Livonia Michigan Bankruptcy - Michigan Bankruptcy Blog

Livonia Michigan Bankruptcy

Michigan Bankruptcy Blog

“P” is for Personal Bankruptcy

Posted by Peter Behrmann, Esq. On May 18th

“P” is for Personal Bankruptcy

Personal Bankruptcy is an option that many people have had to consider the past few years as the economy has been struggling.  Because of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 a lot of people initially thought that bankruptcy was no longer an option; however, personal bankruptcy is still available to help consumers like you!

If you’re looking to file Personal Bankruptcy you have several options:

 

Chapter 7 Bankruptcy – is a fresh start bankruptcy.  It is over fairly quickly; however, you have to make below the Median Income for your family size to file a Chapter 7 personal Bankruptcy.  In a Chapter 7 bankruptcy in Michigan, you are allowed to keep whatever property that can be exempted in your bankruptcy.  Any property you may have that cannot be protected by an exemption will be forfeited to your Chapter 7 Bankruptcy trustee in turn for your debts being forgiven.  As a practicable standpoint almost 95% of cases filed do not have any assets that are turned over to a Chapter 7 Trustee, and the exemptions available protect all of your assets. 

 

Chapter 13 Bankruptcy – is a repayment plan bankruptcy.  This bankruptcy can last between 3 and 5 years and is available to people who have a reliable source of income.  One of the many benefits of a Chapter 13 bankruptcy is that you can use the bankruptcy to get caught up on a mortgage or car payment you are behind on.  A Chapter 13 personal bankruptcy is also what you will file if your income is above the limits making Chapter 7 not an option for you. 

Peter Behrmann is a Livonia Bankruptcy Attorney.  From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy.

Photo Credit: arrow9studio

 

Other Bankruptcy Attorneys Blogging on the letter “P”

  • Pay Advice – New York Bankruptcy Lawyer, Jay S. Fleischman
  • Phone Call – Cleveland Bankruptcy Attorney, Bill Balena 
  • Plan – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell 
  • Preference –  Maui Bankruptcy Attorney, BankruptcyHI.com 
  • Preferences – Colorado Springs Bankruptcy Attorney Bob Doig 
  • Pride – Southgate, Michigan Bankruptcy Lawyer, Christopher McAvoy 
  • Property of the Estate – Wisconsin Bankruptcy Lawyer, Bret Nason 
  • Property of the Estate – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr 
  • Privacy – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein 
  • Payment – Jacksonville Bankruptcy Attorney, J. Dinkins G. Grange 
  • Preference – Marin County Bankruptcy Attorney, Catherine Eranthe 
  • Planning – Los Angeles Bankruptcy Attorney, Mark J. Markus 
  • Priority – Bay Area Bankruptcy Lawyer Cathy Moran