Find a Bankruptcy Lawyer in Grand Rapids, Michigan
In Grand Rapids, Michigan, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).
Therefore, it is prudent to consult with an experienced Grand Rapids, Michigan bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Grand Rapids bankruptcy attorney cannot be substituted.
Find a Grand Rapids Lawyer that Specializes in Your Area of Need:
Types of Bankruptcy in Grand Rapids, Michigan
There are three basic bankruptcy schemes that are most commonly used in Grand Rapids: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Grand Rapids, Michigan will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other commonly-used bankruptcy system in Grand Rapids is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
A major advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a Grand Rapids Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Grand Rapids is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Grand Rapids bankruptcy attorney.
There are 225 Bankruptcy, Banking and Credit cases posted in Grand Rapids
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest MI Cities
Life in Grand Rapids
Grand Rapids, MI is a city serving as the county seat of Kent County. It is a fairly large city, with a population of slightly under 200,000 people.
Human habitation of the area now known as Grand Rapids can be traced back at least 2,000 years, when elements of the Hopewell Culture (a large group of tribes which extended from Canada down the Southeastern U.S., which developed cultural similarities through centuries of trade) lived in the area. By about 1700AD, the Ottawa Indians had moved into the area, and established a permanent presence. Europeans first reached Grand Rapids in the early 1800s, with the first settlers being missionaries and fur traders.
In the early 20th Century, Grand Rapids, Michigan became known as "the furniture city" due to its large natural supply of lumber, which lead many famous furniture manufacturers and designers to set up shop there. Modernly, furniture and automotive industries still maintain a presence in Grand Rapids, Michigan. However, their presence has gradually waned over the past decades.
If you live in Grand Rapids, Michigan, and need a good attorney, chances are good that you can find one. Grand Rapids, Michigan lawyers are very qualified to handle virtually any case that comes into their door.
