For example, a housekeeping business filing Chapter 11 bankruptcy might increase its rates slightly and offer more services to become profitable. Chapter 11 bankruptcy allows a business to continue conducting its business activities without interruption while working on a debt repayment plan under the court's supervision. In rare cases, individuals can file Chapter 11 bankruptcy.
Our Michigan Bankruptcy Lawyers represent individual and small business debtors in Chapter 7 and Chapter 13 bankruptcy cases, in all in all counties that are within the United States Bankruptcy Court for the Eastern District of Michigan including Detroit, Ann Arbor, Allen Park, Albion, Lincoln Park, Brighton, Howell, Saline, Monroe, Blissfield, Romulus, Southgate, Wyandotte, Livonia, Dearborn, Westland, Lansing, Hamtramck, Livonia, Canton, Redford, Lincoln Park, Taylor, East Lansing, Okemos, Warren, Sterling Heights, Roseville, Eastpointe, Battle Creek, Oak Park, Hillsdale, Inkster, Ferndale, Hazel Park, Whitmore Lake, Plymouth, Farmington, Trenton, Flat Rock, Tecumseh, Clinton, Chelsea, Novi, Garden City, Westland, Northville, South Lyon, Milan, Brooklyn, Melvyndale, Ecorse, Belleville, Canton, Wayne County, Ingham County, Washtenaw County, Monroe County, Macomb County, Livingston County, Shiawassee County, Clinton County, Eaton County, Calhoun County, Branch County, Hillsdale.  The information contained herein is not legal advice. Any information you submit to us may not be protected by attorney-client privilege. All or some photos shown depict models and may not be actual attorneys or clients.  We are expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this website. We reserve the right , at our sole discretion, to change, suspend, or discontinue all or any part of this website or the content at any time without prior notice or liability.  An attorney responsible for the content of this Site is M. Zaher, Esq., licensed in the State of Michigan with offices at 18551 W. Warren Ave., Detroit, MI. 48228
Bankruptcy is the legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.
Before a consumer may obtain bankruptcy relief under either Chapter 7 or Chapter 13, the debtor is to undertake credit counselling with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13. Some studies of the operation of the credit counseling requirement suggest that it provides little benefit to debtors who receive the counseling because the only realistic option for many is to seek relief under the Bankruptcy Code.[45]

In Brazil, the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with the exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies.


There are two alternative systems that can be used to "exempt" property from a bankruptcy estate, federal exemptions[38] (available in some states but not all), and state exemptions (which vary widely between states). For example, Maryland and Virginia, which are adjoining states, have different personal exemption amounts that cannot be seized for payment of debts. This amount is the first $6,000 in property or cash in Maryland,[39] but normally only the first $5,000 in Virginia.[40] State law therefore plays a major role in many bankruptcy cases, such that there may be significant differences in the outcome of a bankruptcy case depending upon the state in which it is filed.
How to File for Chapter 7 Bankruptcy provides clear, user-friendly information and all the forms you need to get through the entire bankruptcy process. The book and the local resources you'll find on LegalConsumer.com are a perfect combination. The book is designed to work with LegalConsumer.com's means test calculator and lists of Pennsylvania exemption laws, which determine what property you'd get to keep in bankruptcy.
Our Arizona bankruptcy lawyers understand that clients deserve more attention and hands on time from their bankruptcy attorney. Many large bankruptcy firms are unable to dedicate their time due to high volume. At The My Arizona Lawyers, our clients are given ample time and opportunity to address all questions and concerns they have with their bankruptcy practitioner as we offer Free (1) one hour consultations. We will not hurry you out the door!  Our Arizona bankruptcy attorneys offer flat fees for bankruptcy, we don’t ‘nickel and dime’ you.
If you plan to file for Chapter 7, you might qualify for a fee waiver if your income is within 150% of the federal poverty guidelines. Otherwise, you might be able to pay the fee in up to four installments. To apply for either, you’ll complete and submit the official request forms along with your initial bankruptcy petition. The court will notify you if the judge approves the waiver or installment arrangement.

When a debtor receives a discharge order, he is no longer legally required to pay any of the debts on that order. So, any creditor listed on that discharge cannot legally undertake any type of collection activity (making phone calls, sending letters) against the debtor once the discharge order is enforced. Therefore, the discharge absolves the debtor of any personal liability for the debts specified in the order.


A good way to approach the decision of whether to hire a lawyer is to buy (and read) Nolo's book How to File for Chapter 7 Bankruptcy. It will give you a good idea of what issues may arise when you file, and flags specific situations when a lawyer's help is called for. It will also give you a good idea of whether the filing process seems to complicated for you.
If you plan to file for Chapter 7, you might qualify for a fee waiver if your income is within 150% of the federal poverty guidelines. Otherwise, you might be able to pay the fee in up to four installments. To apply for either, you’ll complete and submit the official request forms along with your initial bankruptcy petition. The court will notify you if the judge approves the waiver or installment arrangement.

A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well."[7]


Debtors do not necessarily have the right to a discharge. When a petition for bankruptcy has been filed in court, creditors receive a notice and can object if they choose to do so. If they do, they will need to file a complaint in the court before the deadline. This leads to the filing of an adversary proceeding to recover monies owed or enforce a lien.
The Arizona bankruptcy attorneys at My AZ Lawyers, our Mesa, Arizona based bankruptcy law firm believes in affordable, stress-free bankruptcy representation. The dedicated Arizona bankruptcy attorneys in Mesa pledge to give each client compassionate, aggressive, non-judgmental representation while filing for chapter 13 bankruptcy, filing an emergency bankruptcy or filing chapter 7 bankruptcy in Arizona. 

Chapter 9: This applies only to cities or towns. It protects municipalities from creditors while the city develops a plan for handling its debts. This typically happens when industries close and people leave to find work elsewhere. There were 20 Chapter 9 filings in 2012, the most since 1980. Detroit was among those filing in 2012, and is the largest city ever to file Chapter 9. Detroit’s GDP shrunk by 12.2% in the 10 years prior to declaring bankruptcy. The average major metro growth in that time was 13.1%.

The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7, known as a "straight bankruptcy" involves the discharge of certain debts without repayment. Chapter 13, involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income.[43][44] As many as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases.


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After meeting with a bankruptcy lawyer, you can expect to feel a great sense of relief (it’s wonderful knowing that a solution is in sight) and want to get the process started. Many people who don’t have the funds turn to friends and family—and sometimes even employers—and find most understanding when it comes to a request for help with bankruptcy fees. It’s likely because it’s cheaper to help someone fix a financial problem once and for all, rather than to help out on an ongoing basis.
If you're trying to figure out if you should file, your credit is probably already damaged. A Chapter 7 filing will stay on your credit report for ten years, while a Chapter 13 will remain there for seven. Any creditors you solicit for debt (a loan, credit card, line of credit, or mortgage) will see the discharge on your report, which will prevent you from getting any credit.
The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy, bankruptcy manager). At various stages of bankruptcy, he must be determined: the temporary officer in Monitoring procedure, external manager in External control, the receiver or administrative officer in The economic recovery, the liquidator. During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations.
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