Find a Bankruptcy Lawyer in Waterford, Michigan

Find the right Bankruptcy attorney in Waterford, MI

In Waterford, 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. Bankruptcy should be treated as an option of last resort, and should not be viewed as a fitting 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 receive 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 Waterford, 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 Waterford bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Waterford, Michigan

In Waterford, 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 Waterford, Michigan will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other form of bankruptcy most frequently used in Waterford is Chapter 13. It allows a person to pay off their debt over a extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. 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.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Waterford Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Waterford

The beautiful city of Waterford, Michigan is the third largest township in the state of Michigan with just over 73,000 residents. The self-proclaimed "Lakeside Paradise" is located in Oakland County Michigan and was established in 1834. Waterford is a city that has a lot to offer both residents and visitors alike. The city of Waterford is located in Oakland County, and its central location makes it a very easy city to live in. Wateford is located on 35.3 square miles and has lots of parks, trails, and other activities for people to enjoy. Additionally, the Oakland County International Airport is located in Waterford, making for easy access in and out of the city of Waterford.

Waterford has a thriving professional community with many talented doctor, lawyers, accountants, and businessman working in various capacities. Waterford lawyers are some of the best in the business, and many come from the University of Michigan Law School and settle to practice in Waterford. Whatever the legal issue is, a Waterfod lawyer is available to help!

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