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Is Bankruptcy the Right Choice for You?

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Michigan bankruptcy lawyer

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.

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Categories: Bankruptcy attorneys in michigan Bankruptcy lawyers in michigan Filing bankruptcy in michigan

Regain Your Financial Footing via Michigan Bankruptcy Lawyers

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Michigan chapter 7 bankruptcy

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.

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