The Law Offices of Thomas B. Baynton can help you with your financial problems.
Do not wait until it is too late. There is a lot that can be done before you are even close to bankruptcy. The key is to act early.

At the Law Office of Thomas B. Baynton, we assist clients with all types of bankruptcies, including Chapter 7 and Chapter 13, in West Michigan. We can stop creditor harassment and reorganize your debts in order to assist you with getting your financial life back on track. At the Law Office of Thomas B. Baynton, we will work on your case personally and provide the personalized service and experienced legal representation that you need to liquidate or reorganize or debts. Contact us today for a free consultation.

Serious money problems are not a sign of failure. Financial difficulties can affect anyone at any time. You may have been laid off from your job, going through a divorce, or facing unexpected medical bills. No matter what the situation we will find a way to give you a fresh start and relief from bills that you are unable to pay. We file Chapter 7 bankruptcies and Chapter 13 bankruptcies for individuals and small businesses that want to liquidate or restructure their debts. We began helping people just like you since 1995 with experience helping clients getting back on their feet financially. Every case is different, and you need a professional bankruptcy attorney who will analyze your particular financial situation. Contact Attorney Thomas B. Baynton today for a FREE consultation.

Chapter 13 - An Overview

The bills are stacking up, demanding calls and letters are arriving with increasing frequency, and despite the best of efforts, the overdue debts just cannot be paid when due. In such cases, filing bankruptcy under Chapter 13 of the Bankruptcy Code may provide a solution to what seems like an insurmountable problem. If you are facing serious financial challenges, it is very important that you seek the counsel of an experienced bankruptcy attorney to determine whether filing under Chapter 13 may be right for you. Once considered a last resort, bankruptcy has evolved into an accepted method of resolving serious financial problems.

Bankruptcy law provides two basic forms of relief: (1) liquidation; and (2) rehabilitation, also known as reorganization. Most bankruptcies filed in the United States involve liquidation, which is governed by Chapter 7 of the Bankruptcy Code. A reorganization or rehabilitation bankruptcy under Chapter 11 or 13 of the Bankruptcy Code is, however, the option often preferred by the courts, and creditors may be provided with a better opportunity to recoup what they are owed under these methods.

When is "Reorganization" or "Rehabilitation" the Right Choice?

A consumer may choose bankruptcy under Chapter 13 if he or she has a stable income, believes the financial crisis is temporary, and wants to repay at least some debt. In order to be eligible for Chapter 13, however, the debtor must have less than $307,675 in unsecured debt and $922,975. A Chapter 13 proceeding, often called a wage-earner plan, is, like a Chapter 7 bankruptcy, initiated by filing a petition. Also as in Chapter 7 cases, the filing of the petition stops the creditors from trying to collect on their debts. The debtor then has time to file a plan that sets forth the details of how he or she intends to pay off the creditors in the next three or five years, depending on the amount of the debts, the debtor's ability to pay, and the specifics of the plan. Creditors may ask questions about and object to the plan. If the court approves the plan, however, the creditors can take no action outside the plan's scope to collect their debts. Once the plan is completed, the debtor is entitled to a discharge, which releases him or her from all debts provided for or disallowed under the plan. In other words, creditors have no further rights with regard to discharged obligations.

Chapter 13 has certain advantages over Chapter 7 in consumer bankruptcies. For example, there is no eight-year waiting period before a consumer can file for bankruptcy again after filing for Chapter 13 relief. Also, Chapter 13 allows the debtor to discharge more types of debts than Chapter 7 does. And under Chapter 7, the court may order that all of the consumer's non-exempt assets be sold, whereas under Chapter 13 the debtor may be able to retain more of his or her assets. A consumer's choice between Chapter 7 and Chapter 13 isn't necessarily his or hers to make: there is a financial means test to determine whether you will be allowed to liquidate under Chapter 7. If it is determined that the ability exists to pay most of one's debts, the debtor will be compelled to make a plan under Chapter 13 rather than liquidate under Chapter 7. Also, the choice is not necessarily permanent; once bankruptcy proceedings have begun, a case may be converted to a different chapter. A skilled and knowledgeable bankruptcy attorney can advise consumers as to which chapter would be the best choice for them.

Chapter 11, which also allows for rehabilitation or reorganization, generally applies to individual debtors with excessive or complex debts, or to large commercial entities like corporations. Chapter 13, by contrast, generally applies to individual consumers with smaller debts. Farmers and municipalities may also seek reorganization through the Code's special chapters applicable to them, Chapters 12 and 9, respectively.

Conclusion

Because we are lawyers specializing in bankruptcy law we can help peopel struggling with increasing and inescapable debt find their way to a better financial future. Experienced bankruptcy attorneys have the knowledge and expertise required to help their clients get out from under formidable debt and emerge as productive citizens, and can advise them on the best possible direction to take.

Call Today for your FREE Consultation!
(616) 456-6100 OR (616) 742-5518
Fax (616) 459-4909
tbaynton@sbcglobal.net

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