Ann Arbor - Ypsilanti Bankruptcy Law Firm
JRB Law PLLC is a Debt Counseling Agency
At JRB Law Offices, we are very sympathetic to your emotion and will help you get going on the process. John R. Bailey gets the results you need in your bankruptcy case and stops the harassment you are enduring:
- Lawsuits Filed
- Collection notices sent
- Credit cards denied
- Wages garnished
- Car repossessed
- Tax liens assessed
- Utilities shut off
- Home in foreclosure
Quality legal representation Chapter 7 and Chapter 13 Bankruptcy Filings
When you retain JRB Law Offices, we will handle your case personally. Our firm keeps you informed about the status of your bankruptcy petition and offer affordable rates because we understand your difficulties.
If you are personally experiencing hardships and considering the need to file for Chapter 7 or Chapter 13, JRB Law Offices will get the results you need in your bankruptcy case. Our firm has helped countless clients get the bankruptcy protection results they needed.
End Annoying Calls from Creditors and Collection Agencies
Once we file your bankruptcy case, your creditors are legally required to stop all collection action against you. If the creditor still continues to collect once the bankruptcy case has been discharged by a Trustee, you may be entitled to take legal action against it with bankruptcy litigation.
Chapter 7 Bankruptcy Protection
Michigan Chapter 7 and Business Bankruptcy
A Chapter 7 bankruptcy filing is a strategy for eliminating unsecured debt. We handle Chapter 7 bankruptcy for individuals and small businesses in Michigan.
In a Chapter 7 bankruptcy, certain assets are exempt from liquidation and cannot be taken from you. In Michigan, you can choose between the Michigan exemptions and the federal exemptions. We will help you decide which scenario best fits your needs.
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. JRB Law Offices have 26 years of experience, aiding countless small businesses facing business bankruptcy to successfully file for Chapter 7 bankruptcy.
Though a company owner may feel a sense of shame in considering business bankruptcy, he or she should know two things:
- Both B2C and B2B bankruptcy throughout Michigan are more common than one might assume, especially since the onset of the current financial recession.
- We encourage clients who are facing B2C or B2B bankruptcy 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 be salvaged, the knowledge you have gained from this process makes you far better prepared to run another business than someone who is starting a business for the first time.
- When we meet with you to discuss your options for a Chapter 7 business bankruptcy filing, we can share with you success stories from current and previous business clients who have experienced bankruptcy and turned it into success.
Get Help Today
When looking for bankruptcy lawyers, put your trust in JRB Law Offices to be certain that you are working with an experienced, local, proven, and affordable bankruptcy law firm. Contact us to schedule a free consultation.
Chapter 13 Bankruptcy protection
Michigan Chapter 13 and Personal Bankruptcy
Chapter 13 protection arranges for you to propose repayment plans spread out over three to five years. During this time, the law forbids creditors from starting or continuing collection efforts against you.
Our law firm may recommend Chapter 13 bankruptcy as an alternative to Chapter 7 bankruptcy. Chapter 13 is a personal debt reorganization plan which allows you to consolidate and reduce your debts. You typically have a better chance of avoiding foreclosure if you are able to file Chapter 13.
A Chapter 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts over three to five years.
Advantages of Chapter 13 bankruptcy filing
While Chapter 7 is essentially the liquidation of your assets, Chapter 13 offers individuals filing for personal bankruptcy the chance to save their homes from foreclosure by stopping foreclosure proceedings and possibly even curing delinquent mortgage payments over time. Chapter 13 allows you to reschedule secured debts and extend them over the life of the Chapter 13 plan, which may lower payments.
To be approved for Chapter 13 bankruptcy, you must demonstrate that you will be able to pay back your debts under a structured repayment plan. You need to have the following:
- A reliable source of income for three to five years
- Enough money left over to make your payments after covering your basic needs
Chapter 13 qualification also requires that you fall within certain debt limits:
Unsecured debts of less than $336,900
- Credit card balances
- Medical bills
Secured debts of less than $1,010,650
- Car loans
If I file Chapter 13, what are my creditors’ rights and responsibilities?
When you file, you include a proposed pay-off plan for priority claims against you in full. Once the bankruptcy court appoints a trustee who approves your plan, your creditors receive a copy of the plan. They have the right to accept or reject it. If approved you make monthly payments to the bankruptcy trustee who distributes the funds to your creditors according to plan.