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In Chapter 7, What Debts Can I Discharge And What Assets Can I Keep?

In Chapter 7, What Debts Can I Discharge And What Assets Can I Keep?

Posted By Law Offices of Marshall D. Schultz || 14-Jan-2014

If you have far more debt than your current income allows, you have fallen behind on your financial obligations, you have creditors harassing you for payment, you are at risk of losing your home or vehicle, and you see no light at the end of the tunnel, it may be time to consider filing for bankruptcy. Chapter 7 is a type of bankruptcy that individuals with an income below the median and little to no disposable income can use to clear their financial slate and get a fresh start at rebuilding their life. The majority of filers will be able to eliminate the totality of their unsecured debts through this particular type of bankruptcy. Alimony payments, child support, some student loans, certain taxes and any fraudulently obtained debts will still remain. If you owe a home or other assets you are afraid you might lose by filing for bankruptcy, bankruptcy laws do allow individuals to exempt specific assets and properties from the bankruptcy process. There are even homestead exemptions that can be used to help you keep your home.

Each bankruptcy case is different. To determine if you qualify for Chapter 7 and to find out exactly which of your personal debts can be discharged, as well as what assets you can keep, we strongly recommend you contact a Detroit bankruptcy lawyer at our firm right away. The lawyers at Marshall D. Schultz have over 33 years combined experience practicing law. We understand how frightening it can be to find yourself on the edge of financial ruin, but we also know the relief that bankruptcy can provide. We have filed more than 10,000 bankruptcy petitions over the years and we are committed to giving you the legal counsel you need to achieve true debt relief.

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