Legal Question in Bankruptcy in Michigan

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.

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