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Michigan Bankruptcy Law will help explain the federal bankruptcy process and the common surrounding issues as they pertain to Michigan residents. Find information about filing bankruptcy in Michigan including: The Process. A basic description of the federal bankruptcy process. Michigan Exemptions.
In a Chapter 7 bankruptcy you wipe out your debts and get a “Fresh Start”. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt.
A chapter 13 bankruptcy allows them to make up their overdue payments over time and to reinstate the original agreement. Where a debtor has valuable nonexempt property and wants to keep it, a chapter 13 may be a better option.
Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court.
To actually file, either you or your attorney, will need to file a two-page petition and several other forms at your Michigan district bankruptcy court. These forms, collectively are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (typically within the last two years).
If you would like to file a Chapter 7 bankruptcy you must pass the Michigan means test. The test only applies to higher income filers which means that if your income is below the Michigan median for your household size you are exempt from the test and may file a Chapter 7.
Michigan chapter 7 bankruptcy is compared to chapter 13 bankruptcy. Find out which is best for you.
The Michigan bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Michigan. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed.
Michigan bankruptcy attorneys can be located by contacting your local or Michigan state bar association’s Legal Referral Service (LRS) and requesting a referral to an attorney who practices in the area of consumer bankruptcy law.
Find out what debts are dischargeable in a federal bankruptcy case filed in Michigan.