Find a Bankruptcy Lawyer in Flint, Michigan

Find the right Bankruptcy attorney in Flint, MI

In Flint, 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 begin 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 heavily 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 Flint, 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 Flint could prove invaluable.

Types of Bankruptcy in Flint, Michigan

In Flint, Michigan, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Flint, Michigan will be very similar to those in any other part of the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other typical bankruptcy scheme used by consumers in Flint is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Flint Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Flint is not one to be made easily, and it definitely should not be made without first obtaining the advice of an efficient Flint bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Flint

If anyone has seen the documentary on GM by Michael Moore titled Roger Me, they will recognize Flint, Michigan. Flint is the birthplace of General Motors.

Flint is located 66 miles from Detroit, is the seventh largest city in Michigan, and is home to approximately 102,434 people.

Popular attractions in Flint include the Flint Children's Museum, the Flint Institute of Arts, Longway Planetarium, Sloan Museum, Crossroads Village Huckleberry Railroad, and the Whaley House Museum.

Transportation is the largest industry in Flint. To serve this industry, attorneys in and around Flint are capable of handling legal matters that corporations in Flint, as well as residents, need resolved.

Overall, Flint is a homely town with down-to-earth, hard-working residents. Although Flint is a small area, the legal force around Flint and in Michigan is quite capable of handling the legal matters of Flint residents.

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