Reddy Thomas & Associates - 297 W. Clay Ave. - Muskegon, MI 49440 - (231) 726-4823
Bankruptcy
Your bills have piled up, and you’re doing your best to pay them off, but it’s just not working that way you hoped it would. In fact, you may even be getting deeper into debt as you use new credit to pay off other creditors. You’re not alone. Millions of Americans find themselves in the very same situation. At Reddy Thomas & Associates we understand the stress this is putting on you and your family. We want you to know that we can help.
Know Your Options
When creditors are calling you non-stop and you’re losing sleep at night, you need to learn about the options available to you to lighten your debt load. Credit counseling is a good way to talk with your creditors and work out a payment plan that may be easier on your monthly budget. However, if your debts are stifling or you have a business, and you need immediate relief, bankruptcy may work best for you.
Experience is the Key
Under some bankruptcy circumstances you might be completely discharged of your personal or business debt, and in others you may still be able to operate your business while your debt is paid in increments. It is important to know what you can expect with your particular case, and with the team of Reddy Thomas & Associates, you can rest assured that you have knowledgeable, experienced people behind you through the entire process.
Reddy Thomas & Associates is proud to have served the citizens and businesses in the Ottawa, Muskegon and Newaygo County areas with their debt relief cases for more than 20 years. As federal bankruptcy laws have changed recently, it is even more important to have a bankruptcy specialist working with you on your case. State laws change frequently, and bankruptcy is a state-driven process. At Reddy Thomas & Associates, we know how to help you and will give you the personal attention your case needs to put you on the right track to being debt free.
Bankruptcy Frequently Asked Questions
We get numerous questions about bankruptcy and how we can help. Below are a few of our most frequently asked questions and their answers.
Will bankruptcy take away all of my debts?
Bankruptcy is a legal process to give you relief from your debt. Without all the legal jargon, in some cases, your debt can be forgiven entirely, in others a payment plan will be developed to repay at least a portion of your debt, and in others some debt may still remain for you to pay in full. Business owners and individuals can both participate in either kind of bankruptcy case. After we consult with you, we can decide with method is best for you, or your business.
What is Chapter 7 Bankruptcy?
This is generally referred to as a liquidation bankruptcy, or personal bankruptcy, and is the kind of bankruptcy most people are referring to when they use the term “bankruptcy.” In this kind of bankruptcy, your situation must pass the Means Test, and then the process can be started. The Means Test is basically a filter for all bankruptcy cases, to make sure that individuals qualify to file for this particular kind of bankruptcy. If you are determined to pass the Means Test, we will then proceed with the filing of your bankruptcy, whereby your assets can be liquidated to pay your debts equally among your creditors. Your debts will then be paid, or discharged*. We will walk you through the process, so you won’t get discouraged or confused by the paperwork or proceedings, once we’ve determined that this is the best way to relieve your debts.
What is Chapter 11 Bankruptcy?
This type of bankruptcy is generally for use by corporations or partnerships, or individuals with large amounts of assets and debts, and is also called “Reorganization.” In this kind of bankruptcy proceeding, the business may stay open, and the owners/operators may stay in possession of the assets of the business. This process is often very lengthy and quite expensive, but gives the business many new rights while undergoing the reorganization.
What is Chapter 13 Bankruptcy?
This is sometimes referred to as “mini Chapter 11 bankruptcy,” and is meant for individuals and small business owners (sole proprietors) who would like to repay their debts, but have fallen on hard financial times. It’s most like Chapter 11 bankruptcy in that during the proceedings, and afterwards, you retain your property and other assets, where as in Chapter 7, these may be liquidated to repay your debts. Basically, this is a plan to pay your debts, up to 100%, over time (no longer than 36 months). Once you come in for your consultation, we can decide which Chapter is right for you.
Give us a call and we can help you decide which option is right for you. Our goal is to get you debt free as soon as possible.
*Some debts will not be discharged in full, such as alimony or child support, and some tax debts.
Call us today for your free consultation!
DIVORCE CASES
• Contested & Uncontested
• Flat Fees for Uncontested Cases
• Child Custody, Visitation & Support
• Post Judgment Modifications
CHAPTER 13
• Save Your Home From Mortgage Or Tax Foreclosure
• Save Your Car From Repossession
• Stop Most Interest Charges
• No Money Needed To Start Most Plans
• Base Your Plan On Your Budget
• Stop Legal Actions And Harassment
• Evening & Saturday Appointments Available
• Free Consultation
CHAPTER 7
• Wipe Out Debts
• Stop Collection Threats
• Keep Exempt Property
