Helping Client Get the Fresh Start They Need
With so many different forms of bankruptcy and bankruptcy codes, many people seeking bankruptcy protection quickly get overwhelmed with questions. What is the difference between Chapter 7 and Chapter 13 bankruptcy? Is Chapter 11 or Chapter 13 better for my business? Can bankruptcy stop foreclosure? What do I qualify for, and what happens when I declare bankruptcy?
At Vandervoort, Christ & Fisher, P.C., our knowledgeable and experienced bankruptcy attorneys can help you make sense of the Bankruptcy Code so that you can make informed decisions when filing for personal or business bankruptcy. Our team of bankruptcy lawyers stand ready to help you.
CHAPTER 7 BANKRUPTCY
When you file for Chapter 7 bankruptcy in the state of Michigan, your assets are liquidated to pay off your debts, usually at a much smaller balance than what you currently owe. Some assets, such as your primary residence, are exempt from liquidation, meaning you can’t be forced to sell them as part of your Chapter 7 bankruptcy filing. This can make Chapter 7 an effective tool against stopping foreclosure. Generally speaking, to qualify for Chapter 7 bankruptcy, your income must be below that of the median income for the state of Michigan. Small businesses can sometimes qualify for Chapter 7 bankruptcy as well. For more information on Chapter 7 bankruptcy, visit our Chapter 7 bankruptcy page.
CHAPTER 13 BANKRUPTCY
Virtually anyone can qualify for Chapter 13 bankruptcy as long as their debts are less than established amounts. In Chapter 13 bankruptcy, your debts are reduced and consolidated, and you agree on a payment plan for the remaining debt with a single monthly payment to the bankruptcy trust. This monthly payment is usually far more manageable than your current monthly payments, and when you file for Chapter 13 bankruptcy, your past-due mortgage payments can be rolled into the bankruptcy trust, bringing you current and giving you an opportunity to stay on top of future mortgage payments now that your other monthly payments are reduced. Depending on the financial situation and organization of your business, it could also qualify for Chapter 13 bankruptcy. For more information, visit our Chapter 13 bankruptcy page.
CHAPTER 11 BANKRUPTCY FOR MICHIGAN BUSINESSES
Businesses can file for Chapter 11 bankruptcy if they can devise a plan for reorganization that creditors find favorable, and demonstrate that they can better repay their debts by staying in business than by liquidating their assets and shutting down. In Chapter 11 bankruptcy, business owners can retain control of their business and assets, and continue normal business operations as they restructure their debts. Chapter 11 filings can be complicated, so it’s important that you have a knowledgeable Chapter 11 business bankruptcy attorney to act as your counsel and advocate throughout the proceedings. For more information on Chapter 11 bankruptcy, visit our Chapter 11 page.
COMPASSIONATE DEBT RELIEF SERVICES FOR BATTLE CREEK AREA RESIDENTS AND BUSINESSES
In our experience as bankruptcy lawyers, we have seen the toll financial problems can take on a person’s quality of life. We understand the stress that comes with mounting debts, harassing calls from creditors, and the threat of losing your business or having your home foreclosed on. That’s why our team of Michigan bankruptcy attorneys are committed to offering dedicated and compassionate counsel to individuals, families, and business owners throughout the greater Battle Creek area and beyond. Bankruptcy doesn’t have to be a daunting process. We’re ready to stand by your side.
CONSULT WITH AN EXPERIENCED BANKRUPTCY LAWYER
To schedule a time to meet with one of our personal or business bankruptcy attorneys, contact the Battle Creek, Michigan office of Vandervoort, Christ & Fisher, P.C. at (269) 965-7000. We proudly serve individuals, families, and businesses in Calhoun, Branch, and Eaton counties and throughout the state of Michigan.
