Bankruptcy Overview - Bankruptcy Centers of West Michigan

Bankruptcy — What You Need to Know

In today's tough economic times, more people than ever are finding themselves struggling with mortgage payments, credit card bills and other financial obligations. And for the first time, many are giving serious consideration to filing for bankruptcy.

At Damon, Ver Merris, Boyko & Witte, PLC, (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 or call 616-975-9951 for a free consultation.

Types of Personal Bankruptcy

We take great pride in helping clients explore their debt relief options under the bankruptcy code including:

• Chapter 7 bankruptcy: 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.
• Chapter 13 bankruptcy: 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.
• Chapter 11 bankruptcy: Commonly referred to as a "reorganization proceeding," Chapter 11 gives businesses and individuals with a high amount of debt a breathing spell while a plan of reorganization is prepared.

In order to determine eligibility for bankruptcy, an individual 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 and other factors. From there, the court determines whether an individual can file for Chapter 7 or Chapter 13 bankruptcy.

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 to bankruptcy:

• Negotiating with creditors
• Debt consolidation
• Workout programs

Most importantly, our attorneys will provide you with honest answers to your questions regarding bankruptcy. Unlike many law firms that will advocate for only one option — bankruptcy — we will help you discover the debt relief option that is best for you.

Contact Our West Michigan Firm

Are you wondering if filing for bankruptcy is the best option for you? Contact our Grand Rapids firm at 616-975-9951. We will help get the debt relief you need.

We are a debt relief agency that helps people file for relief under the United States Bankruptcy Code.