Bankruptcy attorneys in michigan were kept pretty busy in 2011, as there were 56,000 bankruptcy filings that year. Not everyone filed for it using a bankruptcy attorney though. You can file bankruptcy on your own, although it is not advisable to do so. It is much better to hire a bankruptcy attorney Michigan to file the paperwork for you so that costly mistakes can be avoided. The 2011 bankruptcy filing statistics for the state off Michigan means that for every 1000 residents, 5.64 people filed for bankruptcy. No one is immune to getting into a financial situation where they have to hire a bankruptcy attorney Michigan. Even the estate mogul Donald Trump has filed for bankruptcy before. In fact, he has filed for bankruptcy 4 times.
Most people view bankruptcy as a “fresh start.” However, when you file for bankruptcy it will affect your credit rating for years to come and may prevent you from getting certain loans until it is off of your record. A chapter 7 bankruptcy allows most debt to be discharged. Student loans, child support payments and a few other types of debt cannot be completely discharged by filing for bankruptcy. If you go to a Michigan bankruptcy lawyer you can get a wage garnishment michigan stopped by filing for bankruptcy though. A home foreclosure, lien or civil judgement can also be stopped by filing for bankruptcy. Be sure you talk to your bankruptcy attorney Michigan about everything you need to know about filing for bankruptcy.
A Chapter 13 bankruptcy michigan is one where your debt is restructured and reset. In other words, you can start over on your debt payments with a smaller more manageable amount. Most people opt for this kind of bankruptcy. Be sure you know all of your options by talking to a bankruptcy attorney Michigan before you start the procedure. Credit counseling is required now and your bankruptcy attorney Michigan can give you a list of where to go for credit counseling that meets the requirements for filing for bankruptcy Michigan.