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If you are struggling financially, it may be time to consider bankruptcy. Filing under Chapter 7 of the bankruptcy code could allow you to discharge your debts and halt the collection calls. With the help of a Dearborn Chapter 7 bankruptcy lawyer, you could get the results you need.
Reach out to our dedicated bankruptcy attorneys or fill out our online debt calculator today to get started. We proudly offer zero money down options to help you get started on your fresh path forward.
Chapter 7 bankruptcy, often called liquidation bankruptcy, gives you the opportunity to move toward financial freedom by discharging most of your unsecured debts. Unsecured debts are the obligations that are not tied to specific assets such as a home or vehicle. From credit cards to medical debt, you could erase all of what you owe to creditors.
Unlike Chapter 13, which involves a repayment plan, Chapter 7 eliminates qualifying debts outright. For many people struggling with overwhelming debt, Chapter 7 bankruptcy is the fastest way to reset their financial situation.
A common concern is whether filing means losing everything you own. Fortunately, bankruptcy law provides exemptions that allow you to keep virtually all of your property. Things such as clothes, keepsakes, and household items are essential property, as are your home (up to certain limits), vehicle, household goods, and retirement accounts. Only non-exempt assets, if you have any, may be sold to repay creditors. Many cases involve little to no liquidation at all.
The process typically takes just a few months, ending with a court-issued discharge that erases eligible debts. Of course, disputes and challenges from trustees or creditors can make this process take longer. Our Dearborn Chapter 7 bankruptcy attorneys could help you navigate the process.
There are a few qualifications you must meet before you can file for Chapter 7 bankruptcy. It is important to note that this process is open to both individuals and business entities. The most prominent qualification is the means test.
Chapter 7 bankruptcy is intended for low-income debtors who lack the assets to pay back their obligations. Because of the short duration and the ability to discharge unsecured debts, federal law only allows individuals with income below a certain threshold to qualify. You only qualify for Chapter 7 if your income is below the median income for the state you live in.
Your past history with the bankruptcy system is also relevant. You are prohibited from filing for Chapter 7 if the court dismissed one of your previous bankruptcy filings within the last 180 days because you failed to appear in court or comply with a judge’s order. Our Dearborn attorneys can answer any further questions you have regarding qualifying for Chapter 7 bankruptcy.
There are a number of benefits associated with Chapter 7 bankruptcy, as a Dearborn attorney can explain. You will experience some of these as soon as your petition is filed. For example, the automatic bankruptcy stay goes into effect immediately and prevents your creditors from contacting you or making any attempts to collect your debt. Ongoing lawsuits are put on hold, and the court will require any garnishments or levies to end. Discharging your debts may be the ultimate goal, but the automatic stay can dramatically improve your life while you move toward the next phase.
If you are looking for a fresh financial start, Chapter 7 bankruptcy might be the answer. You have the chance to discharge your debts, but attempting to do so on your own is not easy. Contact a Dearborn Chapter 7 bankruptcy lawyer from our firm today for a private, free, consultation or fill out our online debt calculator for immediate quotes and a plan of action with zero payment required.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
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