On the average, about 1.5 percent of American households will end up filing for bankruptcy at some point. Naturally, during the years following the 2007 stock market disaster, the number of bankruptcy filings increased by 32 percent between 2008 and 2009. Although the number of individuals and businesses needing the services of a Michigan bankruptcy lawyer has dropped considerably, there are still many who feel that bankruptcy attorneys in Michigan are their only option.

During 2011, about 16 percent of the bankruptcies filed in Michigan were Chapter 13 bankruptcies. Chapter 13 bankruptcy Michigan addresses unsecured debts like most credit cards, and secured debt under 360,000 dollars. However, a Michigan bankruptcy lawyer can help anyone who is drowning in debt to find an acceptable solution by filing bankruptcy in Michigan. Whether the best option is Chapter 13, Chapter 11, or Chapter 7 bankruptcy michigan bankruptcy lawyers will help their clients regain financial balance.

While bankruptcy is one of the last things that any American wants to put himself or herself through, sometimes that is the only option. Despite how embarrassing and humiliating that filing for bankruptcy can be, Michigan bankruptcy lawyers will use their experience to make the process go as smoothly as possible. You see, contrary to attorney stereotypes, Michigan bankruptcy lawyers are humans who treat their clients just as they would want to be treated if thrown into a similar situation.

Michigan bankruptcy lawyers understand, perhaps better than anyone, that their clients are facing years of financial strain and bad credit. However, this should not prevent one from filing for bankruptcy, for their credit has already been damaged to the point that any further harm would be negligible. Furthermore, individuals should also realize that a Michigan bankruptcy lawyer will help them begin the healing process; and the sooner individuals enlist the services of a Michigan bankruptcy lawyer, the sooner they can begin polishing their tarnished credit ratings.