Corporate Bankruptcy & Debt Settlement Lawyer in Wayne County MI
We combine an expertise in corporate restructuring and the Bankruptcy Code with competence in litigation. You will benefit from our experience in courts through the United States, and our services include - negotiating forbearance agreements, accommodation and access agreements, filing bankruptcy petitions under Chapter 11, Chapter 12, and Chapter 7 of the Bankruptcy Code, when necessary.
Who Are Our Clients?
We've represented parties in complicated bankruptcy and reorganization proceedings, including out-of-court workouts, assignments for the benefit of creditors, and receiverships:
- Secured Creditors
- Unsecured Creditors
- Equity Holders
- Asset Purchasers
- Creditor's Committees
Creditors' Debt Collection Rights
We are skilled in commercial debt collection and are innovators in finding ways for our clients to navigate the process. Our services also include claim and delivery/replevin actions, corporate veil piercing, receiverships, fraudulent transfers, preferential transfers, reclamation, creditor examinations, garnishments, and foreclosures. We've also petitioned uncooperative debtors into bankruptcy by filing an involuntary bankruptcy petition against them.
Our attorneys have represented formal and informal unsecured creditors' committees, including the following clients:
- VPH Pharmacy, Inc. - Lead Counsel in bankruptcy of pharmacy that provided medications and informational services to approximately 60 different assisted living centers, foster care facilities, retirement homes, and long-term care facilities.
- Frank W. Kerr Company - Prosecuted involuntary bankruptcy petition against pharmaceutical wholesaler with sales in excess of $300 million annually pre-bankruptcy; served as Michigan Counsel to Official Committee of Unsecured Creditors in converted Chapter 11 case.
- Trans-Industries, Inc. and Affiliates - Lead Counsel - Debtors were among the first and largest public companies to file for bankruptcy after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
- Hog Brothers Recycling, LLC - Lead Counsel in bankruptcy of metals recycler with annual sales of $200 million shortly before bankruptcy.
- DriveSol Worldwide, Inc. & DriveSol Global Steering, Inc. - Lead Counsel for Informal Committee in out-of-court liquidation of global automotive manufacturer. Obtained significant dividend to unsecured creditors through discovery of lender's failure to record mortgages on several parcels of real estate in three states.
- Billy Bob's Gameroom Furnishings - Lead Michigan Counsel - negotiated dividend to unsecured creditors two times that required by Debtor's plan.
Litigation Services & Approach
We leverage our knowledge of business law towards effective representation for our clients in high-stress, adversarial proceedings. Our trial lawyers have litigated commercial cases throughout the United States. From trials and arbitrations to hearings for injunctive relief, our attorneys are are versatile, results-driven professionals.
We have extensive experience representing major corporations in multi-million dollar business disputes. Our attorneys have successfully enforced contract rights in both state and federal courts.
Our services include:
- Contract disputes
- Business torts
- Claims under the Uniform Commercial Code
- Fraud and misrepresentation
- Shareholder oppression
- Temporary restraining orders and injunctive relief
- Merger and acquisition disputes
- Automotive supply chain litigation
- Director and officer liability and derivative litigation
- Commercial debt collection
- Sales representative litigation
- Lien priority disputes
- Warranty, recall, and product liability
- Claims under Michigan's Special Tools Lien Act and Molder's Lien Act
- Probate litigation
Schedule Your Free, Initial Consultation Now!
When hiring your debt settlement lawyer services in the Wayne County MI area, don't hesitate to contact us for your free initial consultation! When you're faced with bankruptcy, you have resources! Wolfson Bolton helps you understand your options, so you don't worry. With years of experience, we've helped many of your neighbors, friends, and family with their bankruptcy problems.
Melissa and Marc - Independent Property Managers:
Before: Melissa and Marc, a married couple with two children, both work full time in fast-paced careers. They have a successful side business owning four rental homes, which they lease to students in a nearby college town. Years ago, the couple took out a second mortgage on their primary residence to make the down payment on these properties, which properties they also mortgaged. As their children continued to grow and expenses increased, they found that they needed to take equity out of the rental homes. Due to a number of factors - including the rising costs of raising a family, living outside of their means, a decrease in salary, and increase in utilities and health care costs - the family eventually found itself living on credit cards. The family now finds itself in a position where they have two mortgages on their home and two mortgages on each of their rentals. The side business they believed would create positive cash flow became a burden, and the couple could no longer afford to choose between making the mortgage payments or making the credit card payments. The properties, including their own home, had dropped in value, and they began to feel themselves slowly spinning out of control with all of the obligations they faced. The couple had always envisioned that collecting rents from their investment properties would carry them through to retirement. They finally decided to speak with an experienced bankruptcy attorney.
After: Melissa and Marc filed a Chapter 13 bankruptcy, which allowed them to strip off the second mortgage on their home, strip off the second mortgages on their rental homes, cramdown the primary mortgages on these properties to match the current value, and pay those crammed-down loans out over the life of their case. The junior liens, which were stripped from their primary residence and rental homes, were reorganized as 'unsecured debt' and treated together with their credit cards. The credit cards and junior liens received cents on the dollar, and at the end of the five year plan, the balance on those debts was discharged. At the end of their five-year plan, Melissa and Marc owned their four investment properties free and clear, and had significant equity in their primary residence after removal of the second mortgage. They wiped out all of their credit card debt and were able to start fresh with all of their assets intact.