Chapter 7 Bankruptcy

Bankruptcy law in Grand Rapids and West Michigan

Chapter 7 bankruptcy is a process by which you can obtain a discharge of your debt.  There are a number of eligibility requirements, but Oppenhuizen can quickly determine whether you are likely to qualify.  In most cases, you can keep your home and vehicles.

Chapter 7 bankruptcy does not involve making payments on a monthly basis.  Instead, a person who does not have enough income to pay that person’s regular and necessary monthly expenses and still have money left over to make any meaningful payment to their creditors, can seek chapter 7 relief.

A person who files chapter 7 bankruptcy provides an honest list of that person’s assets and debts, and provides complete information related to recent financial history.  A trustee is appointed to determine whether the trustee can bring any money in to make some kind of payment to the person’s creditors.  In most cases, no distribution is made to creditors.  Because honest individuals are entitled to receive relief from their debts and be able to re-start their financial lives without having to borrow to cover replacement items, the law allows individuals to “exempt” or protect specific values in different types of assets.  These protections are generally enough to protect most people’s assets.

If you are current on payments to your mortgage or on your car payments, you would usually be able to keep your home or vehicles, provided you agree to keep making the payments.

As with all things bankruptcy related, each individual has a unique situation.  Schedule your risk-free 30 minute consultation today.

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