BANKRUPTCY LAW

Not every person in financial distress needs to file for bankruptcy. However, when suitable, bankruptcy can provide a fresh start and help to reorganize finances. At Golden & Jernigan P.C. our bankruptcy lawyers can help. Bankruptcy claims are filed in the Federal Court System as a means to resolve your debts. Different types of bankruptcy filings exist. Depending on your current finances, assets, and debts, our qualified, experienced bankruptcy attorneys will determine the best course of action to resolve your financial issues. We Provide Counsel For the Following Bankruptcy Cases:

SHOULD I FILE BANKRUPTCY

Filing bankruptcy is generally a last resort, reserved for only the most dire of financial situations. Typically, an individual files for bankruptcy only when all other alternatives have been exhausted. If you have thoroughly reviewed your budget and feel that filing bankruptcy is still an option, please contact our office at 616.866.3350 to discuss your options under the Chapter 7 and 13 Bankruptcy Laws.

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WHAT CHAPTER CAN I FILE

In theory, anyone can file bankruptcy; however, those filing bankruptcy may only qualify to file certain chapters. To determine which chapter your situation qualifies for, an examination of your income is undertaken utilizing the means testing parameters.

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CHAPTER 7 BANKRUPTCY FILINGS

In a Chapter 7 filing, individuals may retain possession of their property and debts are usually repaid to secured creditors. Alternatively, the debtor can return the secured property to the creditor and not reaffirm the debt or pay the debt. A typical Chapter 7 bankruptcy filing lasts about 4 months, in which at the conclusion, the debtor receives a discharge of all debts listed in the court petition.

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CHAPTER 13 BANKRUPTCY FILINGS

An alternative to a Chapter 7 filing, Chapter 13 bankruptcy protection allows the debtor to make payments to a trustee based on his ability to pay, not on the total amount of debts. In a Chapter 13 filing, the debtor proposes a plan to pay all or part of his debts. Typically, an individual seeking Chapter 13 relief may propose a plan to pay his creditors 10% of the total debt amount.

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