Grand Rapids, MI asked in Bankruptcy for Michigan

Q: What types of property are you allowed to keep in Chapter 7 bankruptcy?

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2 Lawyer Answers
Robert Keyes
Robert Keyes
Answered
  • Bankruptcy Lawyer
  • Ypsilanti, MI
  • Licensed in Michigan

A: Keep your vehicle if you are current or can get current quickly. Same on your house. Keep thousands of dollars of other stuff.

Thomas. R. Morris
Thomas. R. Morris
Answered
  • Bankruptcy Lawyer
  • Farmington Hills, MI
  • Licensed in Michigan

A: As a Michigan resident, you can choose between the "federal" exemptions and the "state" exemptions. There is a lot of information available on the internet if you want to research this yourself. An attorney experienced in bankruptcy law will be able to advise you as to the relative advantages of the two basic choices. The question cannot be adequately answered in this condensed format.

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