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What Can I Keep When Filing for Chapter 7 Bankruptcy?

February 8, 2023

What Can I Keep When Filing for Chapter 7 Bankruptcy?

Filing for bankruptcy is a difficult decision that can have long-term consequences. It’s important to understand what you can keep and what must be surrendered when filing for Chapter 7 bankruptcy. At The Law Offices of Ronald S. Siegel, we understand the stress financial hardship can cause and are here to help you understand the process. 



When filing for Chapter 7 bankruptcy, debtors are able to keep certain property they legally own, such as wages, bank accounts, and some personal items. This is known as exempt property. Property that isn’t exempt from the Chapter 7 bankruptcy process include cars, retirement funds, real estate holdings, boats and other legal rights. These assets are subject to liquidation in order to pay creditors. In addition to deciding which assets will be kept or sold off through the bankruptcy process, individuals must also file documents with the court detailing their assets, debts owed and other information related to their finances. 


The court approves or denies discharge of a debtor's obligations based on an individual's financial situation; however there are exceptions such as student loans or tax debt which cannot be discharged in a Chapter 7 bankruptcy case. Additionally certain forms of income may not be eligible for discharge as well; this could include alimony payments or inheritance money received within 180 days prior to filing for bankruptcy relief. 



At The Law Offices of Ronald S. Siegel we strive to provide our clients with the best possible advice when it comes to filing for Chapter 7 bankruptcy relief. We have helped countless individuals navigate the complexities of a bankruptcies filings over many years and we continue to assist clients facing financial hardship today with compassionate advocacy and knowledgeable counsel every step of the way. If you’re considering filing for chapter 7, contact us today so we can discuss your options with you in detail!

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Are you struggling with overwhelming debt and considering filing for Chapter 13 bankruptcy in Michigan? It can be a complex and stressful process, but hiring a knowledgeable and experienced Chapter 13 bankruptcy attorney can make all the difference. In this blog post, we will discuss the numerous benefits of hiring a Chapter 13 bankruptcy attorney in Michigan to help guide you through the process and achieve financial relief. Expert Guidance: One of the main benefits of hiring a Chapter 13 bankruptcy attorney is their expertise in navigating the intricate laws and regulations surrounding bankruptcy. They will assess your financial situation, determine if Chapter 13 is the best option for you, and develop a personalized repayment plan that fits your needs. Their knowledge and experience can help ensure that your case is handled properly and efficiently. Protection from Creditors: By hiring a Chapter 13 bankruptcy attorney, you gain an advocate who will communicate with creditors on your behalf. This can provide peace of mind knowing that someone is fighting for your rights and protecting you from harassment or legal actions by creditors. Your attorney will handle negotiations with creditors to reach favorable terms for repayment within your Chapter 13 plan. Legal Representation in Court: Filing for Chapter 13 bankruptcy involves court appearances and meetings with trustees to review your repayment plan. Having a skilled attorney by your side can provide invaluable representation during these proceedings, ensuring that your interests are protected and increasing the likelihood of approval for your repayment plan. Financial Planning: A Chapter 13 bankruptcy attorney can also offer valuable financial advice beyond just the bankruptcy process. They can help you develop budgeting strategies, improve credit scores after bankruptcy discharge, and provide guidance on rebuilding your financial future. Their expertise can set you up for long-term success beyond just resolving your current debt issues. Peace of Mind: Dealing with overwhelming debt can take a toll on your mental health and overall well-being. By hiring a Chapter 13 bankruptcy attorney, you can alleviate some of that stress by having a professional handle the complexities of the process on your behalf. Knowing that you have skilled legal representation advocating for you can provide peace of mind during this challenging time. In conclusion, hiring a Chapter 13 bankruptcy attorney in Michigan offers numerous benefits that can greatly enhance your chances of successfully navigating the bankruptcy process and achieving financial relief. From expert guidance to protection from creditors to strategic financial planning, Ronald S. Siegel can be an invaluable asset in helping you overcome overwhelming debt. If you are considering filing for Chapter 13 bankruptcy in Michigan, don't hesitate to seek out reputable legal representation to guide you through this challenging time effectively.
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