Michigan Bankruptcy Lawyer
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In the state of Michigan, nearly 60,000 cases of bankruptcy are filed each year by businesses and individuals. If you find yourself struggling to repay what seems like an overwhelming amount of debt, you might want to consider bankruptcy as an option to help you get back on your feet.
Bankruptcy is the legal inability to pay debts, or the state of having been legally declared bankrupt. Obtaining bankruptcy protection is not as easy as it used to be. It is highly recommended that you contact a bankruptcy lawyer to help you with this tumultuous process, especially if you own a business and have valuable assets. You\'ll need professional legal help to maneuver through the complicated maze of bankruptcy law.
A bankruptcy lawyer or attorney has extensive familiarity with all Michigan bankruptcy laws, including statutes, codes, and exemption laws, and will discuss the different types of bankruptcy with you. There are several different kinds of bankruptcies, including Chapter 7, Chapter 11, and Chapter 13 (the most common types), and Chapter 9, Chapter 12, and Chapter 15 (less common).
In Michigan there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. The homestead in Michigan is exempt up to $34,450. Personal property such as furniture, clothing, household goods, appliances, books and utensils are exempt up to $525 each or $3,450 total. Food and fuel to last 6 months are exempt, family pictures, professionally prescribed health aids are also exempt. A motor vehicle is exempt up to $3,175, household pets up to $575, animals, feed, and crops are exempt up to $2,300, and computer and accessories are exempt up to $575. 60% of earned but unpaid wages are exempt for the head of the household and 40% for others. Tax exempt retirement accounts and pensions are exempt, as well as crime victims\' compensation, Vietnam veterans\' benefits, WWII veterans\' benefits, Korean War veterans\' benefits, social welfare benefits, workers\' compensation, and unemployment compensation are exempt. Tools of the trade and insurance are also exempt.
Once a Michigan bankruptcy lawyer or attorney has helped you decide on the best option for your financial situation, they will oversee your case from beginning to end. In some situations, the individual or business will go before a Michigan judge in order to work out a payment plan. They will have a partial or full discharge of most debt or, in some rare cases, all debts will be discharged. Yet you also should be aware that if you file for bankruptcy in the state of Michigan, your credit will suffer—for as long as ten years after the bankruptcy.
A bankruptcy lawyer or attorney will explain all the elements of bankruptcy to you, including the risks, benefits, and possible alternatives to bankruptcy. A bankruptcy lawyer or attorney will also have extensive knowledge about debt management.
In 2008 a cumulative 53,887 individuals filed for bankruptcy in Michigan, 21% Chapter 13 and 79% were Chapter 7 filings. If you are ready to contact a Michigan bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Michigan. Access to the site and profiles is free. The number of people filing for bankruptcy may only grow as financial issues worsen, and they will need help to get through it and recover.
Legal•Info State Bankruptcy Information
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