Southfield Chapter 7 Attorneys

Powerful Debt Relief with Goldstein Bershad and Fried, PC

Chapter 7 Bankruptcy helps individuals obtain relief from overwhelming debts. The process involves a bankruptcy trustee to gather and sell (liquidate) the debtor's nonexempt assets to pay off creditors. In order to qualify for this bankruptcy, you must first pass the means test. At Goldstein Bershad and Fried, PC, we have assisted numerous clients who have felt overwhelmed by their debt and did not see a way forward with their finances.

If you are considering filing for bankruptcy but do not know who you can turn to for help, our legal team is here to guide and assist you. Chapter 7 bankruptcy is one of the most common chapters of bankruptcy which you may be eligible for. Our Southfield Chapter 7 Attorneys can work with you to determine if you are eligible for Chapter 7, Chapter 11, or Chapter 13 bankruptcy and explain how the process works.

The Benefits of CHAPTER 7 BANKRUPTCY

Chapter 7 bankruptcy is appropriate when individuals or families who do not have sufficient, regular income to pay back their debt. In order to file for Chapter 7 bankruptcy, you would need to take a means test and give up any non-exempt property. If you qualify and file, you will be granted what is known as an "automatic stay."

An automatic stay:

• Stops lawsuits and garnishments
• Stops any type of collection activities
• Halts eviction, foreclosure, and repossession

Chapter 7 bankruptcy also discharges (wipes out) most or all of your unsecured debt, or debt that is not tied to a property. This includes, but is not limited to, medical expenses, credit card debt, personal loans, utility bills, debts personally guaranteed from a business, and some tax debt. Our firm can help you assess which debts of yours can be discharged by Chapter 7 bankruptcy and which cannot.

What is the Chapter 7 Means Test?

The Chapter 7 means test checks your household income against your state's median income to determine if you have enough disposable income to repay your debts. If your household income falls below the state's median, you pass the means test and can file for Chapter 7 Bankruptcy.

For the purposes of the means test, your household income takes into account your essential expenses and family size. Additionally, it can be adjusted for recent or upcoming changes, like losing a job. Before attempting to file, you should gather detailed documentation about your income and expenses from the past six months.

If you fail the means test, you have the option to reapply for Chapter 7 in six months. You can also apply for Chapter 13.

What Is the Income Limit For Filing Chapter 7 In Michigan?

According to the U.S. Trustee Program/Department of Justice, the income limit for Michigan is as follows:

• 1 person household = $56,343
• 2 person household = $70,163
• 3 person household = $84,245
• 4 person household = $103, 838

REQUEST ASSISTANCE FOR CHAPTER 7 IN SOUTHFIELD

Discharging debt can be a confusing and complex process, especially if you are unfamiliar with what type of debt is eligible or not. We can ensure you understand every element of the process before you move forward so there are no major surprises. You can rely on our friendly and experienced Southfield Chapter 7 attorneys to guide you every step of the way.

If you find yourself overwhelmed by mounting debt and in need of a viable solution to regain control of your financial situation, it's time to consider the invaluable services provided by a Chapter 7 bankruptcy lawyer in Southfield. With their profound knowledge of Michigan bankruptcy laws, a proficient attorney will expertly navigate you through the intricate process, offering personalized guidance that aligns with your specific circumstances.

By enlisting the assistance of a Chapter 7 bankruptcy lawyer, you gain access to effective debt relief solutions and the prospect of starting anew. They will diligently safeguard you from creditor harassment, deftly handle all legal communications, and ensure the accuracy and completeness of your bankruptcy filing. Don't hesitate any longer—take the crucial first step toward financial freedom by scheduling a consultation with a highly regarded Michigan Chapter 7 bankruptcy lawyer today.