What Are Some Of The Key Things To Know About Michigan Bankruptcy Filings?

Written by News Channel 2 on April 17th, 2013. Posted in Bankruptcy attorneys in michigan, Chapter 7 bankruptcy michigan, Michigan bankruptcy attorney

Bankruptcy in michigan

In a nationwide survey in 2011, it was reported that bankruptcy filings fell by approximately one hundred and eighty two thousand as opposed to 2010. While this may show that some bankruptcy filings are on the downswing, many Michigan residents are still actively exploring the prospect of filing bankruptcy in Michigan. There are multiple reasons why an individual would need to seek out the assistance of a Flint bankruptcy attorney, whether he or she is facing garnishment Michigan, Chapter 13 bankruptcy Michigan, or Chapter 7 bankruptcy michigan. Regardless of the situation or circumstances that have you facing Michigan bankruptcy, it is always advisable to seek out assistance with this type of legal filing. This can help to ensure that your case is handled sufficiently and that you are soon able to get your finances efficiently organized at the close of your Michigan bankruptcy case.

In 2011 alone, the rate of bankruptcy filings was five point six four cases per one thousand residents. This shows that there are multiple individuals who are still seeking out Michigan bankruptcy in order to assist them in getting an unmanageable financial situation under control. While each case will vary, the outcomes of Michigan bankruptcy filings can be both positive and negative. There are two major types of bankruptcy filing, and each can offer you various options to assist your financial situation. In 2011 alone, nearly eighty five percent of Michigan bankruptcy filings involved Chapter Seven filings. When it comes to Chapter Thirteen filings, just over fifteen percent of Michigan bankruptcy filings fell under this category. It is best to seek out an attorney to explain the difference between each of these filing types. Additionally, a bankruptcy attorney can help you to understand the repercussions of filing for bankruptcy, including a negative credit report that may remain on your record for multiple years. It is important to take these factors into consideration, since they can have an impact on significant purchases, such as home or auto loans, in the future.

If you are feeling weary about seeking out Michigan bankruptcy, you should not feel like you are alone, or that you are a failure due to your financial situation. No one is exempt from a possible bankruptcy filing. Even wealthy individuals find themselves in need at times. Even the ultimately successful real estate mogul Donald Trump has filed for bankruptcy multiple times during his career.