What is Chapter 7?
- Medical bills
- Credit Card Debts
- Judgments (in cases not involving fraud or criminal conduct)
- Personal loans or debts
- Deficiencies on foreclosed properties or repossessed vehicles
Filing Chapter 7
You will usually be able to keep all of your property, including your house and vehicle as long as you are current with your payments and able to continue to make these payments. In a Chapter 7 case, you can keep all property which the law says is “exempt” from creditors. In Michigan, the list of exempt property includes, among other things, a decent portion of equity in your home, qualified retirement accounts, equity in your car, all Social Security benefits, and many other assets.
Not Everyone is Elgible
Why Choose Chapter 7 Over Chapter 13…