If your monthly bills are piling up, and you can not afford to pay your bills and basic living expenses, then it may be time to file a chapter 7 bankruptcy. Chapter 7 bankruptcy can give you a chance to have a fresh opportunity to handle your finances.
What Is A Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy allows you to get rid of all unsecured debts and gives you a fresh start to take care of your finances. When filing a Chapter 7 bankruptcy all activity from debt collectors will stop such as phone calls, letters, and legal actions. Debt such as credit cards, unsecured loans, and garnishments can be canceled. Chapter 7 Bankruptcy will discharge your debt in exchange for some of your non-exempt assets such as an expensive music instrument, cash, stocks, bonds, second car, or second home, and other investments. The trustee assigned to your case will review the debt owned and your assets to determine what can be sold in order to repay your creditors.
Benefits Of Filing A Chapter 7 Bankruptcy
Filing a Chapter 7 bankruptcy can be beneficial because it gives you a chance to eliminate certain debts and frees you from personal liability. Also, after 180 days from the filing date any future income you inherit, or get from a settlement, death benefits, or life insurance policy will not be a part of the bankruptcy. There are also no limitations on the amount of debt owed, and no repayment plan is needed. Finally, the discharge of the debts is completed fairly quickly, within a three-month time period. There is a huge burden lifted off of your shoulders when the bankruptcy case is completed.
Filing Bankruptcy Chapter 7 With Jack Berman In Redford MI
Jack Berman in Redford MI has been dedicated to his clients for over 40 years and is experienced in representing clients going through bankruptcy. Mr. Berman can assist you with filing a Chapter 7 bankruptcy from start to finish and is determined to help you find a way to handle all your debt-restructuring needs. To learn more about filing a Chapter 7 bankruptcy you can contact us online, or call us at our Wayne County location at 734-367-0600 or at our Macomb County location at 586-779-6000 today!
