed all payments under the plan. This type of bankruptcy may prove helpful for individuals who have fallen behind in mortgage payments and seek a way to save their home from foreclosure.