Bankruptcy Attorney in Royal Oak, Michigan<\/span><\/h2><\/h2><\/span><\/div><\/div><\/div>Are you an individual who is unfortunately in need of guidance on navigating the complex legalities associated with filing bankruptcy? In the United States, a person can declare bankruptcy in a variety of ways. Individuals who have fallen on hard times and cannot pay their debts may seek the protection of bankruptcy laws. In general, there are two types of individual bankruptcies: Chapter 7 and Chapter 13.<\/span><\/p>\nHammerschmidt Stickradt & Associates is a law firm in Michigan that helps individuals who are considering bankruptcy or have already filed for bankruptcy. If you want more information about who can file for bankruptcy, credit counseling, debtor education, and the processes, contact our <\/span>Michigan bankruptcy law firm<\/span><\/a> today for a free consultation.<\/span><\/p>\nFrom understanding bankruptcy laws, how to qualify for Chapter 7 and Chapter 13, and should you file for bankruptcy, read on for invaluable tips that will help guide you through turbulent waters!<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>Seeking Financial Freedom?<\/h2><\/div>How would you like to wake up not worrying about your creditors or loan balances? Our Michigan Bankruptcy<\/a> Attorneys can help you attain new financial freedom! Worried about the cost? We offer payment plans for all budgets and a free credit rebuilding program!<\/h6><\/div><\/div><\/div><\/div>Get Yours Today!<\/span><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>Bankruptcy Law in the State of Michigan<\/b><\/h2>\n
![\"who](\"https:\/\/hsapclaw.com\/wp-content\/uploads\/2023\/01\/who-can-file-bankruptcy-1.webp\" "\\"who")
Bankruptcy is an option for people who are struggling with debt. It can be a hard choice to make, but it may be necessary to get your finances in order and feel more stable. Bankruptcy law can help you eliminate your debts. Filing for bankruptcy may be an option if facing a financial crisis due to job loss, health problems, divorce, or business failure. However, it is important to understand the bankruptcy laws in your state before making any decisions so that you can pick the best option for yourself and your family.<\/span><\/p>\nGenerally, the bankruptcy process in Michigan is no different from other states as it works under federal law rather than state regulations. This system enables individuals to reset their debt contracts and have a new beginning by uniting with creditors.<\/span><\/p>\nBesides Michigan’s laws, a significant factor in the property you will be able to preserve during your bankruptcy case depends on various filing information. In Michigan, the bankruptcy code recognizes three types of bankruptcies: Chapter 7, Chapter 11, and Chapter 13. But we’ll only discuss Chapter 7 and Chapter 13 only since Chapter 11 is mostly for business bankruptcy<\/a>.<\/span><\/p>\nIt is necessary to consult with a <\/span>qualified bankruptcy attorney<\/span><\/a> in Michigan before making any decisions regarding filing for bankruptcy. Hammerschmidt Stickradt & Associates will assist you with our bankruptcy lawyer<\/a> in understanding the process and your rights and obligations for you to make a good decision regarding what is beneficial for your financial situation. Contact us today for a free consultation.<\/span><\/p>\nWhat is a Chapter 7 Bankruptcy?<\/b><\/h2>\n
Liquidation bankruptcy is known as <\/span>Chapter 7 bankruptcy<\/span><\/a> which works by canceling most types of debt while allowing the debtor to protect their property for necessary living and working expenses. Most people can keep all or most of their property, though if they have more than what’s allowed by law, a bankruptcy trustee may sell it and use the proceeds to pay creditors. If a person qualifies for Chapter 7 bankruptcy, they must first pass the means test, which determines whether they can file this type of bankruptcy.<\/span><\/p>\nTo file for Chapter 7 bankruptcy, you must fulfill specific requirements. For example, you must have little or no disposable income and be unable to repay your debt to your creditor within three to five years. Also, you are prohibited from filing a Chapter 7 or Chapter 13 bankruptcy if it was filed within the previous eight or six years, respectively. The means test will also look at your income and expenses and compare them against the median income in your state. If it is determined that you are earning too much to qualify for Chapter 7, then you won’t be able to file this type of bankruptcy.<\/span><\/p>\nIf you are granted eligibility for Chapter 7 bankruptcy, all eligible unsecured debt (such as credit card debt<\/a>) will be wiped out entirely, with no repayment required. Additionally, any secured debts (like mortgages or car loans) remain after the liquidation process has ended. In that case, the court may allow you to keep them while releasing some obligations, such as late fees or penalties incurred before filing for bankruptcy.<\/span><\/p>\n
Are you an individual who is unfortunately in need of guidance on navigating the complex legalities associated with filing bankruptcy? In the United States, a person can declare bankruptcy in a variety of ways. Individuals who have fallen on hard times and cannot pay their debts may seek the protection of bankruptcy laws. In general, there are two types of individual bankruptcies: Chapter 7 and Chapter 13.<\/span><\/p>\n Hammerschmidt Stickradt & Associates is a law firm in Michigan that helps individuals who are considering bankruptcy or have already filed for bankruptcy. If you want more information about who can file for bankruptcy, credit counseling, debtor education, and the processes, contact our <\/span>Michigan bankruptcy law firm<\/span><\/a> today for a free consultation.<\/span><\/p>\n From understanding bankruptcy laws, how to qualify for Chapter 7 and Chapter 13, and should you file for bankruptcy, read on for invaluable tips that will help guide you through turbulent waters!<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div> Generally, the bankruptcy process in Michigan is no different from other states as it works under federal law rather than state regulations. This system enables individuals to reset their debt contracts and have a new beginning by uniting with creditors.<\/span><\/p>\n Besides Michigan’s laws, a significant factor in the property you will be able to preserve during your bankruptcy case depends on various filing information. In Michigan, the bankruptcy code recognizes three types of bankruptcies: Chapter 7, Chapter 11, and Chapter 13. But we’ll only discuss Chapter 7 and Chapter 13 only since Chapter 11 is mostly for business bankruptcy<\/a>.<\/span><\/p>\n It is necessary to consult with a <\/span>qualified bankruptcy attorney<\/span><\/a> in Michigan before making any decisions regarding filing for bankruptcy. Hammerschmidt Stickradt & Associates will assist you with our bankruptcy lawyer<\/a> in understanding the process and your rights and obligations for you to make a good decision regarding what is beneficial for your financial situation. Contact us today for a free consultation.<\/span><\/p>\n Liquidation bankruptcy is known as <\/span>Chapter 7 bankruptcy<\/span><\/a> which works by canceling most types of debt while allowing the debtor to protect their property for necessary living and working expenses. Most people can keep all or most of their property, though if they have more than what’s allowed by law, a bankruptcy trustee may sell it and use the proceeds to pay creditors. If a person qualifies for Chapter 7 bankruptcy, they must first pass the means test, which determines whether they can file this type of bankruptcy.<\/span><\/p>\n To file for Chapter 7 bankruptcy, you must fulfill specific requirements. For example, you must have little or no disposable income and be unable to repay your debt to your creditor within three to five years. Also, you are prohibited from filing a Chapter 7 or Chapter 13 bankruptcy if it was filed within the previous eight or six years, respectively. The means test will also look at your income and expenses and compare them against the median income in your state. If it is determined that you are earning too much to qualify for Chapter 7, then you won’t be able to file this type of bankruptcy.<\/span><\/p>\n If you are granted eligibility for Chapter 7 bankruptcy, all eligible unsecured debt (such as credit card debt<\/a>) will be wiped out entirely, with no repayment required. Additionally, any secured debts (like mortgages or car loans) remain after the liquidation process has ended. In that case, the court may allow you to keep them while releasing some obligations, such as late fees or penalties incurred before filing for bankruptcy.<\/span><\/p>\nSeeking Financial Freedom?<\/h2><\/div>
How would you like to wake up not worrying about your creditors or loan balances? Our Michigan Bankruptcy<\/a> Attorneys can help you attain new financial freedom! Worried about the cost? We offer payment plans for all budgets and a free credit rebuilding program!<\/h6><\/div>
Bankruptcy Law in the State of Michigan<\/b><\/h2>\n
Bankruptcy is an option for people who are struggling with debt. It can be a hard choice to make, but it may be necessary to get your finances in order and feel more stable. Bankruptcy law can help you eliminate your debts. Filing for bankruptcy may be an option if facing a financial crisis due to job loss, health problems, divorce, or business failure. However, it is important to understand the bankruptcy laws in your state before making any decisions so that you can pick the best option for yourself and your family.<\/span><\/p>\nWhat is a Chapter 7 Bankruptcy?<\/b><\/h2>\n