Through no fault of your own, medical bills, credit card expenses, loss of work, divorce, can leave you unable to pay your bills. Chapter 7 bankruptcy law is designed to give you a “fresh start”. That is actually what the law calls it, a “fresh start”. This will remove your debts, stop creditors from calling and not only stop garnishments, but recover what has been garnished. I know this and have been helping people recover for over 20 years. I offer comprehensive Chapter 7 bankruptcy assistance to those who need it. Feel free to call.
Your Property and Chapter 7 Bankruptcy
Michigan residents who file for Chapter 7 bankruptcy protection typically do not have to surrender their homes or vehicles. This is because there are numerous exemptions available under both Michigan and federal laws. Michigan allows those who are filing bankruptcy to use either state or federal exemptions. I will work with you to maximize the assets you are entitled to keep by determining which exemptions are most beneficial.
What Chapter 7 Can’t Help With
If you have recently received a foreclosure notification from your mortgage lender, you should know that immediately upon filing a petition for bankruptcy with the court there is a stay put in place. This means the lender will not be able to proceed with foreclosure until the court hears your case. But Chapter 7 bankruptcy cannot reverse a foreclosure.
And you should be aware that certain debts cannot be eliminated in bankruptcy including:
- Most tax debt
- Past due child and spousal support
- Most Student loans
Basic Chapter 7 Bankruptcy Requirements
Before you can file Chapter 7 bankruptcy you must pass a standard means test: How much do you earn, do you own a house and what is its equity; after you pay your bills (not including your creditors) do you have more than $250 left over at the end of the month? I have experience with bankruptcy filings and will help you prepare all your documents and walk through the means test with you. Remember, a bankruptcy filing will also involve taking certain financial counseling classes and we can help you identify the right provider of these tests. Bankruptcy laws require a pre and post-filing counseling course to help you understand your options before filing bankruptcy and help you make better financial decisions after filing Chapter 7.
Residents of Wayne County, Washtenaw County, Oakland County, Genesee County, Dearborn or Downriver Detroit considering bankruptcy need competent legal help. Contact me at 734-324-5755 to discuss your options and determine the best way to proceed.