Flint Bankruptcy Attorney in Michigan
If you find yourself in financial distress, an experienced bankruptcy attorney can help you avoid unnecessary problems and implement solutions quickly. George E. Jacobs & Associates is a Michigan bankruptcy law firm, and our Flint bankruptcy attorneys have helped clients resolve financial problems for more than two decades.
We use the Eastern Michigan Bankruptcy Court to file bankruptcy for Flint residents. The Eastern Michigan Bankruptcy Court has courts located in three Eastern Michigan cities, including Flint, which has a bankruptcy court within the downtown area.
Types of bankruptcy
Based on the nature of your financial problems, our bankruptcy attorneys in Flint MI may suggest one of the following forms of bankruptcy:
- Chapter 7 bankruptcy. The most commonly used form of bankruptcy for individuals and businesses that are closing their doors.
- Chapter 13 bankruptcy. The second most commonly used form of bankruptcy, called the wage earner’s bankruptcy and only for individuals with stable income.
- Chapter 11 bankruptcy. Bankruptcy used by businesses that wish to reorganize, stay in operation, and devise a plan to pay off debt.
- Chapter 12 bankruptcy. Bankruptcy used by family farmers or fishermen who have a stable annual incomes and can plan to pay off all or part of their debts.
- Chapter 15 bankruptcy. Bankruptcy used to deal with insolvency involving parties in other countries.
Common terms encountered during bankruptcies
Bankruptcy is a highly specialized area of law containing many legal terms. Your Flint bankruptcy attorney can explain terms you encounter, such as the following:
- Objection to claim is an action your lawyer can take against a claim and involves a hearing where the claimant must prove its claim.
- Proof of claim is a form that creditors file containing information to support their claims against debtors.
- Priority claims take priority and debtors must pay these claims before other claims. Examples of priority claims are tax claims, domestic support obligations (child support, spousal support), or employee claims against a business that filed bankruptcy.
- Selling claims is an action that most frequently occurs during a Chapter 11 where creditors can sell claims to professional claims traders. The sale transfers the value of the claim to the purchaser.
If you have questions, an experienced bankruptcy attorney can guide you through the steps for bankruptcy.
Contact a Flint bankruptcy attorney
Contact the Flint Bankruptcy attorneys of George E. Jacobs & Associates to set up a free initial consultation.