What You Need To Know About Bankruptcy

At Charles J. Schneider, P.C., we understand the stress that unmanageable debt can have on you and your family. Our lawyers are committed to helping you get a new financial start. Our law office is conveniently located in Livonia, Michigan, and we serve clients throughout the Detroit metropolitan area.

The following pages provide more essential information about bankruptcy:

  • Chapter 7 overview: Chapter 7 bankruptcy is the most common form of personal bankruptcy. The Chapter 7 bankruptcy process allows for a complete and immediate debt discharge through the liquidation of your assets. Not all of your property is subject to liquidation; many assets are protected by bankruptcy exemptions.

  • Chapter 13 overview: Many people file Chapter 13 bankruptcy to protect assets in which they have significant equity that may otherwise be lost in Chapter 7 liquidation bankruptcy.

  • Michigan bankruptcy exemptions: Many of your assets are exempt, meaning that creditors cannot take them to pay your debts. In Michigan, you can keep up to $35,300 in home equity ($52,925 if you are over 65 or disabled), all of your retirement benefits, a vehicle valued up to $3,250, and up to $3,525 in household furnishings. You also have the choice of using federal bankruptcy exemptions.

  • Protecting retirement plans: Pensions and assets held in 401(k) and IRA accounts are protected.

  • Asset protection: Our bankruptcy lawyers use creative solutions to maximize what assets and property you get to keep, including future income, while minimizing what your creditors get.

  • Preparing for bankruptcy: This page describes the financial information you should bring to your first meeting with our bankruptcy attorneys.

  • Credit issues: Filing for bankruptcy may be your best option for ending disruptive creditor actions such as harassment, vehicle repossession or foreclosure.

Talk To A Certified Bankruptcy Attorney | Free Consultation

To discuss your debt problems with a certified consumer bankruptcy specialist, call us or fill out the contact form on this website. We offer evening and weekend appointments.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.