Chapter 7 Bankruptcy Legal Specialists in Grand Rapids, MI
Chapter 7 bankruptcy is sometimes referred to as “straight bankruptcy.” It is a liquidation. However, in most cases, nothing is sold. A person who files chapter 7 lists all assets and liabilities and provides documentation supporting all of those. A person called a “Trustee” is appointed to ask questions and review documents. The Trustee’s purpose is twofold. First, the trustee is directed to determine whether the assets can be turned into money to pay creditors. Second, the Trustee serves to verify that the debtor who has filed bankruptcy has been fully honest. Honest debtors receive an order called a “Discharge Order” that effectively eliminates all debts.
Under appropriate circumstances, people who file chapter 7 bankruptcy are still able to keep their houses and cars, as long as they are current on their payments and able to keep up on those payments going forward. Typically, in order to keep those assets, the debtor is required to sign an agreement called a “Reaffirmation Agreement” with their creditor.
We’re Here To Help You With Your Chapter 7 Bankruptcy
Every individual or married couple has a different and unique financial situation and should receive individualized advice. The bankruptcy specialists here at OPPENHUIZEN LAW FIRM, PLC enjoy crafting focused and individualized solutions for our clients. If you are interested in learning more about Chapter 7 bankruptcy, or any of your other debt relief options, please feel free to schedule a risk free consultation with us or call (616) 730-1861.
