Understanding Your Choices During Bankruptcy Michigan

Bankruptcy Michigan can happen to anyone. In fact, even people who statistically make more money, those who have a Bachelors degree, make up about thirty percent of filers. In 450 BC, Roman law allowed creditors to deal with debtors quite harshly. They could choose to either sell the debtor into slavery, or kill them. Today, the laws are a bit more lenient in how the government deals with debtors. Here are some things you should keep in mind.

First, there are two types of personal bankruptcy, and they are Chapter 7 and Chapter 13 bankruptcy Michigan. Chapter 7 is liquidation, where some of the assets are turned over to pay the debt. Chapter 13 involves payments structured over a longer period of time. In 2011, about 15 percent of people filing bankruptcy in michigan were filing for Chapter 13.

Second, it is recommended that you hire a bankruptcy attorney Michigan. Many people are scared of the thought of spending even more money in order to solve their tax issues. However, a bankruptcy attorney Michigan will be more familiar with the legal system and will be able to advise you on the best approach. In the long run, they will often save you money.

Third, a Michigan bankruptcy lawyer, for example, can help you deal with wage garnishment. Wage garnishment Michigan occurs when the government removes money from your paycheck before you ever receive it. Often, the remaining amount can be difficult or impossible to live with, which is where a bankruptcy attorney michigan can step in. They can often get the percentage the government takes every month reduced to a more manageable number.