Washtenaw County Bankruptcy Attorney

Bankruptcy Attorneys in Ypsilanti, Michigan

When times get tough and your financial situation seems overwhelming, you may feel like all hope is lost. However, there are a number of options that should be taken into consideration, including bankruptcy. Whether you are a consumer or a business, bankruptcy can be the first step to financial success, allowing you to get a fresh start. With so much to consider, it is important to have an experienced team of bankruptcy attorneys on your side. Collis & Griffor has 30 years of combined experience assisting clients in Washtenaw County and throughout southern Michigan, as they navigate the bankruptcy process. If you need a legal team you can count on, contact Collis & Griffor today to schedule a consultation.

Types of Bankruptcy

There are many different options that should be considered when it comes to filing for bankruptcy. Of course, it all depends on your particular situation. A skilled attorney from Collis & Griffor would be happy to assess your financial situation and determine whether bankruptcy is necessary, and if so, which form of bankruptcy best fits your circumstances. Some of the different forms of bankruptcy that we have experience handling include the following:

Chapter 7 Bankruptcy: This is a form of consumer bankruptcy that allows you to discharge most of your debts, such as credit card debt, medical debt, and other personal debt (excluding student loans and tax debt). It is commonly referred to as liquidation. You are permitted to keep some of your assets thanks to homestead exemptions and automobile exemptions, depending on the equity value. You may be required to take a bankruptcy means test to determine if you are eligible for Chapter 7.

Chapter 11 Bankruptcy: This form of business bankruptcy is considered a “reorganization” of a business’s debts. The primary goal is to allow the business to keep its doors open and earning income while restructuring debt to make it more manageable. A portion of the debt will be paid off and the rest will generally be eliminated.

Chapter 13 Bankruptcy: This is another form of consumer bankruptcy, typically assigned to people who earn more than the average family income in the county where they live. This allows you to come up with a 3 or 5-year repayment plan where you catch up on your payments. After the payment plan is completed, your remaining debt will be discharged. Chapter 13 allows you to keep the majority of your assets.

The Automatic Stay

As soon as an individual or business files for bankruptcy, the automatic stay goes into effect. It provides a variety of benefits for debtors as they sort out their financial issues and pursue their bankruptcy options. Some of the protections provided by the automatic stay include:

  • A barrier between the debtor and creditors because no collection efforts are permitted to take place while the automatic stay is in effect.
  • Immediate relief because the automatic stay begins promptly upon filing for bankruptcy. This protection exists until the bankruptcy proceedings have been finalized, which could last several years, in some cases.
  • The automatic stay effectively bars all communication efforts from creditors. They will not be permitted to call the debtor, file lawsuits, make threats, or attempt any other sort of contact during this time.
  • The automatic stay can stop a foreclosure in its tracks and allow the petitioner to keep their home, even if the foreclosure sale was supposed to occur the very same day.

Contact a Washtenaw County Bankruptcy Attorney

If you are facing an uncertain financial future, it is important to consult with an experienced bankruptcy attorney who can assess your situation and help you move forward. At Collis & Griffor, we are proud to help individuals, families, and businesses get a clean slate so they can find fiscal success in the future. To discuss your situation with a legal team that cares, contact Collis & Griffor today.

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