Winegarden, Haley, Lindholm and Robertson, P.L.C. Helps With Debt Relief
When mounting debt becomes unmanageable, bankruptcy and workouts can provide relief. Winegarden, Haley, Lindholm & Robertson, P.L.C. helps you decide whether filing for bankruptcy is the most effective to take control of company or personal debt.
The most important thing is not to wait until it’s too late. We have found that a critical factor in helping companies and individuals through difficult financial situations is ensuring that all involved fully understand the tools at their disposal to fix those problems at the earliest signs of trouble. Bankruptcy, in the right circumstances, can be used to help struggling companies and individuals not only to survive financially, but to emerge stronger.
We can help you with:
- Dissolution of a Business and Business Chapter 7 Bankruptcy
- Chapter 11 Business Bankruptcy
- Chapter 12 Family Farm and Fisherman Bankruptcy
- Individual Bankruptcy under Chapters 7, 11, and 13
WHLR assists individuals and companies with workouts
We help our clients evaluate the risks, benefits and implications of not just a bankruptcy filing but various other alternatives.
For many businesses and professionals, a lack of liquidity or inability to grow due to creditor demands keeps them from successfully resolving their financial problems. As banks and other creditors begin to call loans due, clients begin to have difficulty juggling between them. As the cash dries up, so does their ability to keep the creditors content. Once liquidity becomes an issue, clients do not have the time or the funds to work with creditors to restructure the debt into a more manageable plan and run their businesses at the same time.
We begin analyzing a client’s financial situation from the top down. Winegarden, Haley, Lindholm and Robertson, P.L.C. reviews client financial information to determine their current financial position. We then analyze the client’s debt from all aspects, including:
- How much debt they owe
- The type of debt and its aggregate amount
- The urgency associated with particular debts
- Any inchoate (hidden) problems that the client might not realize
After conducting this analysis, we then negotiate with the client’s creditors to restructure their debt so that they can more effectively run their business while meeting financial obligations. Sometimes filing a bankruptcy is the best solution
To the extent that no negotiation or restructuring of the corporation or finances has been or will be successful, a bankruptcy filing may be an option, and in some cases, bankruptcy is simply the best solution. There are many reasons why a client may need to file a bankruptcy case. Most often, this is because a client’s creditors have become so aggressive that no negotiation will stop them from taking damaging collection action or the problem has developed to a point that drastic action is needed to prevent the loss of cash or other property. A comprehensive analysis of all options is required prior to making such an important decision. This is why Winegarden, Haley, Lindholm and Robertson, P.L.C. generally starts by evaluating non-bankruptcy options unless there is a true emergency that requires an immediate filing. When a bankruptcy filing is the best option, there are a number of different chapters of the Bankruptcy Code under which a client may be eligible for relief. Our firm will help you decide which is best under the circumstances.
Dissolution of a Business and Chapter 7 Business Bankruptcies
We help businesses close their doors in the manner that is most advantageous to the owner of the company and with the least amount of impact on its employees. Typically an orderly winding up of the business’ affairs until the ultimate dissolution is the best approach. Alternatively, we may determine that a Chapter 7 bankruptcy to liquidate the business’ assets is appropriate. In either event, we endeavor to limit the impact on the owner’s personal life and finances.
Chapter 11 Business Bankruptcy
Chapter 11 is the chapter of the U.S. Bankruptcy Code typically used for business reorganization in the United States. The purpose of a Chapter 11 bankruptcy case is generally to permit the rehabilitation and reorganization of the debtor’s business. The Bankruptcy Code allows the debtor to accomplish this task by creating an “automatic stay” – a cash flow dam – that prevents creditors from taking collection against the debtor, including filing lawsuits, obtaining judgments, collecting on levies and garnishments, and other actions that could cause cash and property to flow out of the business without the debtor’s consent.
Chapter 7 Individual Bankruptcy
A filing under Chapter 7 of the Bankruptcy Code is generally the quickest and most common form of bankruptcy relief for an individual. Assuming that you qualify most unsecured debts, such as credit cards, medical debt, and personal loans are discharged. This typically means that creditors will no longer be able to collect these debts from you. You may have to surrender some assets however the majority of filers do not. In most cases debtors under Chapter 7 also benefit from the protection of the Automatic Stay which is designed to stop all forms of creditor contact including but not limited to harassing calls and threatening letters.
Chapter 11 or Chapter 13 Individual Bankruptcy
A Chapter 11 or Chapter 13 bankruptcy allows individuals who qualify the chance to propose a plan which will provide for the repayment of their debts. In most cases, payments under an approved plan will result in a dividend to creditors which is significantly smaller than what creditors would otherwise be entitled to receive. The plan allows an opportunity to craft creative and unique solutions to many debt related problems. Even if you are far behind on your mortgage, a Chapter 11 or Chapter 13 filing may be able to save your home from foreclosure. While your plan is being considered, and during the life of the plan, debtors typically will receive continuous protection from the Automatic Stay.
Contact experienced Michigan bankruptcy attorneys.
Call Winegarden, Haley, Lindholm and Robertson, P.L.C. at 810-767-3600 to schedule your appointment or email us. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.