Southfield, Michigan, Chapter 7 Bankruptcy Lawyers
Chapter 7 bankruptcy has often been called "fresh start" bankruptcy because it erases most debts altogether. Chapter 7 bankruptcy is often the most appropriate strategy for people who have incurred overwhelming medical, or credit card debt, loan refinances or judgments, or who have lost an income source altogether through a layoff, divorce, or loss of child support.
While bankruptcy under Chapter 7 changed in 2005 with the new federal bankruptcy law, it IS still available for most people. The experienced bankruptcy attorneys at Acclaim Legal Services will be happy to explain these changes and to help you determine if you qualify for Michigan Chapter 7 bankruptcy. Contact us to learn how we can help you.
How Does Chapter 7 Debt Relief Work?
Chapter 7 is for people who will likely never have the ability to pay back their debt under a debt restructuring plan in Chapter 13. After an initial consultation to see if you qualify, the process of filing Chapter 7 bankruptcy is straightforward. You will receive credit counseling and will then make one court appearance. Our bankruptcy attorney will prepare all paperwork and appear at court with you.
Filing Chapter 7 bankruptcy in Michigan resolves your debts:
- Stop wage garnishment and utility shut offs.
- It stops creditor harassment.
- Erases any mortgage liability (first mortgage, second mortgage, home equity loan, etc.) in the event of a home foreclosure or a voluntary home surrender through the Chapter 7.
- It provides total relief from unsecured debt, such as credit card bills, and medical bills, judgment, garnishment, utility bills, car repossessions, older tax debts and gambling debt.
- Debt claims can be discharged in as little as six months.
Despite the many rumors and misinformation, Chapter 7 is still available although bankruptcy laws have made it more important than ever that you work with an experienced and knowledgeable bankruptcy attorney. If a filing is done incorrectly, it may be denied and you may not have an opportunity to apply again for relief from those debts.
Will Chapter 7 Save a Home or Car?
Chapter 7 bankruptcy offers a fresh start in many ways, but it cannot help you retain property that you can no longer afford. If your house is in foreclosure or about to be foreclosed upon, Chapter 7 bankruptcy may allow you to retain equity you have built in the house, but it is likely the house will be sold. If you have a vehicle, you will either need to reaffirm the debt or return the vehicle. At the free consultation we will advise you on all of your options and develop a personal strategy to resolve your debts while maintaining your personal property. If you are current on your mortgage payments, most likely you will be able to keep your home while discharging other debts by exempting any equity you may have in your home.
These are serious considerations and every bankruptcy situation is different. It will be important for you to consult a knowledgeable Chapter 7 bankruptcy attorney to advise you on the specifics of your case.
Call Our Chapter 7 Lawyers at 866-438-5217
At Acclaim Legal Services, your initial consultation with a bankruptcy lawyer is free. You have nothing to lose by investigating bankruptcy as an option for debt relief. Please contact our offices to schedule an appointment and begin the process of regaining peace of mind and financial stability.
