Bloomfield Hills, MI asked in Bankruptcy for Michigan

Q: Is there a reason I would choose something other than a Chapter 7 bankruptcy as an individual?

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2 Lawyer Answers

Mr Scott Marshall Neuman

Answered
  • Bankruptcy Lawyer
  • Okemos, MI
  • Licensed in Michigan

A: Yes, there are several reasons. A person doesn't qualify because of income. Another reason would be to stop a foreclosure on the debtor's home.. Still another reason would be that the debtor has property not fully covered by the bankruptcy exemptions. There are some people that want to at least pay back some of the debt. Also, one file a bankruptcy less than 8 years ago. The list of reasons continues.

Thomas. R. Morris

Answered
  • Bankruptcy Lawyer
  • Farmington Hills, MI
  • Licensed in Michigan

A: There may be. This question is too complex to answer without writing a book. Your income may be too high. Property you own may exceed exemptions. There may be debts that are not dischargeable. You might not be eligible for a chapter 7 discharge. There may be an impact on co-owners of property. Consult with a bankruptcy specialist.

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