Chapter 7:
The purpose in filing Chapter 7 bankruptcy is to give you a fresh start by discharging most of your debts and allowing you to retain certain properties that are considered exempt. The Bankruptcy Code will allow you keep certain “exempt” property, but your remaining assets, if any, will be sold and distributed to the creditors.
Accordingly, you should realize that the filing Chapter 7 bankruptcy in Michigan may result in the loss of property.
In addition, as of 2005 if your “current monthly income” is more than the state median, the revised Bankruptcy Code requires application of a “means test”2 to determine whether you are eligible to file a Chapter 7 bankruptcy. If you do not pass the “Means Test” you will not be able to file a Chapter 7 bankruptcy in Michigan and you must file a Chapter 13 bankruptcy.
Chapter 7 bankruptcy is available to all individuals, a partnerships, or a corporations or other business entities in Michigan.
“We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.” 11 USC 528(a)(4).
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