Discharge Debts With Chapter 7 Bankruptcy
Thousands of people throughout southeastern Michigan struggle to pay their bills each month; and each month they find themselves falling farther and farther behind. Many of these people fail to contact a personal bankruptcy attorney, and end up losing their home, car, retirement accounts and personal property.
The Chapter 7 bankruptcy attorneys at the law firm of Babut Law Offices, PLLC, have helped thousands of clients protect their property and find relief from debt.
Experienced Michigan Personal Bankruptcy Lawyers
With offices located in Ypsilanti, Taylor, Jackson and Adrian, our bankruptcy lawyers are able to provide personalized local bankruptcy representation. Since our main focus is bankruptcy, our attorneys keep abreast of any changes in the bankruptcy laws and how they affect our clients.
Our lawyers have handled Chapter 7 bankruptcy cases since 1991. We are committed to helping our clients eliminate their debt and move forward with their lives. We discuss our clients’ financial situation and determine whether a Chapter 7 bankruptcy is the proper course for their specific situation.
The Bankruptcy Laws And You
In October 2005, new federal bankruptcy laws were enacted under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). Contrary to what creditors and collections companies wanted you to believe, those changes did not end your right to file for bankruptcy. Rather, the laws established requirements for credit counseling and for means testing.
The means test is simply a tool bankruptcy attorneys must use to determine preliminary eligibility for bankruptcy. It measures your information against median income and family size statistics for the state in which you live. However, the results of this assessment do not definitively qualify you or disqualify you to file for personal bankruptcy.
Chapter 7 Means Test: Median Incomes
Typically, if a filing party’s income is less than the median income, they can file for Chapter 7 bankruptcy. If it is more than the median, the court will order individuals and families to provide information about their incomes, debts and assets in order to determine if they are eligible to file.
As of January 2010, the following were the median incomes for families with one to six individuals:
- Family of one — $45,226
- Family of two — $54,510
- Family of three — $63,995
- Family of four — $77,865
- Family of five — $85,965
- Family of six — $94,065
Even with this requirement, you may still be able to file a Chapter 7 bankruptcy. If you do not qualify for Chapter 7 bankruptcy, there are other options, including Chapter 13 bankruptcy protection.
Bankruptcy Provides Immediate Relief From Creditors
Once you hire our Michigan personal bankruptcy lawyers, we begin working on your case immediately. Our attorneys inform creditors that you have filed a bankruptcy, are represented by counsel, and they must cease all harassing phone calls and attempts to collect on outstanding debt. Bankruptcy stops home foreclosure actions, wage garnishment and automobile repossessions.
Our firm can assist clients in understanding all aspects of Chapter 7 consumer bankruptcy, such as debt liquidation, credit card liquidation, what types of debts are dischargeable and whether a single or joint filing is right for you.
Contact Our Experienced Bankruptcy Lawyers
If you are experiencing financial hardship and need the legal advice and representation of an experienced Chapter 7 bankruptcy lawyer, please get in touch with our legal team at the law firm of Babut Law Offices, PLLC. Contact us by calling 517-768-0187 or by sending an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.