Ann Arbor Chapter 7 Bankruptcy for Businesses

Ypsilanti business bankruptcy firm serving Ann Arbor & Washtenaw County

Quality legal representation

Chapter 7 bankruptcy filing is a strategy for eliminating debt.  Many are mistakenly under the impression that filing for Chapter 7 in Ann Arbor, Ypsilanti and throughout Michigan is an option only available to individuals. Yet in fact, it is an option available to businesses as well.  The Law Offices of John R. Bailey have more than 15 years of experience, aiding countless small businesses facing business bankruptcy in Ypsilanti to successfully file for Chapter 7 bankruptcy.

Chapter 7 in Ann Arbor & Ypsilanti

Advice for businesses filing

Though a company owner may feel a sense of shame in considering business bankruptcy in Ann Arbor,Ypsilanti or throughout Michigan he or she should know two things—

1. Both B2C and B2B bankruptcy in Ann Arbor and throughout Michigan are more common than one might assume, especially since the onset of the current financial recession
2. We encourage clients who are facing B2C or B2B bankruptcy in Ypsilanti and Ann arbor to think of this time as an opportunity to regroup—to learn from the experience and turn that knowledge into future success. Even if your business ultimately cannot salvaged, the knowledge you have gained from this process makes you far better prepared to run another business than someone who is starting out for the first time.

When we meet with you to discuss your options for an Ann Arbor Chapter 7 bankruptcy filing, we can share with you success stories from current and previous business clients who have experienced bankruptcy and turned it into success.

Ann Arbor B2B bankruptcy

What to expect

In an Ann Arbor or Ypsilanti business bankruptcy Chapter 7 case, whether an Ypsilanti B2B bankruptcy or B2C, here are things the business filing should normally entail:

• A trustee will be appointed to take possession of the business property
• About 20-40 days after filing, a first meeting of creditors, known as the 341 meeting, will be held in which the trustee questions you about company assets and liabilities, and the company's income and expenses, and your creditors may attend the meeting to inquire about your company's financial condition
• If the company has no assets, the case usually closes in 12 to 16 months
• If the company has assets, the case takes longer, as the trustee must collect and sell the company assets before he or she can distribute the proceeds to your creditors

Individuals experiencing Ann Arbor or Ypsilanti Chapter 7

If you are personally experiencing hardships and considering the need to file for Chapter 7, trust the Ann Arbor or Ypsilanti bankruptcy lawyer, John R. Bailey.  We get the results you need in your bankruptcy case.  We stop the harassment you are enduring:

Ypsilanti business bankruptcy?

Get help today

When you need a bankruptcy law firm with deep experience in helping individuals filing personal bankruptcy and businesses file for Chapter 7 bankruptcy in Ann Arbor or Ypsilanti, Contact the The Law Offices of John R. Bailey.  Serving counties of Washtenaw, Wayne, Oakland, Monroe, Lenawee & Livingston.