Office Location
23843 Joy Rd
Dearborn Heights, MI 48127
Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 in office or by phone
We offer late night appointments as late as 6:30 by phone or in person Mon-Thur.
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Are you facing financial difficulties and considering filing for Chapter 11 bankruptcy in Michigan? Look no further, Frego Law is here to help.
Our experienced team of Chapter 11 lawyers specializes in guiding individuals and businesses through the complex process of bankruptcy, ensuring a smooth and successful resolution.
With our extensive knowledge of Michigan bankruptcy laws, we have a proven track record of achieving favorable outcomes for our clients.
Don’t let the burden of overwhelming debt consume you. By working with our dedicated team, you can regain control of your financial future.
Our Chapter 11 lawyers will develop a personalized strategy tailored to your unique needs, protecting your assets and maximizing your chances for a successful reorganization.
Contact Frego Law today to schedule a consultation with our Michigan Chapter 11 lawyers. Let us help you navigate the complexities of bankruptcy and pave the way toward a brighter financial future.
What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is a legal process that allows businesses to reorganize and restructure their debts while continuing to operate. It is designed to help struggling businesses regain financial stability and avoid liquidation.
This form of bankruptcy enables the debtor to develop a plan to repay creditors over time, often with reduced payments or interest rates.
Chapter 11 bankruptcy offers a way for businesses to make necessary changes to their operations and financial obligations, ultimately aiming to emerge from the process in a stronger and more sustainable position.
While it can be a complex and challenging process, Chapter 11 provides a valuable opportunity for businesses to address financial difficulties and work towards a successful reorganization.
Types of Debt That Can Be Discharged in a Chapter 11 Bankruptcy in Michigan
In Michigan, filing for Chapter 11 bankruptcy can provide relief from a variety of debt. With the help of an experienced lawyer, you can modify or discharge certain debts and reorganize your finances.
- Child support and alimony: These are generally not dischargeable unless the debtor can prove that it would create an undue hardship to pay them.
- Creditors’ claims: Creditors’ claims can be discharged or modified to provide for a more favorable repayment plan.
- Secured debts: Secured debts, such as mortgages and car loans, can be refinanced or restructured through a Chapter 11 bankruptcy. This allows the debtor to keep their collateral while lowering their monthly payments.
- Tax obligations: Certain income tax debts may be included in the bankruptcy if they meet certain criteria.
- Unsecured debts: Credit card debt, medical bills, utility bills, and other unsecured loans.
If you are considering filing for Chapter 11 bankruptcy in Michigan, contact the experienced attorneys at Frego Law today. Our team is available to provide you with tailored advice and guidance every step of the way.
Eligibility for Chapter 11 Bankruptcy Protection in Michigan
Chapter 11 bankruptcy in Michigan allows individuals, corporations, and partnerships to reorganize their finances while continuing their business operations.
The key aspects of Chapter 11 bankruptcy include a reorganization plan that outlines how the debtor will repay creditors over time and the appointment of a trustee to oversee the process.
To be eligible, you must prove your ability to generate sufficient income to cover your reorganized debts. Filing for Chapter 11 bankruptcy in Michigan offers several benefits over other types of bankruptcies.
It allows you or your organization to retain control of your assets and operations while developing a plan to repay debts, and it provides a chance for your business to continue operating and employees to keep their jobs.
Chapter 11 bankruptcy offers more flexibility in negotiating with creditors and modifying contracts and leases.
Benefits of Filing for Chapter 11 Bankruptcy in Michigan
Filing for Chapter 11 bankruptcy in Michigan can have numerous benefits. It provides an effective way to address financial difficulties and offers several advantages over other forms of bankruptcy. Benefits of filing for Chapter 11 Bankruptcy in Michigan include:
- Flexibility in negotiations: You can renegotiate contracts and leases with creditors and potentially reduce or eliminate some of your debts.
- Protection from creditors: Chapter 11 provides protection from creditors, who cannot take action against you during the bankruptcy process.
- Reorganization and repayment plans: You can create a plan for repaying your debts over time that is tailored to your unique financial situation.
- Retaining control of your assets and operations: Filing for Chapter 11 allows you to keep control of your business while developing a plan to address your debts and reorganize your finances.
At Frego Law, our experienced bankruptcy attorneys are here to guide you through the process and provide personalized advice every step of the way.
Contact Our Experienced Michigan Bankruptcy Attorneys Today
If you are considering filing for Chapter 11 bankruptcy in Michigan, our team is available to provide you with tailored advice and guidance every step of the way.
We understand that filing for bankruptcy is an intimidating process, and our goal is to make it as smooth and stress-free as possible.
Our dedicated team of bankruptcy lawyers has extensive experience handling Chapter 11 cases, and we are committed to helping you get the best outcome in your case. Contact us today to schedule a free consultation.
Source:
[1] Chapter 11 – Bankruptcy Basics. (n.d.). United States Courts. https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics
Received Accolades:
206-2010, 2012, 2014-2021
American Bankruptcy Institute
Certified as a Bankruptcy Specialist by ABC
National Association of Consumer Bankruptcy Attorneys
Better Business Bureau
Office Location
23843 Joy Rd
Dearborn Heights, MI 48127
Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 in office or by phone
We offer late night appointments as late as 6:30 by phone or in person Mon-Thur.