A Michigan Bankruptcy Attorney May Be Able To Help You Get a Fresh Start
If you're being hounded by creditors, if you're afraid to answer the phone, if you're tired of begging creditors for more time, speak with a Michigan bankruptcy attorney. A
If you're afraid that you're about to lose your car or your home to repossession you may want to speak with a
Chapter 7 and Chapter 13 Offer Different Protections
Personal bankruptcy is either Chapter 7 or Chapter 13. Chapter 7, commonly referred to as liquidation, is what most people think of as ‘bankruptcy.' Under Chapter 7, most of your unsecured debts can be erased. Your non-exempt property may be sold (liquidated) by the bankruptcy trustee to pay your unsecured debts as far as possible. Your remaining debts are then discharged. Most people filing for Chapter 7 bankruptcy have few, if any, non-exempt assets. Exempt assets include limited property for a basic lifestyle such as clothing, furniture, appliances, and even a basic vehicle. Property that secures a debt, like your car or house, may be repossessed, however.
Chapter 13, on the other hand, allows you keep possession of some property, like your car and house. Your Chapter 13 plan balances your income against your living expenses and debts and allows you to make regular payments toward your secured debts without having to give up those assets. If you've had a temporary financial upheaval, but have regular income, Chapter 13 may be the appropriate filing for you. Whatever your situation, you need to understand the differences between Chapter 7 and Chapter 13 bankruptcies before you file.
Speak With a Michigan Bankruptcy Attorney Now, Before You Decide
Before you make decisions that could have long term consequences for your future, speak with a
Just fill in our online case evaluation form or call us toll free at 1 (877) 349-1309 to schedule a free consultation with an experienced