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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Substantive consolidation
Definition:
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.
Liquidation value
Definition:
The aggregate value of a business if its assets are sold piecemeal.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Adrian
Ann Arbor
Battle Creek
Bay City
Belleville
Canton
Clinton Township
Dearborn
Dearborn Heights
Detroit
East Lansing
Flint
Grand Blanc
Grand Rapids
Hamtramck
Highland Park
Holland
Howell
Jackson
Lansing
Lincoln Park
Livonia
Macomb
Mount Pleasant
Muskegon
Niles
Northville
Plymouth
Port Huron
Redford
Rochester
Roseville
Saginaw
Sterling Heights
Taylor
Traverse City
Trenton
Troy
Warren
Westland
Wyandotte
Ypsilanti
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