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Chapter 7

What is Chapter 7? Chapter 13 Bankruptcy and Chapter 11 Bankruptcy require payment plans. Chapter 7 cases do not. In a Chapter 7 Bankruptcy the Bankrupt debtors turn over all of their assets to the trustee who sells them and turns them into cash. Theoretically, if the trustee obtained $1,000.00 in cash from sale of assets, and the debtor had $10,000.00 in debt, each creditor would get ten cents on the dollar. In business cases this is exactly how it works. However in cases involving people the trustee is […]

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Bloomfield Hills Lawyer Offers Free Bankruptcy Advice

A Bloomfield Hills Lawyer Experienced in Bankruptcy Says That Personal Bankruptcy Is A Useful Tool Bankruptcy has a negative connotation because people assume that the person filing is trying to cheat their creditors. However, for most people nothing can be further from the truth. In the first place, the system is designed to avoid cheating creditors in two ways. First, a fraudulent filing is can result in the loss of the main bankruptcy benefit, a discharge or even result in […]

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