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2425 South Linden Road, Flint, Michigan 48532

Fenton Bankruptcy Attorney in Michigan

Filing bankruptcy requires meeting qualifications and following the rules outlined by the U.S. Bankruptcy Code. Our Fenton bankruptcy attorneys at George E. Jacobs & Associates can guide you through the process, step by step, ensuring all legal requirements are met.

We extend our bankruptcy services to clients who reside in Fenton, which mostly lies within Genesee County, Michigan. Bankruptcy for Fenton residents falls within the Eastern Michigan Bankruptcy Court jurisdiction. The closest bankruptcy court for filing bankruptcy petitions is in Flint.

Bankruptcy chapters available to debtors

The U.S. Bankruptcy code offers different bankruptcy chapters to debtors based on their financial circumstances, including:

Recent changes in the Bankruptcy Code

In 2005, Congress made changes in the Bankruptcy Code that stiffened requirements for filing bankruptcy. The changes disqualified some debtors from filing Chapter 7, a form of bankruptcy allowing assets liquidation to pay off debts and get a fresh start. While previously, income was not a factor in filing Chapter 7, the new law prevented debtors with certain income levels and ability to pay off debt from filing Chapter 7. It also set debt limits for filing Chapter 13.

Under current bankruptcy rules, bankruptcy courts compare debtors’ incomes with the median income of other residents in their state and when  incomes are less than the median income, debtors qualify for Chapter 7. However, debtors with higher income than the median must pass a means test which involves more calculations for qualification.

Yet, despite new restrictions, bankruptcy filings during recent years have increased. According to the U.S. Courts, more than 1.5 million individuals filed bankruptcy in 2010, which was an increase of 9 percent over 2009. Approximately 71 percent of debtors filed Chapter 7 and 28 percent filed Chapter 13.

A Fenton bankruptcy lawyer at our firm can help you determine whether you are eligible to file bankruptcy under Chapter 7 or Chapter 13. We also point out the advantages of each based on your debt situation and explain all the factors involved so you can make informed decisions. Our attorneys have extensive experience and care about helping you get rid of debt so you can regain a healthy financial footing.

Discuss your options with an experienced Fenton bankruptcy attorney

Contact the Fenton Bankruptcy attorneys of George E. Jacobs & Associates to set up a free initial consultation.