Bankruptcy Cases with Nonexempted Assets

If, at the conclusion of the meetings of creditors, the appointed bankruptcy trustee determines you have some nonexempt assets, you might be required to either surrender that property or provide the trustee with its equivalent value in money. If the property isn't worth very much or would be hard for your trustee to sell, your trustee may "abandon" the assets -- which means that you don't have to give it up, even though it is not exempted in full. Your bankruptcy lawyer will advise you if this is the case.

Most property owned by our clients is either exempt or is essentially worthless for purposes of raising cash for the creditors. Therefore, few debtors end up having to handover any property, unless it is collateral for a secured debt.

For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy attorney, feel free to give us a call at (616) 920-0555.

Get Rid of Your Second Mortgage

A Chapter 13 Bankruptcy (also known as Repayment Plan) can remove a second mortgage from your home.  If the first mortgage is more than the value of your home, a Chapter 13 Repayment Plan will let you pay your second mortgage or home equity loans the same as your credit card debt.  After 3 or 5 years, your mortgage will be gone.  If your house is underwater and has a second mortgage a Chapter 13 Bankruptcy Repayment Plan is worth looking into. Contact us today at our Grand Rapids office.

Discharge Judgments in Bankruptcy.

Even if a creditor has judgments against you (from the Kent County Court, or any other Grand Rapids Court for example), you can still file a Chapter 7 Bankruptcy and get rid of the debt.  If you do not qualify for a Chapter 7 Bankruptcy, you could file a Chapter 13 Repayment Plan and pay back the judgment and all other creditors with one monthly payment.  When you file a Bankruptcy (Chapter 7 or Chapter 13), all collection activities are stopped by the Automatic Stay.