Bankruptcy Attorney - Lenawee County Michigan

Understanding your available bankruptcy options is critical to your future, but it can be confusing. Lenawee County bankruptcy attorney Lander McLoyd will listen carefully to your individual situation and provide a customized plan tailored to your specific needs. Together, we will determine whether you should pursue a Chapter 7 bankruptcy or a Chapter 13 bankruptcy based on your current income and debt levels and your goals for the future.

Due to Lander's individual, personable approach you can be assured that whatever option you choose will help reorganize your finances and provide the best possible solution for your particular financial situation.

While there are many similarities between the court's requirements for a Chapter 7 and a Chapter 13 bankruptcy, the overall goals are different. Chapter 7 is a liquidation plan in which a court-appointed trustee will sell your non-exempt assets. Then, the proceeds will be used to pay off your creditors. While you do not have an absolute right to a discharge under Chapter 7, if you're eligible, most of your debts will be discharged, though creditors do have the right to object to the discharge in court.

A bankruptcy under Chapter 13 is more complex and drawn out, sometimes taking up to five years in court. Additionally, the repayment plans are structured over three to five years. Discharges are not awarded until payments scheduled under the repayment plan are paid in full. This means that it may take many years for a full discharge of debt under Chapter 13. Under Chapter 13, creditors do not have the right to object to a discharge of debt. However, they do have the right to object to the confirmation of the repayment plan.

Lander understands the intricacies involved in each process. He'll put his extensive legal expertise and consumer protection background to work for you to ensure the bankruptcy option you choose is the most likely to provide a sound financial future.

For additional in-depth information, visit our Chapter 7 and Chapter 13 bankruptcy pages. To get personal attention to your Michigan bankruptcy questions, contact Lenawee County bankruptcy attorney Lander McLoyd now.