Bankruptcy & Insolvency

If a bankruptcy filing is necessary, our attorneys can help determine which form of bankruptcy is appropriate:

Chapter 7 , a liquidation used for businesses or individuals.

Chapter 11, used for commercial reorganization. In limited circumstances individuals may qualify for chapter 11.

Chapter 12, used for family farmers or fisherman with regular annual income.

Subchapter V of Chapter 11 provides a lifeline to small businesses. Subchapter V allows small businesses to pay obligations over 3 to 5 years, during which time the business would devote its projected disposable income to paying creditors. This new opportunity allows small businesses to negotiate with lenders, landlords, and other creditors to resume normal operations.

Personal bankruptcy provides married couples and single individuals with a fresh start. It allows you to eliminate credit card debt, medical bills, debts related to foreclosure, and debts from most lawsuits. In some circumstances, it may also help stop a foreclosure sale, stop wage garnishment, stop vehicle repossession, and deal with certain debts resulting from divorce.

Chapter 7 bankruptcy is intended for those seeking a “fresh start” bankruptcy. This process is used to discharge or eliminate most debts. Once a case is filed, creditors are no longer permitted to contact you.

Chapter 13 bankruptcy provides a solution for people who have regular income but are facing foreclosure, repossession, garnishments, or overwhelming debt. In Chapter 13, you make payments for 3 to 5 years to a Chapter 13 Trustee. The amount you are required to pay is based on your assets and income.

At Keller & Almassian we understand business and avoiding litigation. Our first objective is to problem solve. In the event we are unable to resolve the issues with the opposing party, we stand ready to protect the business from protracted litigation.

Our attorneys conduct a full review of each client’s personal or business financial situation, making an effort to determine if there are alternatives to filing bankruptcy. With the advice and assistance of a bankruptcy attorney, clients can negotiate with creditors and arrange non-bankruptcy forms of debt relief.

Todd Almassian serves as a qualified mediator for the Bankruptcy Court for Western District of Michigan. Todd Almassian has 20 years of consumer, corporate, and bankruptcy litigation experience. By assisting the parties through mediation, emotionally and economically charged issues are often efficiently and quickly resolved in a mutually agreeable settlement.

This process can help avoid costly and time-consuming litigation and avoid the unknown risks of a unilateral judicial determination. Mediation presents the opportunity to resolve difficult conflicts through a collaborative self-determined decision making process.

Strategic Litigation, Business and Financial Legal Services

Keller & Almassian has experience as Local Counsel in the areas of litigation, corporate law, creditor representation and chapter 11 reorganization. We use our experience in all legal arenas to achieve results efficiently and effectively. Our attorneys are active and familiar in Grand Rapids Michigan and West Michigan Courts and are engaged as local counsel in numerous matters on behalf of out of state clients.

We have extensive experience in plan analysis, negotiation, objection litigation, valuation, secured status determination and other aspects of plan confirmation in Chapters 11 and other bankruptcy matters, representation in adversary proceedings of all kinds, involuntary bankruptcy representation, and even appointments of receivers in state court matters.

Keller & Almassian, PLC has been listed in the U.S. News & World Report 2011-2021 Best Law Firms. The U.S. News – Best Lawyers® “Best Law Firms” rankings are based on an evaluation process that includes the collection of client and lawyer evaluations, peer review, and additional information provided by law firms as a part of the formal submission process.