ContiLegal is a full-service law firm conveniently located next to U.S. 23 in Ann Arbor, Michigan. Although we specialize in Bankruptcy, we represent people in need of all types of legal assistance. Our Mission: to provide the finest legal and customer service in bankruptcy and in other matters. Disclaimer: No attorney-client relationship is established by this site.
Everything on this site is for information purposes only and nothing should be construed as legal advice. If you choose to send an email to the attorney(s) on this site, you should not infer an attorney-client relationship and should have no expectation of confidentiality or attorney-client privilege.
Everything on this site is for information purposes only and nothing should be construed as legal advice. If you choose to send an email to the attorney(s) on this site, you should not infer an attorney-client relationship and should have no expectation of confidentiality or attorney-client privilege.
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The financial model of a Chapter 7 is similar to the financial model employed when someone dies; when someone dies all their property goes into a "decedent estate." The estate has an officer called a personal representative. The personal representative pays the administrative expenses of the estate (such as burial, funeral, taxes, etc.) and distributes the remaining property to the heirs and devisees of the estate.
The financial model of a Chapter 7 is similar to the financial model employed when someone dies; when someone dies all their property goes into a "decedent estate." The estate has an officer called a personal representative. The personal representative pays the administrative expenses of the estate (such as burial, funeral, taxes, etc.) and distributes the remaining property to the heirs and devisees of the estate.
Chapter 11 is primarily used by businesses but is available to individuals as well. It is called reorganization. The idea of Chapter 11 is to formulate a plan of reorganization that is acceptable to both the Debtor and the Creditors and to implement such a plan. It is often an exercise in negotiation.
Chapter 13 Bankruptcy is a partial to full repayment bankruptcy. Debtors typically enter into a 36 to 60 month Plan to repay all or part of their debts to the creditors. Almost all people who file for Chapter 13 do not have to turn over any property except their payments according to the Plan.
The emphasis on Chapter 13 is not on recovery of your property but on your budget and your ability to make regular payments to a Trustee for disbursement to your creditors.
The emphasis on Chapter 13 is not on recovery of your property but on your budget and your ability to make regular payments to a Trustee for disbursement to your creditors.
With some rare exceptions, every individual who wishes to file for bankruptcy relief must complete a Pre-Filing Credit Counseling course. This can be completed over the internet in the privacy of your own home and takes about 2 hours. The credit counseling is valid for 180 days. If a bankruptcy is not filed within 180 days then the credit counseling must be completed again.
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