Washtenaw County Bankruptcy Attorney

Chapter 7 Bankruptcy

The financial model of a Chapter 7 is similar to the financial model employed when someone dies; when someone dies all their property goes into a "decedent estate." The estate has an officer called a personal representative. The personal representative pays the administrative expenses of the estate (such as burial, funeral , taxes, etc.) and distributes the remaining property to the heirs and devisees of the estate.

Chapter 11 Bankruptcy

Chapter 11 is primarily used by businesses but is available to individuals as well. It is called reorganization. The idea of Chapter 11 is to formulate a plan of reorganization that is acceptable to both the Debtor and the Creditors and to implement such a plan.

Chapter 13 Bankruptcy

The emphasis on Chapter 13 is not on recovery of your property but on your budget and your ability to make regular payments to a Trustee for disbursement to your creditors. One important condition in a Chapter 13 is that the creditors must fare at least as well as they would have had the Debtor filed a Chapter 7 liquidation case (but note, what the Creditors recover in a Chapter 13 will be over 3 to 5 years, not within months, like in a Chapter 7). There are debt limits on a person's ability to be in Chapter 13.

Pre-Filing Credit Counseling

With some rare exceptions, every individual who wishes to file for bankruptcy relief must complete a Pre-Filing Credit Counseling course. This can be completed over the internet in the privacy of your own home and takes about 2 hours.

Post-Filing Debtor Education

At any time after your file your case but before 60 days pass after your meeting of creditors you must, in order to receive your discharge, take a Post-Filing Debtor Education course. If you fail to do so, your case will be closed without a discharge and it will be expensive to re-open your case to get your discharge.

Same Sex Marriage and Bankruptcy

On February 8, 2014 the Attorney General of the United States announced that the United States Trustee program will recognize the legitimacy of joint bankruptcy filings of same sex married couples who have been legally married in any jurisdiction that recognizes said marriages whether or not the couple currently resides in a state that recognizes said marriages.

The Meeting of Creditors

Twenty-one to forty days after your bankruptcy petition is filed there will be the First Meeting of Creditors (often referred to as the 341 Meeting). Often, honest Debtors stress over the anticipation of this meeting when they do not have to.

Common Myths About Bankruptcy

Learn common myths and missunderstandings about bankruptcy.

Bankruptcy FAQs

“We are a debt relief agency. We help people file for relief under the Bankruptcy Code.” What are the different types of bankruptcy?  There are two main types of consumer bankruptcy – Chapters 7 and 13 (there are others that are beyond the scope of this FAQ).  Chapter 7 allows for all of your debts (with...

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10.0Guy Thomas Conti
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