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Chapter 7 and chapter 13 of the Bankruptcy Code are collectively referred to as consumer bankruptcy. With over 25 years’ experience in consumer bankruptcy matters, Stevenson & Bullock, P.L.C.’s bankruptcy attorney team is equipped to help debtors and creditors navigate even the most complex high-end consumer bankruptcy cases. The firm routinely advises high-income debtors or those with significant assets, as well as creditors, throughout the bankruptcy process.
Our attorneys work with executives, professionals, and business owners, as well as individuals with non-traditional assets and complicated income streams. Our clients rely on our extensive experience with complex debt resolution matters to help them emerge from bankruptcy and regain a sound financial footing or to help them maximize their recoveries from the bankruptcy case.
Your income, assets, and circumstances dictate the consumer bankruptcy case available to you. The experienced bankruptcy attorneys at Stevenson & Bullock, P.L.C. will work with you and your goals to provide the insight you need to decide the best bankruptcy course of action.
The bankruptcy attorneys at Stevenson & Bullock, P.L.C. offer comprehensive representation to debtors and creditors in consumer bankruptcy cases. In addition, attorney Michael Stevenson serves as a chapter 7 bankruptcy trustee for the Eastern District of Michigan, and other members of the firm regularly represent chapter 7 trustees, giving Stevenson & Bullock, P.L.C. unique insights into the management of even the most complex consumer bankruptcy cases. He and the firm’s other attorneys offer clients an unparalleled depth of knowledge in chapter 7 and chapter 13 cases.
Chapter 7 of the Bankruptcy Code is sometimes referred to as “liquidation bankruptcy” because non-exempt assets, if any, may be liquidated by the bankruptcy trustee to pay creditors of the bankruptcy estate. Chapter 7 bankruptcy is available to both individuals and businesses. Individuals who meet income and other requirements may receive a discharge of their debts under chapter 7.
When Chapter 7 bankruptcy is unavailable to a debtor who does not meet income requirements or who has significant non-exempt assets they would like to keep, chapter 13 may be an option. Chapter 13 bankruptcy is only available to individual or joint debtors with debt under certain limits ($526,700 for unsecured debt and $1,580,125 for secured debt as of April 1, 2025).
The primary difference between chapter 13 and chapter 7 is that a chapter 13 case focuses on reorganization rather than liquidation. Chapter 13 debtors must file a three to five-year repayment plan with the court for approval. Creditors’ rights are readjusted through the plan, and secured debts such as mortgages or vehicle loans may be restructured.