It seems we hear more and more about individuals and companies who are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. For example, in Michigan during 2011, there were more than 56,000 bankruptcy filings. Of these 56,000 fillings, 84 percent were filing Chapter 7 bankruptcy. This should give us a pause. However, it is interesting to note that no one is immune to the financial situations and problems that can lead to filing Chapter 7 bankruptcy or some other type of bankruptcy. According the Institute of Financial Literacy, more than 27 percent of people who filed hold at least a bachelors degree.
Chapter 13 is an option for those people with unsecured debts. These are usual credit card debts less than $1,081,400, in addition to secured debts of less than 436,475. These include car loans or real estate mortgages. Whether you are thinking of filing Chapter 7 bankruptcy or Chapter 13, it is imperative that you contact a bankruptcy attorney.
Filing Chapter 7 bankruptcy can be a confusing and intricate process, so a professional bankruptcy lawyer michigan can help. You will probably have many questions about filing Chapter 7 bankruptcy that an attorney can help you with. This attorney can cover issues including whether you are eligible, as well as the benefits of filing bankruptcy. After determining your status, you attorney will help with filing Chapter 7 bankruptcy paperwork and documents. He will then help guide you through the subsequent legal proceedings you will need to go through. This can be a long and drawn out process, that can seem frightening. Having someone guide you through this process will make it a bit easier and less stressful. You will not need to lose sleep on your way to the final resolution of filing Chapter 7 bankruptcy.
After filing Chapter 7 bankruptcy, you can still rebuild your credit through careful planning and financial management. There are many resources that can help you with this process.
It is in your best interests to make sure you have the best professional help when you are considering filing bankruptcy, so do not hesitate contacting an attorney.
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