A Detailed Look at Chapter 7 Bankruptcy
Key Features of Chapter 7 Bankruptcy
If you are considering Chapter 7 bankruptcy, you undoubtedly have many questions. At the Dorn Law Firm, we strive to answer all our clients' questions promptly and thoroughly. As questions arise, make a list and bring it with you to your appointment with attorney Heather Dorn.
The Dorn Law Firm, in Southfield, Michigan, has helped hundreds of people in the metro Detroit area get Chapter 7 bankruptcy relief. Contact us today for a free initial consultation.
Below are a few common questions people have about Chapter 7 bankruptcy. If you are considering bankruptcy in the next few months, see our 10 tips on what to do if you are considering bankruptcy.
What Debts Can Be Discharged? Credit card bills, medical payments, court judgments against you, and other unsecured debts will typically be discharged in Chapter 7 bankruptcy proceedings. You must list all creditors on your bankruptcy petition to get this relief. Any debts or creditors that are not listed will not be discharged.
What Debts Cannot Be Discharged? Taxes, child support and student loans typically cannot be discharged. Your bankruptcy attorney will review your debts to help you understand which debts will or will not be considered dischargeable to you.
Can I Keep My Property? Some of your property is "exempt" from the bankruptcy petition, such as your furniture and personal possessions. Exempt property will not be sold and used to pay down your debt. Some property may be exempt based upon its value, such as your home or car. Your bankruptcy lawyer will explain the exemptions available to you under state or federal bankruptcy law, and will help you decide which exemptions to take.
What About My Home, Car or Other Possessions I Want to Keep? Chapter 7 bankruptcy allows you to keep your house, your vehicle, and other financed items if you qualify and if you and your creditor enter into a reaffirmation agreement or an assumption of a lease. In exchange for keeping the property, you agree to continue paying the debt even after the bankruptcy case is closed. If you do not enter into a reaffirmation or lease assumption, your creditors may repossess your vehicle or foreclose on your home within 45 days of the first hearing.
More Questions?
Contact The Dorn Law Firm at 248.438.8716 or 866.684.5816 for a free consultation about Chapter 7 bankruptcy. We offer evening and weekend meetings by appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
