Find a Bankruptcy Lawyer in Battle Creek, Michigan

Find the right Bankruptcy attorney in Battle Creek, MI

In Battle Creek, Michigan, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally cleared, 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. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are really unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, it might be a good idea to consult with a Battle Creek, Michigan bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Battle Creek could prove invaluable.

Types of Bankruptcy in Battle Creek, Michigan

There are three basic bankruptcy schemes that are most commonly used in Battle Creek: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Battle Creek, 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. Numerous 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 popular bankruptcy system in Battle Creek is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their arrangement with the debtor. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Battle Creek Bankruptcy Lawyer Help?

The need to examine all the options and consider the costs and benefits of filing for bankruptcy in Battle Creek cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Battle Creek bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Battle Creek

Battle Creek is located in Calhoun County, Michigan. Per the 2010 census, 52,347 call people call Battle Creek home. The city's nickname is "Cereal City" because the Kellogg Company headquarters and corporate location of Post Cereals is in Battle Creek. Also, Battle Creek is the third largest city in Michigan, after Detroit and Grand Rapids.

The city's largest employers include Kellogg, Harte-Dole-Inouye Federal Center, Denso, Battle Creek Health System, Battle Creek VA Medical Center, the school district, ASMO Manufacturing, and the Michigan Air National Guard. To support these employers, as well as residents, Battle Creek is also home to law firms that train excellent attorneys who focus on providing the best legal services.

Some great sites to check out in Battle Creek is the Bailey Park C.O. Brown Stadium, Binder Park Zoo, Firekeepers Casino, Full Blast Outdoor Water Park, W.K. Kellogg Manor House, Kimball House Museum, Kingman Museum and Planetarium, Leila Arboretum, Linear Park, and Willard Beach and Park.

Overall, Battle Creek is a wonderful place to live and visit!

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