Trusted Michigan Bankruptcy Lawyers
Filing for Bankruptcy
Are you overwhelmed with debt because of an illness, divorce, accident, loss of work or overtime, poor financial planning or the state of the economy?
Each year, more than 1,000,000 people file for bankruptcy. The majority are hardworking people who would pay all of their bills if they were able. The sudden loss of a job, unexpected medical bills or a divorce can quickly wipe out a life's savings. For many, bankruptcy provides a financial second chance.
Chapter 7 is the most common type of bankruptcy; it is sometimes referred to as "fresh start bankruptcy" or "straight bankruptcy." The basic purpose of Chapter 7 is to provide you with a fresh start by wiping out all qualifying debts, including credit cards, medical bills, repossession deficiencies and lawsuits as well as a variety of other debts. In Chapter 7, there is no repayment required for most unsecured debts; your debts are wiped out completely and permanently. The entire process usually takes less than four months to complete. In many cases, a person may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.
If you have questions about filing for Chapter 7 bankruptcy or want to discuss your options to avoid bankruptcy, please call the Law Offices of Mihelich & Kavanaugh today to schedule your free, in-office consultation.