Southfield, Michigan, Chapter 7 Bankruptcy Info
Chapter 7 bankruptcy is sometimes referred to as “fresh start” bankruptcy. It gets this name because it can erase most debts. Generally, a Chapter 7 bankruptcy makes the most sense for individuals overwhelmed by medical or credit card debt. It is can also be a useful strategy for people facing loan refinances or who have lost an income source through a layoff.
Typically, a Chapter 7 bankruptcy is used by folks who aren’t likely to gain the ability to pay back their debt under a payment plan such as occurs under a Chapter 13 bankruptcy. The process of filing Chapter 7 bankruptcy is fairly straightforward but does require an eligibility and application process. If you retain a bankruptcy attorney, they can prepare all paperwork and appear with you at your various court hearings.
While there has been much misinformation to the contrary, the new Chapter 7 bankruptcy laws have made it even more imperative that you consult with an experienced bankruptcy attorney.
Related posts:
- Southfield Michigan Bankruptcy Lawyers
- Considering Bankruptcy: The Chapter 7 Option
- Michigan Chapter 7 Debt Assistance
- 3 Questions Commonly Asked About Chapter 7 Bankruptcy in Michigan
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