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Bankruptcy Attorneys in Michigan, MI

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At LegalFacts, we have written about topics such as workers’ compensation, auto accidents, divorce, sexual harassment, bankruptcy, and many more in a simple and easy-to-digest way. In addition, we put you in touch with experienced and specialized attorneys so you can consult with them about specific details of your case.

If you want to know more about bankruptcy and its characteristics in the state of Michigan, keep reading!

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What is the Fresh Start Program?

Times have changed since 2020 showed us how fragile our reality is, our vision and mentality have been turned upside down. Many businesses ended up in total ruin, many people ended up unemployed and many projects could not take off as planned. All this resulted in a terrible reality for many: financial problems and debts.

Β And at LegalFacts we think this is not fair, none of this was your fault and you don’t have to suffer these consequences. And we have to tell you that there is hope and tools that will help you get out of the abyss you feel you are in. In the United States, there are legal measures that can help you get out of debt once and for all, bankruptcy.

Fear not, bankruptcy is not as bad as you have been led to believe. Instead, it is a tool that adapts to different situations, and therefore, it does not have to mean that you will lose everything or that it will be the end of your financial life.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your bankruptcy attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Michigan?

f you feel that your life has no stability amidst so much harassment from creditors and so many debts, bankruptcy is the legal process that will put a pause to all these problems. First, by declaring bankruptcy your creditors are legally obligated to stop claiming the debt and on the other hand, you will have the opportunity to get rid of all those unsecured debts.

You should also know that there are different types of bankruptcy and that Michigan has the best bankruptcy lawyers you can find. A good lawyer will advise you about your case and will know how to guide you through the process and the type of bankruptcy you should opt for.

What Are The Different Types of Bankruptcy in Michigan?

Chapter 7 Bankruptcy

If you have been desperately trying to get out of debt and have not been able to find a quick and easy way, this type of bankruptcy may be the method you needed to get rid of all that financial burden. This type is the most popular, as you can eliminate your debts in just a few months, unlike other types of bankruptcy.

The process consists of selling your possessions to be able to make payments on your debts. The court will appoint a trustee who will be in charge of selling the assets and using the proceeds to pay your creditors. This way you can get the financial fresh start you need to have some peace of mind.

Chapter 7 Bankruptcy

If you have been desperately trying to get out of debt and have not been able to find a quick and easy way, this type of bankruptcy may be the method you needed to get rid of all that financial burden. This type is the most popular, as you can eliminate your debts in just a few months, unlike other types of bankruptcy.

The process consists of selling your possessions to be able to make payments on your debts. The court will appoint a trustee who will be in charge of selling the assets and using the proceeds to pay your creditors. This way you can get the financial fresh start you need to have some peace of mind.

What Can A Chapter 7 Bankruptcy Attorney in Michigan Offer You?

You will not always have to sell all of your valuable assets, there are cases where you will only have to sell some assets or “no-asset” cases. With a Michigan bankruptcy attorney, you will have a better chance, as the attorney will put his or her experience to work for you.

In addition, before you can even receive the benefits of the process, you must qualify and for this, there is no better decision than to hire an experienced attorney who can handle the paperwork and guide you through the entire process of this type of bankruptcy.

Chapter 13 Bankruptcy

If you believe that the risk of losing your assets is not for you, Chapter 13 bankruptcy is the perfect alternative for you. In this type of bankruptcy, a repayment plan will be made as a proposal to repay the debt to your creditors.

However, this type of bankruptcy is only suitable for people who can make periodic payments while still being able to pay their living expenses. For this reason, it is often referred to as “wage earner’s bankruptcy”. Keep in mind that if you fail to pay just one of the scheduled payments, any assets needed to pay off the remaining debt will be sold.

Chapter 13 Bankruptcy

If you believe that the risk of losing your assets is not for you, Chapter 13 bankruptcy is the perfect alternative for you. In this type of bankruptcy, a repayment plan will be made as a proposal to repay the debt to your creditors.

However, this type of bankruptcy is only suitable for people who can make periodic payments while still being able to pay their living expenses. For this reason, it is often referred to as “wage earner’s bankruptcy”. Keep in mind that if you fail to pay just one of the scheduled payments, any assets needed to pay off the remaining debt will be sold.

What Can A Chapter 13 Bankruptcy Attorney in Michigan Offer You?

If this type of bankruptcy is more suited to what you are looking for, we recommend that you always consult with an attorney to see if your situation fits this tool. That way, the legal professional will be able to advise you on the steps to qualify and whether this is really what you need.

In addition, Michigan has experienced attorneys who are willing to do everything in their power to protect your interests and goals. In addition, they are knowledgeable enough to make a financial reorganization proposal that suits the needs of the court, while preserving most aspects of your lifestyle.

Chapter 11 Bankruptcy

If you are the representative or a director of a large company, this is the type of bankruptcy you were looking for. In this type of bankruptcy, the debt is cleaned up like a Chapter 13 bankruptcy. In other words, a financial arrangement is made that will allow the company’s outstanding debts to be paid.

Of course, companies have more things to consider when making a payment plan and the corresponding financial reorganization. Both because the debts are higher and because there are organizational or administrative factors to take into consideration in order not to affect the performance of your company when making the changes.

Chapter 11 Bankruptcy

If you are the representative or a director of a large company, this is the type of bankruptcy you were looking for. In this type of bankruptcy, the debt is cleaned up like a Chapter 13 bankruptcy. In other words, a financial arrangement is made that will allow the company’s outstanding debts to be paid.

Of course, companies have more things to consider when making a payment plan and the corresponding financial reorganization. Both because the debts are higher and because there are organizational or administrative factors to take into consideration in order not to affect the performance of your company when making the changes.

What Can A Chapter 11 Bankruptcy Attorney in Michigan Offer You?

A business of large proportions needs expert advice to secure its future. And by hiring a Michigan bankruptcy lawyer, you can let their experience and expertise work for you. Stop hesitating! The best decision you can make is to get advice from a seasoned professional in the field.Β 

In addition, federal bankruptcy law requires that you have an attorney represent your case in this Chapter, so don’t hesitate and call an experienced professional.

Is there a Bankruptcy Lawyer near me?

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