Business Bankruptcy Lawyer | Serving Detroit, MI
Helping Clients with a Fresh Financial Start on Life. Contact Me Today to Start Over.
You are not alone when you face legal and financial challenges. Devoted professionals help people just like you work toward effectively resolving matters such as the ones you're facing every day. At El Kodssi Law Firm we help individuals and families throughout southeast Michigan manage unique and challenging situations. Founding attorney Hayssam A. El Kodssi holds a …
A Detroit Business Bankruptcy can be a great option if your business is unable to meet its financial obligations and is looking to either restructure debt obligations or liquidate assets. Depending on your company's current financial position, one or both strategies may be an option.
Provided the bankruptcy is not involuntary, your Business Bankruptcy Attorney may recommend either a Chapter 11 ("reorganization"), or chapter 7 ("liquidation") bankruptcy to deal with your company's financial issues.
A Chapter 11 allows a business to reorganize debts and pay off creditor's over a period of time up to five years. A Chapter 7 liquidation forces the company to literally liquidate all assets, pay off creditors, and ultimately, stop operating. This is typically the least desirable option that your Business Bankruptcy Attorney will try to help you avoid.
In legal practice, experience matters. An experienced attorney will likely have handled issues similar to yours many, many times. Therefore, after listening to your situation, the attorney should have a reasonable idea of the time line for a case like yours and the likely resolution.
The goal of an initial consultation is to find an attorney you are comfortable working with and someone who can help you understand your options under the law. Seek to understand the relevant legal experience the attorney brings to your case. While it is not realistic to expect an attorney to resolve your legal issue during an initial consultation, you should gain a level of comfort with his/her ability to do so. A good consultation can clarify issues, raise pertinent questions and considerations for your case, and help you make an informed decision towards resolving your legal issue.
Experience. Regardless of the type of legal matter you need help with, an experienced attorney will usually be able to get you better results.
Competence. Determine an attorney's expertise by asking about their track record for the issue you need help with resolving.
Fit. There are plenty of good attorneys out there; make sure you find one you are comfortable working with.
Pro se - This Latin term refers to representing yourself in court instead of hiring professional legal counsel. Pro se representation can occur in either criminal or civil cases.
Statute - Refers to a law created by a legislative body. For example, the laws enacted by Congress are statutes.
Subject matter jurisdiction - Requirement that a particular court have authority to hear the claim based on the specific type of issue brought to the court. For example, the U.S. Bankruptcy Court only has subject matter jurisdiction over bankruptcy filings, therefore it does not have the authority to render binding judgment over other types of cases, such as divorce.
Lead Counsel's objective process independently verifies attorney records, conferring with state bars across the country and conducting annual reviews to confirm that the attorney practices in the legal categories as indicated, possesses a valid bar license, and is eligible to practice in the specific jurisdiction.