Rochester Hills Chapter 7 Bankruptcy
 
A divorce, sudden job loss, or serious medical condition can lead to extreme debt.  When debt becomes insurmountable, bankruptcy may be an option.  Attorney Randall L. Shepard helps people file for Chapter 7 bankruptcy in Rochester Hills when it is the best solution for their financial problems.

When is Chapter 7 bankruptcy the right choice?

Chapter 7 bankruptcy is called liquidation bankruptcy, which means your assets are sold to pay off debt.  You must be eligible to file for Chapter 7 bankruptcy in Rochester Hills based on a new bankruptcy law passed in 2005.  Randall L. Shepard can evaluate whether your income level meets this bankruptcy law’s qualifications.

Deciding whether to file under Chapter 7 also depends on whether you have assets you are willing to part with and on the type of debt you have incurred.  An experienced Rochest Hills bankruptcy lawyer can review your assets to let you know which assets are exempt and which are subject to liquidation.

If you have a home and are able to continue making mortgage payments, you may be able to keep your home and benefit from liquidating other assets to cover other debts.  Approximately $30,000 in home equity is exempt in under Michigan bankruptcy law.

In no-asset cases, there are no assets to liquidate, and the trustee informs the creditors that they do not need to file claims for debt payment.  Debts covered under the bankruptcy are simply discharged.

When you have few assets and a large amount of unsecured debt, Chapter 7 bankruptcy may be the right type of bankruptcy for you.  Unsecured debt is not backed by collateral and includes:

• Credit card debt
• Medical bills
• Utility bills
• Retail store cards
• Cell phone bills
• Personal signature loans

It is also important to understand which debts are not discharged in bankruptcy, such as child support, student loans, and relatively recent tax debts.

Getting legal help

Because the Bankruptcy Code, case law, and procedures are complicated, the U.S. Bankruptcy Court recommends that individuals filing for bankruptcy seek legal help.  Wrongly filled out paperwork can sometimes result in delays or even denial of your bankruptcy petition.  An experienced lawyer can help take the stress out of filing for bankruptcy and make matters go more smoothly.  You also have a means of dealing with any legal challenges that arise regarding your bankruptcy case.

Discuss your Chapter 7 bankruptcy in Rochester Hills, MI

Call 248-841-8772 or use our online form and contact Randall L. Shepard today.