Bankruptcy laws were put into place to help people who can no longer pay their creditors get a fresh start; either by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect businesses that are in trouble financially and provide for orderly distributions to business creditors by way of either reorganization or liquidation.
Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Our Metro Detroit bankruptcy attorneys can help guide you through the process of filing for Chapter 7 bankruptcy.
Chapter 7: Liquidation Under the Bankruptcy Code
The chapter of the Bankruptcy Code providing for “liquidation,” ( i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.)
If you need assistance in filing for Chapter 11 or Chapter 13 bankruptcy, we would be more than happy to refer you to an attorney who can assist you in these matters.