Bankruptcy Ch. 7 & 13

Specializing in chapter 13, 7, and small business bankruptcy work including Adversary/Trustee contested litigation

The Law Office of Richard H. Clark, PLLC represents individual debtors in Chapter 13 and Chapter 7 bankruptcy proceedings administered through the Federal Court system. We help our clients gain a fresh economic start.

Since the changes to the bankruptcy code were implemented in 2005, most people are not aware of the options available to them. If you are feeling financial stress from creditor's calls and mounting bills, now is the time to consider your options. The links below provide more detailed explanations of the Chapter 7 and 13 bankruptcy process and procedures.

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Don't let common misconceptions prevent you from getting the fresh start you deserve!

Know the Difference

Chapter 13 bankruptcies are generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Michigan bankruptcy exemptions. Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation.

A Chapter 13 bankruptcy allows you to make up overdue payments over time and to reinstate the original agreement. Where a debtor has valuable nonexempt property and wants to keep it, a Chapter 13 may be a better option.

The principal advantage of Chapter 13 bankruptcy over Chapter 7 is that a homeowner in arrears on home mortgage payments will be able to save their home from foreclosure. Many people file Chapter 13 bankruptcy to protect assets in which they have significant equity that otherwise may be lost in Chapter 7 liquidation bankruptcy, including their home, business, and car. Chapter 13 provides a way for people to immediately prevent foreclosures and repossessions, while catching up on debts.

Chapter 13 of the Bankruptcy Code provides for the adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

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