Bankruptcy Basics in Livonia, Michigan
What You Need To Know 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.
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Posted by Mary
December 11, 2015
"I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over."
Posted by Client
October 26, 2010
"I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront."
Posted by Marlene
January 8, 2014
"He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!"