Chapter 7 Bankruptcy in Michigan with 248 Lawyers P.C.
Filing a chapter 7 bankruptcy in Michigan is not the end; rather it is a new beginning. Call 248 Lawyers P.C. and see how you can reboot your credit.
Chapter 7 bankruptcy (sometimes called a straight bankruptcy) is a liquidation proceeding. The debtor (you) turns over all non-exempt property to a bankruptcy trustee who then converts it to cash for distribution to creditors. The debtor receives a discharge of all dischargeable debts usually within four months. The vast majority of cases involve debtors that have no loss of assets when filing a chapter 7 bankruptcy; hence the debtor experiences a relatively quick "reboot". However, you'll need a good chapter 7 bankruptcy lawyer to achieve this result.
You may have heard television or radio advertisements stating "new" bankruptcy laws will force the repayment of debts, but that is not true. Although there are more hoops to jump through under the new bankruptcy laws, and the Bankruptcy Means Test will result in some debtors having to file Chapter 13 instead of a Chapter 7 bankruptcy. However, for the vast majority of filers, chapter 7 is still available with little extra effort. Even though a large variety of personal debts exist, people most commonly file a chapter 7.
Common reasons people file for bankruptcy include:
- Unemployment
- Large Medical Bills
- Overextended Credit
- Large Unexpected Expenses
- Changes in Mortgage Terms
If you previously filed a chapter 7 bankruptcy, you must wait eight years before filing again.
After filing, you will be allowed to keep most, or in some situations, all of your personal property by utilizing the exemptions. At 248 Lawyers P.C., our experienced chapter 7 bankruptcy lawyers will make sure those exemptions are utilized to the maximum extent.
After the bankruptcy court grants your discharge, most of your debts will be erased, or liquidated. However, the following debts are non-dischargeable:
- Child support
- Alimony
- Income tax debt
- Debts from fraudulent activity or unlawful conduct
Bankruptcy is technically able to discharge student loans. However, the current laws make them practically impossible to do so.
248 Lawyers P.C. is located in Madison Heights. We serve clients in Oakland, Saint Clair, Livingston, Macomb, Wayne, Sanilac, Washtenaw, Genesee, and Lapeer County, in addition to the entire State of Michigan.
http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx
http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx
A free consultation with an expert chapter 7 bankruptcy lawyer is just one click away.
