Bankruptcy can be stressful, both financially and emotionally. If you’re consider filing for bankruptcy in Michigan you will want to do some research to fully understand the ramifications of a bankruptcy Michigan. In addition, if you’re facing bankruptcy Michigan you will also probably want to consult bankruptcy lawyers in michigan to get some advice and guidance.
The national rate of bankruptcy is declining, interestingly. However, this does not, unfortunately, signal a trend that the economy is improving; rather, it reflects debtors’ realizations that bankruptcy is not a fiscal panacea. And still, approximately one out of every seventy US households files for bankruptcy. In 2011, there were over 56,000 bankruptcy filings in the state of Michigan alone.
Even uber Rich real estate mogul Donal Trump has filed for bankruptcy. And not just once, but four times. Bankruptcy is often viewed as a “fresh start,” but it is important to realize that it will not wipe out all of your debts.
There are multiple different forms of bankruptcy michigan. Two of the most common forms of bankruptcy Michigan include chapter 7 bankruptcy and chapter 13 bankruptcy Michigan. 16 percent of people filing bankruptcy in michigan in 2011 filed for a chapter 13 bankruptcy Michigan. Chapter 13 bankruptcy Michigan is a form of bankruptcy that involves debt restructuring, rather than the liquidation of assets, and the debtor is usually allowed to retain most of their property. You may need to consults a bankruptcy attorney michigan to determine the most appropriate filing for your situation.