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    Questions and Answers About Bankruptcy in Michigan

    What is a Chapter 7 bankruptcy?

    Chapter 7 is the liquidation chapter of the bankruptcy code. Individuals may file Chapter 7 and receive a discharge of all of their debts. A trustee is appointed in Chapter 7 to investigate the financial affairs of the debtor and collect and sell property owned by the debtor, if any that is not exempt. Businesses that go out of business and liquidate also file under Chapter 7.

    What is a Chapter 13 bankruptcy?

    Chapter 13 generally permits individuals to keep all of their property while repaying creditors out of their future income. The Debtor pays a Chapter 13 trustee each month that in turn pays creditors a certain portion of their claims over a three to five year period.

    Do you need a lawyer?

    Although the Bankruptcy Code does not require attorney representation, most individuals will be much better off hiring an experienced bankruptcy lawyer. The bankruptcy lawyer can help you make the best decision regarding whether to file for bankruptcy (and which chapter is best for you) and can guide you or your company through the process.

    How can a debtor determine whether a debt is secured?

    The best and perhaps the easiest way to find out whether a debt is a secured debt is to review the documents signed at the time the debt was incurred. If the debt is secured, the documents will say so and will describe the creditor's security interest, which is usually in the property that is the subject of the financing.

    Will a debtor lose his or her home by filing bankruptcy?

    One of the debtor's major concerns in a consumer bankruptcy is the thought of losing the family home. Although that is possible in some cases, loss of the debtor's home need not always result from a bankruptcy filing.

    We are a debt relief agency helping people file for bankruptcy relief under the Bankruptcy Code. Let us help you decide if bankruptcy is right for you.

    If you have any additional questions or for a free telephone consultation with one of our attorneys - call our offices in Royal Oak or contact us online with a brief description of your concerns.

    Melder & Melder, P.C.
    2304 E 11 Mile Road
    Royal Oak, MI 48067
    (One Block West Off I-75)
    Phone: 248-721-9222

    Licensed & Insured

    The attorneys of the Royal Oak, Michigan, law firm of Melder & Melder, P.C, provide quality legal services to clients throughout southeast Michigan in communities such as Detroit, Berkley, Birmingham, Canton, Dearborn, Farmington Hills, Livonia, Madison, Heights, Mt. Clemens, Novi, Pontiac, Southfield, Sterling Heights, Troy, Utica and Warren. 

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