What You Need to Know About Chapter 7
Learn from a Detroit Chapter 7 Attorney
For anyone thinking about filing for Chapter 7 bankruptcy, there is a lot
to be considered. Your eligibility, assets, and debt are all on the line
and even the slightest misstep can create even further financial distress.
The Law Offices of Marshall D. Schultz has been helping individuals just
like you achieve success for the past three decades.
Chapter 7 attorney from our firm possesses a comprehensive understanding of the
bankruptcy. By evaluating your circumstances, we can guide you toward a unique solution
that best meets your needs. At our firm, you can have confidence as we
work toward the betterment of your future.
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy can also be called liquidation bankruptcy because
it deals with debt in a very direct way. Most filing procedures for this
method typically take four months, but can extend longer based on the
In order to be eligible for Chapter 7 bankruptcy, you are required to pass
a Means Test which evaluates your income as compared to the average gross
income of households in your area. Your income must be lower than the
median to qualify for Chapter 7.
From the moment you file for Chapter 7, an automatic stay becomes effective.
This automatic stay provides the following protection:
- Stops garnishments and foreclosures
- Closes lawsuits
- Prevents liens from being completed
- Prohibits the harassment of creditors
- May refund garnished bank funds
Unfortunately, if you file for bankruptcy, this will be recorded on your
credit report for 10 years. While it can be difficult to fix your credit,
bankruptcy can also be one of the best ways to improve your debt-to-income ratio.
According to The Bankruptcy Code, you are allowed to keep some personal
property, cash, and assets even after filing. If your property exceeds
the limit, you can appoint a Chapter 7 trustee who can manage your remaining property.
Retain Our Counsel for Your Bankruptcy Case
At The Law Offices of Marshall D. Schultz, we can help you determine if
you qualify for Chapter 7 bankruptcy and walk with you through the filing
process. The sooner you contact our firm, the more effectively we can
improve your financial future.
Contact a Detroit Chapter 7 attorney today to begin your