Bankruptcy Legal Specialists in Grand Rapids, MI
We’re Here To Help You With:
Your Corporate Bankruptcy
Don’t worry, your business is more than just numbers to us. Facing corporate bankruptcy involves serious implications and often, scary challenges. We’ll practically, creatively, and objectively analyze all of your options, and partner with you to forge a solution. Learn more about corporate bankruptcy here.
Your Personal Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes referred to as “straight bankruptcy.” It is a liquidation. However, in most cases, nothing is sold. A person who files Chapter 7 lists all assets and liabilities and provides documentation supporting all of those. A person called a “Trustee” is appointed to ask questions and review documents. The Trustee’s purpose is twofold. First, the trustee is directed to determine whether the assets can be turned into money to pay creditors. Second, the Trustee serves to verify that the debtor who has filed bankruptcy has been fully honest. Honest debtors receive an order called a “Discharge Order” that effectively eliminates all debts. Learn more about Chapter 7 bankruptcy here.
Your Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows businesses, and sometimes individuals, to restructure their debts while continuing to operate. Unlike liquidation under Chapter 7, Chapter 11 gives a company the opportunity to reorganize its financial affairs under the supervision of the court and the United States Trustee. The debtor typically proposes a plan to keep the business alive and pay creditors a reasonable amount over time, which might include renegotiating terms or even right-sizing operations by selling certain unproductive assets to become more financially viable. Creditors vote on the plan, and once approved by the court, it becomes binding. Chapter 11 is commonly used by corporations and limited liability companies facing financial difficulties but aiming to avoid outright closure. Learn more about Chapter 11 bankruptcy here.
Your Personal Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a reorganization for individuals and is essentially a repayment plan that is usually based on the debtor’s ability to pay rather than on what is owed to each of the creditors. There are times when the amount that must be paid to creditors is set and individuals may have to pay more than their budgets allow in order to be in chapter 13. In those instances, debtors have to sacrifice more in order to obtain the relief they need. Learn more about Chapter 13 bankruptcy here.