Find a Bankruptcy Lawyer in Westland, Michigan

Find the right Bankruptcy attorney in Westland, MI

In Westland, 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 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 a good idea to talk with an experienced bankruptcy lawyer in Westland, Michigan. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Westland bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Westland, Michigan

There are 3 bankruptcy schemes that are normally used in Westland: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Westland, Michigan are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most commonly used in Westland is Chapter 13. It allows a person to pay off their debt over a longer 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 available to individuals, Chapter 11 bankruptcy is mostly 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 proposed, 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 usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Westland Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Westland 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 Westland bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Westland

Westland, Michigan is located in Wayne County just about 16 miles away from the city of Detroit. It has a budding population of over 86,000 residents. The city had its humble beginnings in the 18th century as a prime location for mill industries.

Currently, Westland is an ideal location for persons seeking employment and residential opportunities. Its location near Detroit makes it an excellent place for commuters to live and engage in retail and commercial activity. For example, the Westland Shopping Center is located in the city. The Shopping Center has over 100 stores that shoppers can choose from. As an "All-American City", Westland also has an abundance of recreational and dining opportunities throughout the city.

Westland is presently invested in preserving its historical roots. Recently in 2009 the city received a grant through the Neighborhood Stabilization Program. The grant was in the amount of over million and will be used for restoring historic districts.

Many Westland, Michigan lawyers belong to several bar associations, including the Detroit Metropolitan Bar Association. Membership in multiple bars allows lawyers in Westland to serve their community with a more thorough legal perspective. Most Westland claims are heard in the 18th District Court of Michigan, which was recently renovated to promote more efficient court operations.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY

Gotham Light