Expert Guidance
Chapter 7 Bankruptcy Q&A
Common Questions and Straight Talk from Grand Rapids Attorneys
Your Questions Answered
Facing financial hardship is stressful, and the bankruptcy process can seem complex. At Krupp Law Offices P.C., we believe in providing "straight talk" to help you understand your options. Below are the most common questions we receive regarding Chapter 7 Bankruptcy in Michigan.
The process begins with filing a petition listing your assets and debts. About 30 days later, you attend a "341 Meeting" with a Trustee. If no issues arise, you typically receive your discharge notice about 90 days after that meeting. The entire process usually takes about 4 to 5 months.
This is a brief meeting (usually 10 minutes) where the Trustee verifies your information. You must bring your Driver's License and Social Security Card. You should also have copies of pay stubs, tax returns, and property deeds ready if requested.
Yes, in most cases. You can "reaffirm" the debt, meaning you keep the property and continue making payments. Alternatively, you can "redeem" the property by paying its fair market value, or "reject" it if you no longer want the debt.
The court filing fee is currently $338. Attorney fees for a typical consumer case range from $1,300 to $1,500. Because these fees are dischargeable, they must be paid in full before the case is filed.
Yes. The moment your case is filed, an "Automatic Stay" goes into effect. This legally prohibits creditors from calling you, sending letters, suing you, or garnishing your wages.
Absolutely. While a Chapter 7 remains on your report for 10 years, many clients see their credit scores begin to recover within 24 months. You will likely be able to get credit cards or auto loans shortly after discharge, though interest rates may be higher initially.
Have a Specific Question?
Every financial situation is unique. If your question isn't covered here, or if you want to discuss the specifics of your assets and debts, call 616-459-6636 for a free phone consultation.
Bankruptcy Topics
Free Consultation
Get immediate answers to your questions during a free phone call.
CALL 616-459-6636
