What Assets Can I Keep?
Many people think that if you file for bankruptcy, you have to give up personal property and that you may lose your home. This is false in most situations. Filing for bankruptcy is a strategy to keep your home and other possessions such as your car, truck, jewelry, business assets, tools of your trade and other property.
Whether you file for Chapter 7 or Chapter 13 bankruptcy, an automatic stay order will be put in place by the Bankruptcy Court. While the bankruptcy is being processed, typically two to three months (sometimes longer), your home and property will be protected from repossession, and your lawyer can enforce this protection.
At El Kodssi Law Firm in Dearborn, we fight for our clients throughout southeast Michigan, and we will work to protect all of your assets in bankruptcy.
Filing for bankruptcy allows you to discharge unsecured debts (i.e., credit card debt, medical debt and personal loans not tied to property). This allows you to rebalance your finance to be able to better afford other payments.
What Is Exempt Property In Michigan?
Bankruptcy exemptions guarantee that you can keep certain property. Exemptions in Michigan include a portion of the equity in your home and vehicles. There are limits on household goods, appliances, jewelry, computer accessories, wages and tools of your trade.
Items that are fully protected include clothes, family pictures, retirement accounts, insurance benefits and public benefits such as workers’ compensation, welfare and military veterans benefits.
It might be appropriate to sell some of your possessions to pay back certain debts, but we can work to protect most of your property. Being able to get current on your home payments, car payments and other secured debts is a HUGE benefit of bankruptcy filing.
There Is A Way, And We Can Get You There
We provide services in English, Arabic and French.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.