For every 70 families in America, one will seek to file for bankruptcy. And of all Michigan bankruptcies in the year 2011, an overwhelming majority of 84 percent were of the Chapter 7 variety. This can mean trying times, but it does not mean that you are powerless or without recourse. If you are planning to file for Chapter 7 bankruptcy Michigan, equipping yourself with the facts about legal protocol and and actively working with bankruptcy attorneys in michigan can lead you back to the path of financial solvency.
Filing Chapter 7 bankruptcy is the appropriate option when you are looking to liquidate your personal assets to pay debts that are outstanding. A professional selected by the court facilitates the disbursement of these funds to the correct parties. It is absolutely crucial that if you think that filing for Chapter 7 bankruptcy michigan may be necessary, do not hesitate to act and contact a local lawyer who can give you guidance on how to proceed. Prompt action is key to avoid the further accumulation of debt, and the undue worry and hardship that comes with that. You may also want to seek help from a financial counselor in the managing of your money moving forward. Another option would be to file Chapter 13 bankruptcy, which is meant for individuals with car and real estate debts totaling no more than $360,475, and credit card debts as high as $1,081,400.
For 43 percent of families in the United States, making less money than they bring in annually is a reality. If this is not addressed, it can lead to Chapter 7 bankruptcy michigan. If you are concerned about your personal finances and feel that you could benefit from the help of a professional bankruptcy lawyer, feel free to leave your questions and comments in the forum below. If you filed for bankruptcy in the past and you have recommendations for others, please to do not hesitate to share as well.