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Phone: 248-646-4600
Email: ron@siegelpc.com
Location
30150 Telegraph Rd, #444 Bingham Farms, Michigan 48025
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By appointment
Serving Metro Detroit And Southeast Michigan
All About Chapter 7 Bankruptcy in Michigan
All About Chapter 7 Bankruptcy in Michigan
Filing for bankruptcy is a serious decision. It can be overwhelming and difficult to understand the various processes and options available. In Michigan, chapter 7 bankruptcy is an option for individuals facing overwhelming debt. This blog post will take a look at what filing for chapter 7 bankruptcy entails, the potential benefits of filing, how it may affect your job, and how The Law Offices of Ronald S. Siegel can assist you as you go through this process.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a type of liquidation bankruptcy that involves the sale of non-exempt assets in order to repay creditors. In exchange for repaying creditors, any remaining debt balances are discharged. To qualify for chapter 7 bankruptcy in Michigan, individuals must pass the means test which assesses their income against their debts. If they are unable to pay back their debts through their income and assets, then they qualify for chapter 7 bankruptcy.
Benefits of Filing for Chapter 7 Bankruptcy
Filing for chapter 7 bankruptcy has many potential benefits including stopping wage garnishment and collection activities, eliminating certain types of debt such as credit card debt or medical bills, preventing foreclosure on your home or repossession of your car, as well as providing you with much needed peace of mind knowing that you are taking steps to get out from under crushing debt.
Will Filing Affect My Job?
Generally speaking, filing for chapter 7 bankruptcy should not have any direct effect on your current employment status unless you are working in an industry that requires special training or security clearance (such as finance or government work). Those employers may be able to deny employment based on a past filing but those cases are rare and would need to be reviewed carefully by a qualified attorney before making any decisions regarding employment status.
The Law Offices of Ronald S. Siegel Can Help
At The Law Offices of Ronald S. Siegel we understand the complexities involved with filing for bankruptcy and can provide guidance throughout the entire process—from determining whether or not you qualify to helping you understand all your options moving forward once the process is complete. We want our clients to make informed decisions about their financial future so we will take the time to explain each detail clearly so there's no confusion along the way.
While filing for chapter 7 bankruptcy can seem daunting at first glance, it can actually be extremely beneficial when done correctly and with proper legal guidance from an experienced attorney like those at The Law Offices of Ronald S.Siegel . No matter where you're starting from financially—whether it's trying to stop wage garnishment or eliminate certain types of debt—filing for chapter 7 bankruptcy could be the best option available depending on individual circumstances such as income levels and existing debts owed by Michigan residents seeking financial relief from overwhelming debt obligations.. If this sounds like something you're interested in exploring further it's important that you contact us today so we can discuss all your options moving forward!
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30150 Telegraph Rd, #444
Bingham Farms, MI 48025
Practice Areas
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By Appointment
We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.