Archive for April 15th, 2013

Filing For Bankruptcy? You’ll Want to Debate Your Options

Holland bankruptcy

If you’re filing bankruptcy in michigan, you have some options that you need to consider. There’s more than one way to file, and understanding the rules and benefits of Chapter 7 Michigan filings and of filing Chapter 13 bankruptcy Michigan will help you manage your debt, and give you some control over whether or not you forfeit personal property, what sort of property and how much of it.

A Michigan bankruptcy lawyer can explain to you that filing Chapter 7 Michigan is a good way to be forgiven a certain amount of your debt (which must be paid off somehow), although you can rest assured that the trade off is going to be in the form of property forfeiture. Chapter 7 Michigan and elsewhere is often called “straight” or “liquidation” bankruptcy, and among the property that can be liquidated is your home, which in turn is what provides a great deal of the work done by foreclosure attorneys in michigan. Chapter 7 Michigan often takes only one trip to the court house, but it can also take between four and six months to complete and can cost around $300 in assorted filing fees.

Filing Chapter 13 bankruptcy Michigan will protect your home from the dangers of foreclosure, but also requires your ability to make all of your mortgage payments on time, which is not an option for everyone who’s experiencing bankruptcy. Thinking about whether you’re able to file for Chapter 13 may be the deciding factor in determining whether you ultimately opt to handle your bankruptcy proceedings by filing for Chapter 7 michigan instead.

Whatever your situation may be, before you decide how you will file, you’ll want to obtain the services of a skilled and reputable bankruptcy lawyer who knows how these cases tend to play out in the state of Michigan.

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