In today’s tough economic times, more people than ever are finding themselves struggling with mortgage payments, medical and credit card bills and other financial obligations. Now, for the first time, many are giving serious consideration to filing for bankruptcy.
At Damon, Ver Merris, Boyko & Witte, PLC, a debt relief agency, we work with clients who are struggling with debt. If you are considering bankruptcy as a debt relief option, we will explain your options and provide you with honest advice regarding your situation. For more information, contact us.
Is Bankruptcy My Best Option?
Bankruptcy is not for everyone. Our lawyers will be honest with you and help you determine if bankruptcy is your best option.
First, we will seek to understand your goals: Are you looking to stop foreclosure, repossession or wage garnishment? Do want to stop harassing creditor calls? Next, we will help you explore alternatives:
Negotiating with creditors
Most importantly, our attorneys will provide you with honest answers to your questions regarding your case. Unlike many law firms that will advocate for only one option — we will help you determine the debt relief option that is best for you.
Types of Personal Bankruptcy
We take great pride in helping clients explore their debt relief options under the bankruptcy code including:
Chapter 7: Commonly referred to as a “liquidating proceeding,” Chapter 7 eliminates liability on most individuals’ debts. Despite the name, in most cases, no assets are sold and no payments are made to a Trustee.
Chapter 13: Commonly referred to as “a wage earner plan,” Chapter 13 involves making payments to creditors through a Trustee under a structured repayment plan over a period of 3 to 5 years. After completion of a Chapter 13 Plan most debts are discharged.
An individual with mostly consumer debts is required to engage in means based testing in order to determine eligibility for filing under a particular Chapter of the Bankruptcy Code. Through this test, the court looks at an individual’s income level, the amount of debt, living expenses, dependents, county of residence, and other factors. From there, the court determines whether an individual is eligible for relief under Chapter 7 or Chapter 13 bankruptcy.
Sometimes, after a case is filed, you may receive a letter from a Trustee (or Debtor-in-Possession) demanding a return of money or property, typically as an alleged preferential or fraudulent transfer. The law in this area is quite complex, yet it affords a number of defenses that can be advanced to reduce or even eliminate potential liability. The attorneys at Damon, Ver Merris, Boyko & Witte, PLC have extensive experience in dealing in matters of this nature and otherwise defending lawsuits filed in Bankruptcy Court, known as Adversary Proceedings. If you have received a demand for return of money or property or have been sued in Bankruptcy Court for return of such property, or for some other reason, please contact us right away so that appropriate defenses can be timely asserted to reduce or potentially eliminate liability on such claims.
If you are a Creditor that is owed money by a company or individual who has filed bankruptcy (a “Debtor”) and need to file a proof of claim, serve on a creditor’s committee, defend a claim, appear at a hearing, or need other related assistance, we are here to help.
Damon, Ver Merris, Boyko & Witte, PLC
825 Parchment Drive S.E. Suite 100, Grand Rapids, MI 49546-2382