Filing for Chapter 7 Bankruptcy
Obtain the Help Of a Detroit and Wayne County Bankruptcy Lawyer
Chapter 7 bankruptcy is also known as liquidation or straight bankruptcy. In a liquidation bankruptcy, all non-exempt assets will be sold to help pay off debts and loans to lenders. While non-exempt assets may be sold, all your exempt assets will remain yours. Some common state exemptions for Michigan include homestead, motor vehicle, household goods and property, and more. If the equity you have in an asset is lower than the limit set by the law, it will be exempt, or protected from liquidation. If it is higher and the exemption does not cover it, the item can be taken by the trustee and sold to pay off as much of your debt as possible.
If you are interested in filing under Chapter 7, you first will need to be deemed eligible through the means test, which was designed to limit this chapter to those who are truly unable to pay off their debts. The first part of the test is simple-all that needs to be determined is whether or not your monthly income is higher or lower than the median income for a household of your size in the area. If it is lower, you automatically are considered to be eligible. If not, you will move into the second stage of the test that determines your "disposable income," which is the amount of money you have left after acceptable monthly expenses are deducted from your monthly income. If your disposable income is low or nonexistent, you may be granted permission to file. If you are considered ineligible for Chapter 7, you will be redirected toward Chapter 13.
Working with Bryant, Logan, Wheeler Law Group, PLC
If you are faced with a financial hardship, you may be feeling overwhelmed and frustrated. Sometimes, the continuous harassing calls from creditors, the threat of
foreclosure, and non-stop bills can be enough to make you feel as if you are drowning in debt. If this sounds like you, it is important to remember that you have options. At Bryant, Logan, Wheeler Law Group, PLC, we will thoroughly review your financial situation, the debts you've accrued, and help you determine if filing under Chapter 7 is right for you. With the guidance of our team, you can file for bankruptcy and begin receiving the immediate benefits that filing can provide.
When you are considering filing for bankruptcy, it is important that you retain the representation of a trusted bankruptcy attorney. Need a lawyer for your Chapter 7 bankruptcy in Wayne County? Seek representation from an experienced bankruptcy lawyer in Wayne County. At Bryant, Logan, Wheeler Law Group, PLC, we are dedicated to our client's wellbeing and ensuring that their needs are met through personalized representation. We are a firm that prides ourselves on being accessible, personable, and honest with our clients and helping them throughout their financial difficulties. If you find yourself facing high debts and have exhausted all other means of paying them off, it may be to your benefit to file for a Chapter 7 bankruptcy.
Questions or concerns you may have regarding your situation can be directed to Bryant, Logan, Wheeler Law Group, PLC by
contacting the firm
and scheduling a
free case evaluation
as soon as possible.