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Bankruptcy Isn’t the End
Wipe out or reorganize your debts
When your financial situation feels like a dark tunnel with no end, don’t let stress and fear overcome you. For help regaining control of your life, come to McMeeks Law for comprehensive bankruptcy law services. Since we opened our doors in 2008, our bankruptcy law attorneys have been committed to helping members of the Grand Ledge community take back control of their financial situations. We’ll guide you through the process of filing for bankruptcy and get you back on your feet in no time.
What’s the Difference Between Chapter 7 & Chapter 13?
Chapter 7: Liquidation Bankruptcy
If you have little to no disposable income available to pay your debts, Chapter 7 bankruptcy is the best option. It will get rid of your unsecured debts, such as credit cards and medical bills; however, your appointed trustee will sell your nonexempt property to pay back your creditors as much as possible. If you have no nonexempt property to sell, your creditors will receive nothing.
Chapter 13: Reorganization Bankruptcy
If you have a regular income, you may not qualify for Chapter 7 bankruptcy, making Chapter 13 your best option. You’ll pay back all or some of your debts through a repayment plan and will have the ability to catch up on missed mortgage payments and strip unsecured junior liens from your home. Unlike Chapter 7, Chapter 13 allows you to keep your property. Your repayments will depend on your income, expenses and types of debt.
To discuss your bankruptcy situation or to learn more about your options, call McMeeks Law, PLLC in Grand Ledge, MI today and schedule your free consultation.
