Wayne County Bankruptcy Exemptions
What property is exempt from liquidation under Chapter 7?
If you are considering filing for bankruptcy you will need to know what assets you are protected from the liquidation process. The decision to file for
Chapter 7 bankruptcy protection may lead to the sale of some of your assets to pay off debt, although a great number of people lose nothing at all. Bryant Logan Law Group, PLC knows how to maximize the asset protection you have a right to, so you can keep your home, your car, your pension savings and many other assets. We have over 50 years of combined experience in bankruptcy law, and have helped thousands of financially distressed people rebuild their financial future by the intelligent use of bankruptcy law. Chapter 7 is known as liquidation bankruptcy, but you may be in a position in which you will lose nothing, except your unsecured consumer debt.
Filing for Bankruptcy in Wayne County?
The State of Michigan allows you to choose between the Federal Bankruptcy Act exemptions or the Michigan exemptions. You may not pick and choose, but must decide which set of rules gains you the most advantages. Our practice is focused upon all forms of debt relief and once you contact us for an initial evaluation, we can advise you on whether to proceed with bankruptcy and if so, how to get through the process with and get the most out of it. If you file Chapter 7, some of the exemptions to liquidation that you will have are:
- Equity in your residence in the amount of $35,500. If you are over 65 or disabled, this is increased to $53,925;
- All of your personal clothing, family photographs and household goods such as furniture and kitchen ware;
- Most pensions and retirement accounts;
- Insurance benefits;
- Tools you need for work, with limits;
- Public benefits such as veteran's benefits, workers compensation and unemployment insurance.
There are other exemptions that we will review with you as part of your bankruptcy strategy. Whether you file for Chapter 7 or Chapter 13 bankruptcy protection, we will help you through this stressful process so that you can look toward your future with optimism. We look forward to meeting with you to get you started.