During 2011, chapter 13 bankruptcy michigan accounted for about 16 percent of the bankruptcies filed in the state. Unlike chapter 7 bankruptcy Michigan, which requires the liquidation of debtor assets, under chapter 13 the debtor keep most of their assets and settles their debt through debt restructuring. In order for debtors to file for either chapter 13 or chapter 7 bankruptcy Michigan, they must first contact bankruptcy lawyers in Michigan.
By meeting with Michigan bankruptcy attorneys, potential clients can find out if pursuing either chapter 13 or chapter 7 bankruptcy Michigan is even worth it. Once that determination has been made, and the attorney and client decide to proceed, they can work together with creditors to determine a feasible solution to their debt problems. Of course, the most publicized bankruptcies that we hear about are corporate bankruptcies.
Every year there seems to be a large corporation or organization that decide to file for bankruptcy. From time to time these include professional sports franchises, like the Pittsburgh Penguins, who filed twice, once in 1975 and again in 1998. Of course, Eastman Kodak is in the process of recovering from its 2012 chapter 11 bankruptcy filing. As evinced by these two disparate entities, it is very possible to recover from bankruptcy, and regain a chance at prosperity.
Although thousands of Americans consider bankruptcy every years, many of them decide against it, fearing that their credit score will be irreparably harmed. However, since the financial circumstances leading to a bankruptcy have already damaged the credit scores of debtors, any further harm due to a bankruptcy will be negligible. Furthermore, the sooner desperate debtors file for chapter 13 or chapter 7 bankruptcy Michigan, the sooner they will be able to regain their financial footing.
Find out more at this site: michiganbankruptcyfirm.com