Livonia Chapter 7 Attorney
Detroit Bankruptcy Lawyer
Immediate Credit Card Debt Relief Through Chapter 7 Bankruptcy
Also referred to as a "Straight Bankruptcy," Chapter 7 bankruptcy is the most common form of personal bankruptcy, allowing for a complete and immediate debt discharge through the liquidation of your assets. While some debts are not dischargeable in any form of bankruptcy-for example taxes, student loans, alimony and child support- Chapter 7 bankruptcy can relieve you of creditor harassment and the pressures of overwhelming debt.
Advantages of Immediate Debt Relief
The principal advantage of Chapter 7 consumer bankruptcy over Chapter 13 bankruptcy is that you will be permanently released from all your dischargeable debts and gain a fresh financial start within months. Typically in Chapter 7 bankruptcy, the greatest portion of debt is unsecured debt, such as medical bills, credit card debts, and loans that are not backed by any tangible assets or property. These unsecured debts will be discharged, and secured debts (such as those backed by a house or car) will be subject to creditors' claims and can be recaptured in satisfaction of amounts still due for that property.
Not all your tangible property will be subject to liquidation through Chapter 7 bankruptcy. All small personal property and certain real property is exempt from liquidation, such as home equity of up to $18,450.00 for an individual or $36,900.00 for husband and wife, retirement benefits, and some low-worth vehicles. Our bankruptcy attorneys can help you determine what property is exempt, if you will be able to prevent foreclosure on your home or repossession on your car, what you will be required to liquidate, and what the long-term consequences will be for you.
Free Consultation - Nothing to Lose
If you are considering eliminating your debt through bankruptcy, our Livonia Chapter 7 lawyers can help guide you through the process from start to finish. For more information on what you will need to bring for your free initial consultation, please see our Contact The Firm page to download relevant forms.