Ann Arbor Chapter 7 Attorneys

Moving Forward With Debt Relief Through Chapter 7 Bankruptcy

The first question most people have when they are considering filing for bankruptcy is "What can bankruptcy do for my financial situation?" The answer to that question depends upon the type of debt you have, your income, and the type of bankruptcy filing you can make.

At the law firm of Marrs & Terry, PLLC, our bankruptcy attorneys will review your finances and advise you if you qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 has specific eligibility requirements (a means test) so not everyone who has serious debt will qualify. Contact our law office to schedule a free consultation. We have six Michigan offices for your convenience: Ann Arbor and Jackson.

What Chapter 7 Can Do for You

Many people who qualify for Chapter 7 bankruptcy have had a permanent or longer-term loss of income, such as a job loss or loss of child support or alimony. Chapter 7 is a good option for people who have a great deal of unsecured debt, such as medical bills. Under Chapter 7 bankruptcy, most unsecured debt is "discharged," meaning it is forgiven.

If you have missed some mortgage payments but your house has not gone to foreclosure sale yet, our bankruptcy lawyers may be able to help you avoid or delay foreclosure.

What Debts Cannot be Discharged Under Chapter 7 Bankruptcy

If you have secured debt such as a car loan, a boat loan, or a home mortgage, this debt is not discharged if you want to keep the property. If you wish to keep the car, boat or home, you can reaffirm the loan and continue to pay according to the original terms of the loan agreement. See the page on secured debt to learn more about how secured debt is handled under Chapter 7.

In Chapter 7, you cannot discharge:

  • Student loan debt
  • Tax debt
  • Court-ordered alimony or child support

Have you been told you don't qualify for Chapter 7 but think you do? Talk with one of our bankruptcy lawyers for a second opinion. We have been able to help many people in your situation achieve bankruptcy under Chapter 7 or Chapter 13 of the U.S. bankruptcy code.

Take action to change your financial future. Contact Marrs & Terry online or call us toll-free at 866-665-8095.