Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often called “straight bankruptcy” or “liquidation.” Individuals, corporations, or partnerships may file for Chapter 7 bankruptcy, a process which does not involve the filing of a plan of repayment, as is required by Chapter 13 bankruptcy.
In a Chapter 7 filing, a bankruptcy trustee gathers and sells your nonexempt assets and uses the proceeds of such assets to pay creditors (holders of claims against the estate) in accordance with the provisions of the Bankruptcy Code. You need a knowledgeable attorney to analyze your assets to determine what you can keep and to give sound advice moving forward.
Part of your property may be subject to liens and mortgages that pledge the property to other creditors. Also, the bankruptcy code allows you to keep certain “exempt” property, but a trustee will liquidate your remaining assets. You should know that the filing of a petition under Chapter 7 may result in the loss of some of their property.
Contact Our Detroit, Michigan Chapter 7 Bankruptcy Attorney Today at 248-398-9900
We serve bankruptcy clients in Oakland County, Wayne County, and Macomb County. Our office is conveniently located in Royal Oak, with close access to Madison Heights, Sterling Heights, Lathrup Village, Huntington Woods, Southfield, Berkley, Ferndale, Oak Park, Birmingham, Farmington, and Farmington Hills.
If you or a loved one needs legal representation or advice from an experienced Metro Detroit, Michigan chapter 7 bankruptcy attorney, call Shirley Horn today ator complete the contact form on this website to schedule a free and confidential consultation.