Financial problems can cause strain in all areas of your life. Bankruptcy can be a way to rebalance your life.
Take the right steps
Getting out of financial trouble is easier than you think. By taking the right steps you'll get back on solid financial ground in no time.
The Right Help Makes All the Difference
Working with experienced and reliable attorneys can make the bankruptcy process smooth and as beneficial as possible for you. Call us today for a consultation.
Tying Up Loose Ends
Bankruptcy is a way to make sure your creditors no longer have power over your life. Let us help you get back in control.
Are you overwhelmed with debt? Do you feel there is no way out of your financial crisis? If you answered yes to either of these questions, you are not alone. Millions of Americans are facing financial ruin due to loss of income, large medical bills and lawsuits. By contacting a Grand Rapids bankruptcy lawyer, you can eliminate your debt and get a fresh start!
Why People File Bankruptcy
In most cases, personal bankruptcy is filed when a persons debt is too large to be paid by the person’s income. If your monthly payments are too high and you cannot make your payments on time or at all, you certainly are not going to qualify for a better interest rate loan to reduce your debt, so what do you do? Bankruptcy is the option that many people are left with and an experienced Grand Rapids bankruptcy lawyer can help.
Is There More Than One Bankruptcy Option?
Yes! There are several bankruptcy options that can be discussed with our attorneys. The most common bankruptcy filings are Chapter 7 and Chapter 13 and each has its own unique way to battle your overwhelming debt.
Chapter 7
Under Chapter 7, most debt is eliminated, wiped clean and you do not have to repay a dime. If you have large assets they may be subject to liquidation to help pay the debts. If you do not include the items you want to keep and can afford to keep them (such as your home and vehicles), then they are not at risk. This is a great option for someone who has lost their income and is unable to repay their debts.
Chapter 13
If you have large items such as homes or vehicles that you would like to save but are just behind on payments, this could be a good option is for you. Chapter 13 allows you to work out a payment plan with each of your creditors with supervision from the Court; you will then have that payment consolidated into one affordable monthly payment.
Eric Cantor, the House Majority Leader, had come out in opposition to states filing for bankruptcy. Cantor said the states should not expect Washington to fix their financial problems.
House Majority Leader Eric Cantor said Monday that he opposes changing the law to allow fiscally pressed states to seek bankruptcy protection, an idea that has been raised by some conservatives.
Speaking to reporters, Cantor (R-Va.) also said state governments should not expect Washington to solve their fiscal problems. States have the ability to balance their books by cutting spending, raising taxes or renegotiating agreements with labor unions, he said. “There will not be a federal bailout of the states,” Cantor said.
With many states facing short-term budget problems as well as the heavy long-term burden of the costs of employee pensions and retiree health benefits, some policy analysts have suggested that states should be allowed to seek bankruptcy.
Currently, cities, companies and individuals are allowed to file for bankruptcy, a legal protection that temporarily frees them from fiscal obligations and allows them… continue reading
Summit Business Media has filed for Chapter 11 bankruptcy protection. The company wants to cut its debts in half.
Summit Business Media has joined the ranks of publishers seeking to reorganize and slash debt through a voluntary Chapter 11 bankruptcy.
The reorganization plan, which received approval from 83 percent of Summit’s lenders (less than 100 percent approval forced Summit to go through the courts), will cut outstanding debt obligations by half, or $135 million. Summit expects to emerge from Chapter 11 in the first half of 2011.
If the plan is approved, Summit will use its bank balances (currently more than $10 million in cash) and cash flow from its existing operations to meet working capital needs. The company says any pre-filing advertising, subscription and event contracts will be honored. Lenders have also agreed to offer a debt-in-possession credit facility of $5 million to support the company’s additional working capital needs.
“Summit Business Media is a fundamentally sound and profitable company,” said president and CEO Andrew Goodenough in a statement. “We believe that Summit is well-positioned to take… continue reading
