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Chapter 7 Bankruptcy in Michigan

Experience and Education on Your Side!

Port Huron Michigan Attorney Lauren Powell is Nationally Board Certified in Consumer Bankruptcy Law through the American Board of Certification. This certification means that Ms. Powell has been recognized as a nationwide expert in the field of consumer bankruptcy law, through rigorous testing, references from colleagues and judges, and experience and education in the field. Only a small amount of attorneys nationwide have obtained this recognition.

However, at Powell Law Offices, we still keep fees affordable and don’t charge more for Ms. Powell’s expertise. Our goal is to help everyone.

When you’re looking for a bankruptcy attorney, the choice is clear. Let our experience and expertise work for you.

How do I Know Chapter 7 Bankruptcy is Right for Me?

Have you recently lost your job? Have your hours decreased? Do you have a loss in income? Are you struggling to pay all of your bills every month? If so, Chapter 7 Bankruptcy may help. When you call our Port Huron, Michigan office, Attorney Lauren Powell will speak with you for free to analyze what options you have for debt relief. She will explain them all in detail to you, so that you can make an informed decision.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy discharges all of your unsecured (and some secured) debts, so that no further payments are due on them, and so that those lenders cannot sue you or try to collect the balance from you.

Chapter 7 bankruptcy can provide much needed relief from debt, so that you can pay the monthly bills that are most important to your family.

If you have a vehicle or home you want to return to the lender and stop paying, you can do that as well, without financial recourse to you.

What if a Lender is Suing Me or Garnishing my Wages?

Filing bankruptcy immediately stops any action any lender is taking against you. If you have been sued, the lawsuit will stop once you file bankruptcy.

If your wages are being garnished, filing bankruptcy will stop that as well.

What Property can I Keep When I File Chapter 7 Bankruptcy?

When you file Chapter 7 bankruptcy, you can typically keep your personal property, your vehicle, and your home. You can even keep a certain amount of money in your bank accounts.

If you have a boat, RV, camper, recreational vehicle, or valuable antiques, talk to Attorney Lauren Powell to determine whether you can keep those or not once you file bankruptcy.

You can keep 100% of any balance in any qualified retirement account you have, such as an IRA or 401(k), and pension.

Michigan law allows you to keep a vast amount of equity in your home, so depending on how much equity you have, you can file Chapter 7 bankruptcy and still keep your home.

What Should I not do?

DO NOT take a home equity loan to pay your unsecured debts! Unsecured debts, like credit cards, are not secured by property. That means that if you stop paying your credit card, there is no property for those cards to automatically take as a result of you not paying them. A home equity loan is secured against your house – so if you don’t pay the loan, the lender can take your house. By taking a home equity loan to pay your debts, you have converted unsecured debt into secured debt. You can keep up to a certain amount of equity in your home when you file Chapter 7 bankruptcy and still discharge those debts.

DO NOT liquidate your retirement account to pay debt! You can file a Chapter 7 bankruptcy to discharge your debt, and keep 100% of any balance in your retirement accounts, such as IRAs, 401(k)s, and pensions.

Benefits of Chapter 7

Chapter 7 bankruptcy has many benefits. The biggest benefit is that you will eliminate your excessive debts and be able to rebuild your finances from the ground up. Once you have completed Chapter 7 bankruptcy, you will no longer have your debt hanging over your head, but will instead have peace of mind and the ability to afford payments and rebuild your credit.

Hire a Michigan Bankruptcy Lawyer for the Help You Need

Powell Law Offices, P.C., understands the intricacies of bankruptcy and can answer any questions you have. Lauren Powell works one on one with clients, which means you will have direct access to your lawyer at all times. We are proud of our client commitment and will keep you informed and confident. We also offer a free bankruptcy case evaluation for each client, so schedule your consultation right away. The sooner you hire a lawyer, the sooner you can find relief from your overwhelming debts. Contact us today!