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Chapter 7 vs Chapter 11 – What’s the Difference?

Chapter 7 vs Chapter 11 - What's the Difference?

When facing financial challenges, individuals and businesses often turn to bankruptcy as a legal remedy. Chapter 7 and Chapter 11 are two distinct chapters within the bankruptcy code, each serving different purposes and catering to specific financial situations. Understanding the differences between Chapter 7 and Chapter 11 is important for individuals and businesses navigating the […]

Can you File for Bankruptcy and Keep Your Car?

Can you File for Bankruptcy and Keep Your Car?

Facing financial challenges often leads individuals to explore options such as bankruptcy to regain control of their economic well-being. One common concern during this process is the fate of essential assets, particularly one’s vehicle. Here we will address a fundamental question: Can you file for bankruptcy and still retain ownership of your car? Navigate the […]

Downside of Filing for Bankruptcy

Downside of Filing for Bankruptcy

Bankruptcy Can Be Expensive While bankruptcy offers a way to eliminate or restructure debts, it can also come with significant expenses that add to the financial burden of those seeking relief. The cost of filing for bankruptcy can vary depending on the type of bankruptcy, the complexity of the case, and the legal representation sought. […]

What Disqualifies You From Filing Bankruptcy?

What Disqualifies You From Filing Bankruptcy?

When a Bankruptcy Case is Dismissed it May Disqualify a Person From Filing Bankruptcy When a bankruptcy case is dismissed, it means that the court has decided to terminate the bankruptcy proceedings before the debts are fully discharged. Regardless of the specific reason for the dismissal, having a recently dismissed bankruptcy case on your record […]

Understanding Chapter 7 vs Chapter 13 Bankruptcy: What’s the Difference?

Understanding Chapter 7 vs Chapter 13 Bankruptcy: What's the Difference?

Are You Struggling With Overwhelming Debt and Considering Bankruptcy? It’s important to understand the difference between Chapter 7 and Chapter 13 bankruptcy before making a decision that could greatly impact your financial future. Frego Law is here to help you navigate through this difficult decision. Chapter 7 vs. Chapter 13 Bankruptcy Chapter 7 and Chapter […]

Mistakes to Avoid in Liquidation Bankruptcy

Mistakes to Avoid in Liquidation Bankruptcy

Liquidation Bankruptcy Liquidation bankruptcy, also known as Chapter 7 bankruptcy, is a type of bankruptcy where an individual or business seeks to have their debts discharged by liquidating their assets. [1] In this process, a bankruptcy trustee is appointed to gather and sell the debtor’s non-exempt assets and distribute the proceeds to their creditors. It […]

What is the Bankruptcy Process in Michigan?

What is the Bankruptcy Process in Michigan?

What is the Bankruptcy Process? Bankruptcy is a legal process that individuals and businesses can go through when they are unable to repay their debts. It provides them with relief from overwhelming financial burdens and the opportunity to start fresh. Bankruptcy allows debtors to eliminate or restructure their debts while protecting themselves from creditor actions […]

What to Expect When Filing for Bankruptcy in Michigan

What to Expect When Filing for Bankruptcy in Michigan

How Much Will Filing for Bankruptcy Cost in Michigan? The cost of filing for bankruptcy in Michigan can vary depending on the type of bankruptcy you are filing for and the complexity of your case. In Michigan, the cost to file for Chapter 7 bankruptcy is $338, while the cost to file for Chapter 13 […]

5 Things to Look for in a Good Bankruptcy Lawyer

5 Things to Look for in a Good Bankruptcy Lawyer

Are you considering filing for bankruptcy? Here are some guidelines for selecting a good bankruptcy lawyer. 1. Expertise in Local Bankruptcy Law 2. Types of Bankruptcy Handled 3. Personalized Service 4. Communication and Compatibility 5. Current Legal Knowledge 1. Expertise in Local Bankruptcy Law Local bankruptcy laws can vary from state to state and even […]

What is a Bankruptcy Means Test?

What is a Bankruptcy Means Test?

What Is a Bankruptcy Means Test? The bankruptcy means test was implemented as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Its purpose is to prevent individuals with higher incomes from filing for Chapter 7 bankruptcy and instead requires them to file for Chapter 13 bankruptcy, which involves a repayment plan. […]

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