Unfortunately, the fact that there has been a downward trend in bankruptcy in Michigan does not mean that the economy is improving. Instead, it reflects the realizations that debtors might be realizing that bankruptcy is not a fiscal panacea. However, some individuals might still find that the Chapter 7 bankruptcy michigan offers is the only option. The Chapter 7 bankruptcy Michigan provides is a form of bankruptcy in which some of the assets of the debtor are turned over to a court appointed trustee and are liquidated to pay an outstanding debt. Using a Michigan bankruptcy attorney is one of the best ways for an individual to make sure that they take the proper steps to do so.
Unlike the Chapter 7 bankruptcy Michigan provides, the Chapter 13 bankruptcy Michigan offers individuals is an option for debtors who have unsecured debts, usually from credit cards, of less than $1,081,400 and secured debts, like real estate or car loans, of less than $360,475. At times, the differences between the two options can be confusing. Consequently, when considering Chapter 7 bankruptcy Michigan residents might want to contact an experienced attorney.
Filing for the Chapter 7 bankruptcy Michigan provides will generally stop any civil judgments, wage garnishments, and liens that an individual might have. While the Pittsburgh Penguins, who did so in 1975 and 1998, are the only sports franchise to file for bankruptcy twice, most individuals do not have to do that. By properly filing for Chapter 7 bankruptcy michigan residents can get the assistance they need in order to get back on the road to financial success.