Weighing the Costs and Benefits of a Michigan Bankruptcy

Written by admin on October 30, 2013. Posted in Chapter 13 bankruptcy, Chapter 7 bankruptcy in michigan, Flint bankruptcy

Bankruptcy michigan

Are you in a financial bind and struggling to keep afloat in what seems to be an ocean of debt? This is not an uncommon feeling among many working Americans. However at times that placid debt ocean can mound into a heap like quick sand. Floating turns to sinking, and you just need a rope to hoist yourself out. At these moments, the best course of action may be to file for bankruptcy.

In 2011 56,220 Michigan natives filed for bankruptcy. The key to filing for bankruptcy is knowing whether or not you can benefit from the filing. Filing for bankruptcy is much like hitting the ejector seat button in the cockpit of a fighter jet. Even if you are in a downward spiral it is not always necessary to hit that spring loaded bail out button. The key will be knowing when the time is right. A Michigan bankruptcy lawyer can tell you the difference between chapter 7 bankruptcy and other options as well as the pros and cons of each.

Bankruptcy does not make you a leper, not even a financial one. Real estate and television mogul Donald Trump has filed for bankruptcy four times. The key to successfully managing your bankruptcy process is information. For instance there is a difference in filing for different forms of bankruptcy. If you do not have a regular income the best option for you might be to file for chapter 7 bankruptcy, or a straight liquidation of your owed assets.

Benefits of filing bankruptcy depend on the type of bankruptcy you file for. Chapter 7 bankruptcy can give you space to breathe through the final repayment of most debts. This means that while you will still need to pay taxes, student loans and other debts outside your bankruptcy filing, the petition for chapter 7 bankruptcy can be a giant step in the right direction if you have an irregular income.

Finding good help can make all the difference. A Michigan bankruptcy lawyer can give you the ins and outs of your situation, such as chapter 7 vs chapter 13 bankruptcy rules. In 2011 16% of all bankruptcy filings were for chapter 13 bankruptcy, which means regular hard working individuals with regular pay were feeling the convergent effects of recession and debt. So as you consult an attorney do not feel like you are alone.

Lawyers can often give you a free consultation. So when considering chapter 7 bankruptcy do not be afraid to consult a bankruptcy attorney. At the end of your consultation the attorney you choose should be able to tell you if your legal matter is something you can handle on your own or if they suspect you will need their services. During your consultation you should also be making sure that your lawyer can answer your questions knowledgeably and honestly.

Remember, interviews work both ways. While you are looking for advice you should also be looking for straight faced answers, because ultimately it is your decision to continue to navigate your bankruptcy process with an attorney at your side. Bankruptcy is not an uncommon problem to have. In fact one out of seventy US households files for some form of bankruptcy. Chapter 7 bankruptcy can be a tough matter to resolve and you want to feel safe in your decision to trust the lawyer you choose. Great references here.

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