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Find a Professional Bankruptcy Lawyer in Michigan Today!
Bankruptcy is a federal law. The bankruptcy laws throughout the United States are therefore mostly the same. The only major difference in the laws between states are in what assets you are allowed to keep, which are called exemptions.
Michigan Bankruptcy Exemptions can be found here
When filing bankruptcy you will have to decide what chapter of bankruptcy is best for you. The two chapters you are most likely to choose between is chapter 13 or chapter 7. There are other bankruptcy chapters but you are exceedingly likely to go through chapter 7 or 13.
Chapter 7 Bankruptcy in Michigan
You are eligible to file for chapter 7 bankruptcy in Michigan if your income is under the average family income in Michigan.
You will want to file chapter 7 bankruptcy if you have no assets you will lose by filing bankruptcy.
Chapter 7 bankruptcy is known as a straight bankruptcy. A debtor (the technical term in bankruptcy for the person filing bankruptcy) turns over all their non-exempt assets (assets that they don't get to keep according to the Michigan state exemptions) to their bankruptcy lawyer. The debtors' bankruptcy lawyer will then turn around and sell all these assets for as much cash as possible to re-pay the creditors. After a period of time - usually 3-5 months - the debtor will receive a discharge from bankruptcy and have a fresh financial start to their life as all their previous debts are now erased.
Chapter 13 Bankruptcy in Michigan
You are eligble to file for chapter 13 bankruptcy in Michigan if your unsecured debts are less than $307,675 and secured debts are less than $922,975.
You will want to choose the chapter 13 bankruptcy route if you have non-exempt assets (assets that will be seized and sold) that you may want to keep and/or you have the ability to re-pay a portion of your debts over a longer period of time. Most people that have the means file chapter 13 bankruptcy.
The main advantage of a chapter 13 bankruptcy in Michigan is that you can save your house.
With a chapter 13 bankruptcy you may actually end up paying less money than you owe, but you get to keep all of your assets!
The last advantage of a chapter 13 bankruptcy - you never have to deal with creditors! In a chapter 13 bankruptcy your bankruptcy lawyer works with your creditor to negotiate your payment plans under the chapter 13 bankruptcy.
| Michigan Bankruptcy Questions | Bankruptcy Dictionary | |
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Information on this website does not constitute attorney-client privilege nor is intended to replace a meeting with a bankruptcy lawyer
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