Clinton Township Chapter 7 Bankruptcy Lawyers
Restoring Financial Control to the People of Macomb, Oakland & St. Clair Counties
Unfortunately, today’s economy has led to many individuals and businesses finding themselves drowning in debt they can’t repay. In such situations, filing for bankruptcy protection may be the answer to what seems like an insurmountable problem. Chapter 7 bankruptcy provides relief through a liquidation process, while Chapters 11 and 13 create a reorganization of your debt.
Our Chapter 7 Bankruptcy Law Firm
The most common form of bankruptcy in the U.S. is the Chapter 7 liquidation filing. It is the simplest and quickest form of bankruptcy, routinely concluded in a matter of months. At Ziulkowski & Associates, our team of Chapter 7 bankruptcy attorneys in Clinton Township can review your individual circumstances to determine if Chapter 7 bankruptcy is right for you. Our goals are to help you make a fresh start through compliance with the U.S. Bankruptcy Code. We can prepare your case for court and advocate on your behalf throughout the proceedings.
What Sets Us Apart From The Rest?
Benefits of Representation from Our Legal Team
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Directly Accessible to Clients
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Reasonable Approach to All Cases
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25 Years of Experience
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Thousands of Cases Handled
How Does the Chapter 7 Bankruptcy Process Work?
Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is designed to discharge most unsecured debt, giving people the opportunity to eliminate the burden of insurmountable financial obligations. This process involves selling off non-exempt assets by a bankruptcy trustee to pay creditors. However, it's important to note that there is a wide array of exemptions that may prevent certain assets from being sold. This is one of the reasons consulting with Chapter 7 lawyers should be a top priority to help you navigate this process.
Chapter 7 bankruptcy is an effective solution for those with little to no disposable income after essential living expenses, allowing them to wipe the slate clean and begin anew. Qualification for Chapter 7 is determined through a "means test," which assesses your income against the median income for your household size in your state.
Duration of the Chapter 7 Bankruptcy Process in Michigan
When it comes to the timeframe, Chapter 7 bankruptcy cases in Michigan generally progress swiftly compared to other types of bankruptcy. The process from filing to discharge typically takes about three to six months, contingent upon the complexity of the case and court scheduling. However, the most immediate benefit is the automatic stay, which goes into effect as soon as the case is filed and temporarily halts most creditor actions against you, offering a period of financial reprieve while your case is in progress.
What Is the Chapter 7 Bankruptcy Process?
The steps to file for Chapter 7 bankruptcy in Michigan are orderly and precise. Here is a detailed list of the steps:
- Credit Counseling: Complete credit counseling from an approved agency before filing.
- Filing of Petition: Prepare and file a petition along with other necessary documents in the Michigan bankruptcy court, which may include schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases.
- Assignment of Trustee: A bankruptcy trustee is assigned to administer the case and liquidate non-exempt assets.
- Meeting of Creditors (341 Meeting): Attend the creditors' meeting where the trustee and creditors may ask you questions.
- Eligibility Determination: Await the court's decision regarding eligibility for Chapter 7 based on the means test and other requirements.
- Non-Exempt Asset Liquidation: If there are non-exempt assets, cooperate with the trustee to sell these assets and pay creditors.
- Discharge of Debts: Once the process is complete and if the court finds no reason to challenge your filing, most of your debts will be discharged.
- Financial Management Course: Complete a debtor education course or financial management course.
It is crucial to follow these steps with care, and consulting with a knowledgeable bankruptcy attorney is highly recommended to navigate through this legal process effectively.
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They are true professionals and sincerely care about their clients.- Shantaina S.
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She’s always looking out for my best interest and willing to help no matter day or time.- Brianna D.
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She is competent, dedicated, and willing to go head-to-head with other aggressive lawyers on behalf of her clients.- Charlie L.
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This was a very stressful time and they were there for me every step of the way. Thank you Janet and Amy for everything.- Ronri