Chapter 7, frequently referred to as liquidation bankruptcy or fresh start bankruptcy, is what people typically think of when they think of bankruptcy. It is the most common type of bankruptcy. If this type of bankruptcy is right for you, the experienced lawyers at Tishkoff PLC will guide you through the process, providing one-on-one representation every step of the way.
How Does Chapter 7 Work?
A very straightforward and simplified definition of Chapter 7 bankruptcy: liquidating your current assets to pay down your debts, with most of the remaining debts discharged.
The most common misconception about Chapter 7 is that you will have to give up all your assets. In reality, you may be able to keep many of them, because they are exempt. You may even be able to keep your house. There is no need to spend down tax-exempt retirement accounts. You can keep them. The goal of Chapter 7 is not to leave you with more challenges, but to take the challenge of debt off your shoulders so you can have a fresh start.
Interested in stopping foreclosure, repossession and garnishment? Chapter 7 puts an immediate stop to these and all other creditor actions, and the creditor may not proceed further without authorization from the bankruptcy court.
Attorneys for Credit Card Debt Relief
Our attorneys want to do what is right for you. After we learn all about your situation, we will review all available options with you, including the pros and cons that come with each. While the details vary in every case, the obvious pro of Chapter 7 is fast debt elimination, including elimination of credit card debt. The con, depending on your case, is that you may have to give up property. If Chapter 7 is not right for you, Chapter 13 may make more sense.
Contact us to schedule a free 30-minute consultation with our Chapter 7 bankruptcy attorneys.
407 North Main Street
Ann Arbor, Michigan 48104
Phone: (734) 663-4077
Toll free: 1 (855) TISH-LAW
Fax: (734) 665-1613