If you’re facing wage garnishment Michigan you may want to consider bankruptcy; bankruptcy can stop wage garnishment Michigan. However, Bankruptcy can be challenging, both emotionally and financially. But, bankruptcy doesn’t have to totally ruin you. It is entirely possible to recover from a bankruptcy and rebuild your credit. It is quite possible that you can even be approved for a mortgage as early as three or four years after your filing, depending on the specific type of bankruptcy you file for. However, if you’re filing bankruptcy in michigan you’ll need to find a good bankruptcy lawyer Michigan.
Though nationwide bankruptcy filings fell by about 182,000 between 2011 and 2010, in the state of Michigan there was a bankruptcy filing rate of 5.64 per 1000 residents for the year 2011. Bankruptcy is often viewed as a “fresh start,” but it is important to keep in mind that it will not necessarily wipe out all of your debts. There are two primary forms of personal bankruptcy filings. Chapter 7 bankruptcy is liquidation, while Chapter 13 is reorganization. The average Chapter 7 bankruptcy is opened and closed within three to six months. This tends to be the quickest and easiest form of bankruptcy and is the most common form of bankruptcy in the US. 84 percent of Michigan bankruptcy filings for the year 2011 were Chapter 7 filings. Chapter 13 can be described as reorganization. This allows individuals with a regular source of income to gradually pay off their debts. A three to five year repayment plan is generally required under Chapter 13 bankruptcy filings, unless the court discharges the debts early due to hardship.
Wage garnishment Michigan and bankruptcy can be difficult and confusing. To help you deal with your bankruptcy you will need to hire a bankruptcy attorney Michigan as the entire process can be quite long and complex. In addition, a Michigan bankruptcy attorney can help you to determine which kind of bankruptcy is most appropriate for your particular situation. If you’re going through bankruptcy make sure to contact a reputable, experienced bankruptcy attorney. Bankruptcy can be confusing and stressful if you’re facing wage garnishment michigan and are considering bankruptcy as an option, make sure you get the proper legal guidance from a Michigan bankruptcy lawyer.