Find a Bankruptcy Lawyer in St. Clair Shores, Michigan

Find the right Bankruptcy attorney in St. Clair Shores, MI

In St. Clair Shores, Michigan, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, 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 proper 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 St. Clair Shores, 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 St. Clair Shores bankruptcy attorney cannot be substituted.

Types of Bankruptcy in St. Clair Shores, Michigan

In St. Clair Shores, Michigan, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in St. Clair Shores, Michigan will be similar 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. Varied 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 St. Clair Shores 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 contract with the debtor. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a St. Clair Shores Bankruptcy Lawyer Help?

Filing for bankruptcy in St. Clair Shores is a very important decision, and should not be made lightly. Before filing, one should consult with a good St. Clair Shores bankruptcy attorney for help.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in St. Clair Shores

St. Clair Shores is a suburb along Lake Saint Clair. Specifically, it is in Macomb County and is about 13 miles northeast of downtown Detroit.

After World War II the area grew from a small resort community along Lake Saint Clair to a decent sized suburb. Per the 2010 census, its population is 59,715 people.

The city is well-known because every Memorial Day, it is host the the Memorial Day Parade. Also, Michigan residents know the area well because of the "Nautical Mile" site. This site is a strip of Jefferson Avenue between Nine Mile and 10 Mile roads, and is home to retail stores, boat dealers, good restaurants and cafes, and marinas. Basically, it is a popular site for residents and tourists to visit.

Many may not know, but St. Clair is where the Miss America Organization is located. Other popular attractions include Car City Records and Crows Nest East.

There are also attorneys in this area that are able to provide legal services to residents in need.

All in all, St. Clair Shores is a wonderful place to live and visit!

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