Chapter 7, A Fresh Start
The Chapter 7 bankruptcy allows you to make a fresh financial start by fully eliminating your unsecured debt obligations and allowing you to surrender unwanted real or personal property such a vehicle or home that you are no longer interested in or able to maintain payments on.
Exemptions from Chapter 7 bankruptcy
You are allowed to claim certain assets and properties as exempt from the bankruptcy process under a Chapter 7 bankruptcy. At the time of your free consultation we will review your assets and advise you of your available exemptions.
Common exemptions include the following, but only up to certain values for each:
- Equity in a primary residence or motor vehicle
- Household goods
- Jewelry
- Tools
- Life insurance
- Select other property
- Qualified retirement accounts
Many times, there is little or no non-exempt property involved in a personal bankruptcy. Because of this, there may not actually be a liquidation of any assets in your Chapter 7 case. These are referred to as no-asset cases.
A Chapter 13 bankruptcy may be more advantageous for you if you have assets you would like to keep that cannot be declared as exempt under Chapter 7 bankruptcy guidelines. We would make this determination at the free, initial consultation.
Allow our experienced bankruptcy attorneys to determine if Chapter 7 is the right choice for you.
For a bankruptcy law or debt resolution matter, schedule an in-office or phone consultation with our Dearborn, Flint, Southfield, Ann Arbor or Warren law office, in order to review your personal circumstances, analyze your situation, and advise you on the best course of action. Please call us toll free at 866-261-8282 or click here to schedule a consultation right now.
