A Fresh Financial Start For Michigan Residents
Due to the current economy, many people who were once financially stable are now struggling to make ends meet. People are scared, and they do not know what options are available to them. At El Kodssi Law Firm, we are committed to helping people throughout Dearborn and Southeast Michigan get the fresh start they have been looking for. Contact our firm by email or call 313-406-8935 to schedule your free initial consultation.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is sometimes called liquidation bankruptcy, because some of your assets can be sold in order to cancel your debt. Under this chapter, many people are afraid that they will lose their house or their car. This is not the case. In most cases, if you are current on your house payments, we can work with you to protect your property.
As you are working through the bankruptcy process, it is important to always be honest with your attorney. Some clients think they are in trouble, and they are not honest about assets they have. Bankruptcy is a government provided debt relief program, so there is nothing to be ashamed about. There is no reason to hide your assets or be dishonest about your past spending. Our goal is to get you back on track.
What Happens After I File For Chapter 7 Bankruptcy?
After you file for Chapter 7 bankruptcy, all qualifying debt will be wiped out. Once you file bankruptcy, all debt collection efforts against you must stop. Any judgments, lawsuits, repossession or garnishments must also stop. In addition, you will no longer receive harassing phone calls or letters from collectors.