Chapter 7 bankruptcy is the usual vehicle for discharging debts for individuals who have incurred debt beyond their ability to pay. Chapter 7 is frequently referred to as a liquidation bankruptcy. Possibly for that reason, many people have the misconception that filing for bankruptcy relief means that they will lose all of their belongings. Michigan law allows you to choose between state exemptions or the federal exemptions to protect assets.
Business Bankruptcy Otptions
Business entities can also file for Chapter 7 protection, although some businesses may not need to file if there insufficient assets. Business owners and shareholders who have signed personal guarantees to suppliers and other creditors may need to speak with a bankruptcy lawyer to assess whether or not filing for personal bankruptcy is the best legal option.
Turn To More Than A Century Of Combined Experience
At Goldstein Bershad and Fried, PC, in Southfield, our bankruptcy attorneys have more than 100 years of combined experience helping clients in Metro Detroit and throughout Michigan regain control of their financial lives. We work closely with clients to craft the most appropriate strategies to achieve their goals. You may be aware that filing for bankruptcy will stop most collection efforts, including creditor lawsuits, garnishments, repossessions, endless phone calls and more. However, the real benefit of bankruptcy is its power to help you obtain a fresh financial start.
We are a full-service bankruptcy and insolvency law practice that represents both business and consumer debtors. Because we handle all aspects of debt relief issues, we are fully-equipped to thoroughly evaluate your individual debt issues from a business perspective. Our business practice is oriented toward professionals in financial distress, business debtors, tax claims, landlords, secured claims, as well as bankruptcy litigation including dischargeability issues, fraudulent conveyances, preference actions and motions to lift the automatic stay.
Get Started On Meaningful Debt Relief
Our experienced lawyers are committed to excellence. To learn how our deep knowledge of the law and business issues can help you to protect your financial future, we invite you to call 888-341-0651 or send us an email now to request a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.