Exemptions in Chapter 7 Bankruptcy
Federal bankruptcy law is intended to give honest debtors a chance to make a fresh start without being hindered by an excessively large load of debt. Even with this purpose, it can be difficult for an individual to successfully navigate the bankruptcy process, and it is wise to retain legal counsel before taking any further action. When filing under Chapter 7, it is possible that you could lose some of your personal property to liquidation, but when you come to the Law Offices of Marshall D. Schultz, we can employ strategies to protect you against losing anything. We have filed over 10,000 consumer bankruptcies, and we know how to get results for our clients.
When your petition for Chapter 7 bankruptcy is approved, your personal property is transferred into the ownership of a "bankruptcy estate" which is created especially for your case. The government will appoint a bankruptcy trustee to oversee the estate, with the purpose of liquidating as much as possible to pay your creditors. Any amounts that the trustee can raise by selling your property will be distributed among the creditors who make a claim on the estate.
At our firm, we measure our success by how stable you are when you begin life after bankruptcy, and we will do everything we can to safeguard you against unnecessary losses. There are many exemptions available at the state and federal level which a bankruptcy attorney can use to help you avoid liquidation of your property. In the vast majority of cases we represent, the client is able to keep everything, including the house, automobiles, furniture, jewelry, etc. This is ideal, as it allows you to enjoy the full benefits of bankruptcy without any of the penalties. We have two office locations in Detroit and Southfield to offer our legal services to multiple cities.
To learn more about the bankruptcy process and how to keep your possessions safe, contact our law firm for a free consultation.
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