Bankruptcy Basics
What You Need To Know About Bankruptcy
At Charles J. Schneider, P.C., we understand the stress that unmanageable debt can have on you and your family. Our lawyers are committed to helping you get a new financial start. Our law office is conveniently located in Livonia, Michigan, and we serve clients throughout the Detroit metropolitan area. To learn more or to schedule a free, confidential consultation, call us today at 734-591-4890.
Essential Information About Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of personal bankruptcy. The Chapter 7 bankruptcy process allows for a complete and immediate debt discharge through the liquidation of your assets. Not all of your property is subject to liquidation; bankruptcy exemptions protect many assets.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of a "reorganization bankruptcy" that is most frequently used by businesses or corporations. Individuals may also use this type of bankruptcy is some cases since it does not have the debt limits of Chapter 13.
Chapter 12 Bankruptcy
Chapter 12 bankruptcy is a special type of bankruptcy created for farmers to restructure their finances and avoid asset liquidation.
Protecting Your Assets & Retirement
Our bankruptcy lawyers use creative solutions to maximize what assets and property you get to keep, including future income, while minimizing what your creditors get. Pensions and assets held in 401(k) and IRA accounts are protected.
Preparing For Bankruptcy
This page describes the financial information you should bring to your first meeting with our bankruptcy attorneys.
Credit Issues
Filing for bankruptcy maybe your best option for ending disruptive creditor actions such as harassment, vehicle repossession, or foreclosure.
Michigan Bankruptcy Exemptions
Many of your assets are exempt, meaning that creditors cannot take them to pay your debts. In Michigan, you can keep up to $38,225 in home equity ($40,475 exemption and $60,725 for seniors or disabled.), all of your retirement benefits, a vehicle valued up to $3,525, and up to $3,825 in household furnishings. You also have the choice of using federal bankruptcy exemptions.
Talk To A Certified Bankruptcy Attorney | Free Consultation
To discuss your debt problems with a certified consumer bankruptcy specialist, call us or fill out the website's contact form. We offer evening and weekend appointments.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Phone: 734-591-4890
Fax: 734-591-4890
Address:
39319 Plymouth Rd
Suite 1
Livonia, MI 48150
Hours of Operation:
- Mon - Fri
- -
- Sat - Sun
- Closed
Certified in Consumer Bankruptcy