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Category: Bankruptcy lawyers in michigan

Things To Consider When Filing Bankruptcy

Chapter 13 bankruptcy michigan

Bankruptcy can be a difficult process, both emotionally and financially. If you are going through a bankruptcy in michigan there are several things that you will want to keep in mind. First of all, it is important to keep in mind that no one is immune to the financial problems that can lead to bankruptcy; did you know that even wealthy sports franchises can go bankrupt? The Pittsburgh Penguins actually filed for bankruptcy twice, in 1975 and in 1998. And furthermore, bankruptcy is often not the product of fiscal irresponsibility, but rather is often caused by financial catastrophe such as prolonged unemployment.

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Michigan Bankruptcy Lawyers

Chapter 7 bankruptcy in michigan

There were more than 56,000 filings of bankruptcy in michigan in 2011, and many of them called for aid in the form of a Michigan bankruptcy lawyer. However, while the number of people filing bankruptcy in michigan seems extremely large, the proportion when looking at the entire population of the state is only about one third of the proportion of bankruptcy filings across the country. One in seventy American households files for bankruptcy on average, but bankruptcy filings across the nation are falling. Many people point to this statistic, saying that it indicates economic improvement, but it only serves to state that debtors are realizing that bankruptcy won’t solve all of their fiscal woes. When a household files bankruptcy, liens, wage garnishments, and civil judgments are all stopped. However, there are two different personal filings for bankruptcy, Chapter 13 and Chapter 7.

Utilizing the expertise of a Michigan bankruptcy attorney can help you in many ways, as the paperwork, court dates, and other intricacies of the system seem a labyrinth to most laypeople. A Michigan bankruptcy lawyer can advise you whether you should file for Chapter 13, reorganization of your current assets, or Chapter 7, liquidation of your assets. You are eligible for a Chapter 13 bankruptcy filing if your unsecured debt does not exceed $1,081,400, and your secured debt does not exceed $360,475. Unsecured debt includes debt on credit cards, while secured debt includes real estate and automotive debt. Not only is a Michigan bankruptcy lawyer knowledgable about the federal statutes regarding either type of bankruptcy filing, but they also know the state and local requirements for such a filing.

When you meet with a Detroit or Flint bankruptcy attorney, they will take a look at your financial situation and coach you to find the best possible solution for you and your family. Michigan bankruptcy lawyers are looking to help you through this difficult situation with your dignity, and they have the knowledge of the court system that works in their favor.

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