You May Be Eligible To Rebuild Your Financial Future Under Chapter 7
Are you struggling with overwhelming debt and feel like there is no way out? You are not alone. Filing under Chapter has helped countless individuals rebuild their financial futures.
The experienced bankruptcy attorneys at Marrs & Terry, PLLC have over 24 years of experience helping clients just like you eliminate debt and get their finances back on track. Contact our office to schedule a free consultation.
Who Is Eligible To File Under Chapter 7 In Michigan?
Chapter 7 bankruptcy is often thought of as the simplest and quickest type of bankruptcy, but that doesn’t mean it’s the right choice for everyone. At Marrs & Terry, we work closely with our clients to help them decide which form of bankruptcy is appropriate for their financial situation.
Chapter 7 is the liquidation form of bankruptcy and requires you to sell off or “liquidate” your non-exempt assets in order to repay creditors. Once the assets are sold and proceeds are used to repay creditors, any remaining debt is discharged – meaning you will no longer be responsible for repaying it. For many people, this results in a fresh start with no outstanding debt.
To qualify for Chapter 7 bankruptcy, you must meet the following eligibility requirements:
- Your monthly income in the last six months must be below the median income for households of the same size in your state, OR you must pass a means test to determine if your disposable income is sufficient to make partial payments to unsecured creditors.
- You cannot file under Chapter 7 if you have filed under Chapter 7 within the last eight years or if you have filed for Chapter 13 bankruptcy in the previous six years.
- You are required to complete an individual or group credit counseling course offered by an approved credit counseling agency within 180 days prior to filing under Chapter 7.
An Experienced Michigan Bankruptcy Attorney Can Help You Decide If Chapter 7 Is Right For You.
Even if you qualify for Chapter 7 bankruptcy, the choice to file is ultimately yours to make. The expert bankruptcy attorneys at Marrs & Terry, PLLC can help you evaluate your options and help you through the filing process if you decide to move forward with Chapter 7. Contact us online today or call us toll free at 734-663-0555 to schedule a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.