A Detroit bankruptcy lawyer can handle a chapter 7 bankruptcy Michigan in which all debts can be liquidated. With the chapter 7 bankruptcy, debtors have their assets turned over to a court appointed trustee. The trustee liquidates the assets to pay and uses the proceeds to pay outstanding debt balances. It takes a Detroit bankruptcy lawyer to understand all the procedures involved. One can also file a chapter 13 bankruptcy in Michigan. A Detroit bankruptcy attorney can help with a chapter 13 bankruptcies too. There are good bankruptcy attorneys in Michigan.
Filing for bankruptcy in Michigan is happening a lot these days. One reason is that nearly half of the households in America are living beyond their means and each year they spend more than they make. However, the national statistics show that bankruptcy filings have dropped by 182,000 in 2011 as compared to the number of filings in 2010. The downward trend seems to signal that people are realizing that filing for bankruptcy is not a fix all for their financial problems, rather than a signal that the economy is improving. Even so, bankruptcy lawyers in michigan are being kept busy.
When you go to a Detroit bankruptcy lawyer you will learn all about how filing for bankruptcy can harm your credit. Most people don’t find this a concern though, since they already have negative marks on their credit rating due to late payments and defaults, etc. Filing for bankruptcy in michigan is a big deal though. The person filing won’t be able to get more loans for a long time. You can however still get certain kinds of car loans. Some people end up losing their homes when they file for bankruptcy. However, a good Detroit bankruptcy lawyer may be able to help you keep your home.
Not every Detroit bankruptcy lawyer may be the best. Just like everything else, some bankruptcy lawyers are better than others. It is well worth the effort to take the time to look for the best Detroit bankruptcy lawyer. The Detroit bankruptcy lawyer is one that has plenty of experience with filing client bankruptcies. You should see a Detroit bankruptcy lawyer to find out what Chapter you qualify for. A Detroit bankruptcy lawyer will also help you obtain the necessary credit counseling that one must go through before they can successfully complete the bankruptcy process.