Relieving Debt Through Chapter 7 Bankruptcy
"Can bankruptcy help me overcome my financial troubles?" That is the first question most people have when they are considering bankruptcy as a debt relief option. In most cases, the answer is yes. Income, type of debt and the type of bankruptcy filed all play a role in determining how bankruptcy could impact your financial situation.
At the law firm of Marrs & Terry, PLLC, our bankruptcy attorneys will carefully review your situation before helping you determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. There is specific eligibility requirements associated with Chapter 7, so not everyone will qualify. Contact us to determine whether this type of bankruptcy will work for you. Our services are available to individuals in Flint and the surrounding areas in Michigan.
The Benefits of Chapter 7 Bankruptcy
Many people who pass the means test and qualify for Chapter 7 have had a permanent or long-term loss of income, such as a job loss or loss of child support or alimony. Chapter 7 can benefit these individuals and anyone else who has a great deal of unsecured debt, such as medical bills and credit card bills. Under Chapter 7 bankruptcy, the majority of unsecured debt would be "discharged", meaning the debt is forgiven.
Chapter 7 can also benefit homeowners who have missed mortgage payments, as long as their house has not gone to a foreclosure sale yet. Through a bankruptcy filing, we may be able to delay or stop foreclosure.
Debts That Cannot be Discharged Under Chapter 7 Bankruptcy
Not all debt is discharged under Chapter 7 bankruptcy. Debt that would remain includes:
- Court-ordered child support and alimony
- Student loan debt
- Tax debt
Furthermore, any secured debt attached to property that you want to keep cannot be discharged. For example, a car loan cannot be discharged if you want to keep your car.
Even if you have been told you do not qualify for Chapter 7 bankruptcy, you should discuss your case with one of our experienced lawyers for a second opinion. We are experienced utilizing the United States Bankruptcy Code to help clients overcome financial debt.
Ready to take action and change your financial future? Contact Marrs & Terry, PLLC online or call us toll free at 866-665-8095.
