When you are undergoing bankruptcy, get a help from your lawyer. The bankruptcy law can provide you with assistance to let you have a fresh start. The court will help you pay your debt little by little. For those recently become unemployed and no other means to secure an income, they are qualified for a Chapter 7 Bankruptcy. This will be determined through a process called Means Test. This will compare your income to other families of the same size within the same geographic location. If your family income is lower and without other means to pay your debt, then the court will more likely approve your application.
The court will appoint a trustee to take care of some of your debts by compiling a list of all your non-exempt assets. The trustee has the right to seize and sold these items to partially pay off your debts to your creditors. For your remaining debts, the bankruptcy court can discharge it for you; this will also prevent your creditors from collecting the remaining balance which you owe them. You will have a clean slate or a fresh start without worrying of your past financial mistakes.
However, there are two important facets involve in a Chapter 7 bankruptcy. First thing to keep in mind is exemptions created by the state and federal law. Bankruptcy Attorneys at Van Tubergen, Treutler & Hayes will help you keep as many assets as you can by determining the set of rules you should use. One more thing, although there are debts that can be discharged, recent tax debt, student loans, alimony or child support, criminal penalties or restitution, and fraudulent transfer of assets are some debts which are impossible to discharge. You will still have to repay them.
Most common reasons for the discharge of consumer and individual debts:
- credit card debt
- foreclosure actions
- massive medical bills
- personal lines of credit
- personal guarantees on business lines of credit or commercial leases
If you want to protect your assets while discharging some of your debts, you will need two things. These include, one, skilful case preparation and, two, a skilful lawyer. These will help you get a better option in repaying your creditors.
Law Office of Van Tubergen, Treutler & Hayes, PLLC can provide you with sound advice regarding a bankruptcy case that will lead a solution to your financial crisis wherever in Grand Haven, Holland, or Muskegon, Michigan.
Contact us today for a free initial consultation at 616-844-3000.