Legal Question in Bankruptcy in Michigan
bankrupce chapter 13 &7
what is chapter 13&7 consesed of?
Asked on 4/17/08, 6:18 pm
1 Answer from Attorneys
Rochelle Guznack
Law Offices of Rochelle E. Guznack, PLLC
Re: bankrupce chapter 13 &7
A Chapter 7 is generally for those who have few assets or all exempt assets such as no more than $20,200 equity in their home and $3225.00 equity in their vehicle. Most Chapter 7 candidates earn an average income or have no income and all their debt is discharged without a repayment plan.
A Chapter 13 bankruptcy candidate generally has above-average income and/or too many assets/equity in their home, car, jewelry, have steady income, and can afford to repay some or all of the debt owed to their unsecured creditors.
For more information, please call me at 248.679.1552.
Answered on 4/20/08, 2:02 pm
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