Detroit Chapter 7 Bankruptcy Attorney

Understanding Chapter 7 Bankruptcy: A Fresh Start

Chapter 7 bankruptcy can help to eliminate most if not all of your debts and get you on the road towards recovery. When filing, you are creating a clean slate that can put an end to the stress, harassing creditor phone calls and additional debts. Once the debt is gone, it is cleared away for good, allowing you the peace of mind that you deserve.

Pursuing bankruptcy can sound like a scary proposition, but it can be an extremely beneficial action that changes your financial future for the best. Do not believe the misconception that by filing bankruptcy you are admitting defeat.

Is Chapter 7 Bankruptcy Right for You? Contact our chapter 7 bankruptcy lawyers at (888) 822-6730 or online for a free evaluation.

Eligibility Requirements for Chapter 7 Bankruptcy

Before filing as an individual, corporation or partnership for chapter 7 bankruptcy, you must take a means test. By comparing your wages against your debts, the means test reveals if there is enough disposable income to make payments towards the debts you owe.

If you do have the means to repay, you will not be eligible for chapter 7. In this case, Chapter 13 bankruptcy can be an alternative. However, should you not have available funds to pay off your debts, you may file for chapter 7 bankruptcy.

Additionally, if you have had a petition for bankruptcy dismissed within the past 180 days, you must wait until those 180 days are over before you can attempt to file again. Credit counseling must be done through an approved agency before filing Chapter 7 bankruptcy and it must have been completed within the past 180 days.

Navigating the Chapter 7 Bankruptcy Process in Detroit

Filing for Chapter 7 bankruptcy can be a complex and overwhelming process, but our experienced Detroit bankruptcy attorneys are here to guide you every step of the way. We understand the stress and uncertainty that comes with financial difficulties, and we are committed to helping you achieve a fresh start.

When you choose the Law Offices of Marshall D. Schultz, you can expect:

• Expert legal counsel and personalized attention throughout the entire process
• Thorough explanation of the Chapter 7 bankruptcy process and what to expect
• Assistance in determining your eligibility to file for Chapter 7 bankruptcy
• Guidance on what property you can keep when filing for Chapter 7 bankruptcy in Detroit
• Support in preparing and filing all necessary paperwork and documentation
• Compassionate and non-judgmental support from our dedicated legal team

Don't face Chapter 7 bankruptcy alone. Schedule a free consultation with our Detroit bankruptcy attorneys today and take the first step towards your fresh start.

What Property Can I Keep When Filing for Chapter 7 in Detroit?

A common concern for those considering filing for bankruptcy is whether or not they can keep their property. There are various bankruptcy exemptions for chapter 7 allowing to keep certain possessions.

The following are possessions debtors can keep under chapter 7:

• Home - Many individuals are most worried about losing their home during bankruptcy, but can rest easier knowing that there are homestead exemptions. In the State of Michigan, the amount that an individual can count as exempt is any interest up to $35,300 in their home or other property. For those 65 and older, the amount allowed comes to $52,925. Couples who are married that are filing for bankruptcy together are not able to both claim homestead exemptions according to state laws.
• Vehicle - Another major concern for many people is protecting their vehicles from being taken to pay off debts. According to Michigan motor vehicle exemptions, any individual can protect up to $3,250 equity for a car. For those filing jointly as a married couple, they may both claim exemptions around $3,000 on their cars or put both of their $3,250 exemptions together towards one car.
• Personal Items - Personal belongings such as clothing and jewelry, up to a certain particular value, are allowed to be kept as well as appliances, household goods, tools that are used for work, child support money, alimony, life insurance, retirement plans, and a few other benefits.

A qualified Detroit bankruptcy attorney can work closely with you to minimize the amount of property lost during a Chapter 7 bankruptcy.