You’ve probably heard about bankruptcy before but don’t know what it means or how it can affect your life. In today’s economy, filing for bankruptcy is a real possibility, especially if you face overwhelming debt. While there are several reasons someone might file for bankruptcy, one of the main ones is because they don’t have enough income to afford their current bills.
But what exactly does bankruptcy mean? How does it affect your life? What happens when you file for bankruptcy? Bankruptcy filing can seem daunting because of the long legal process involved. Even though bankruptcy is entirely legal, it’s important to remember that you’re taking a risk. Although you can declare bankruptcy without a lawyer, the consequences of filing for bankruptcy may be severe, and most people aren’t able to get through it alone. As such, consider talking to a trusted attorney before filing for bankruptcy.
If you’re a debtor in a bankruptcy case, you can check bankruptcy filings by doing a bankruptcy Chapter 7 case number search to get the information you need. Or, if you’d prefer to skip the whole procedure hassle, consider using bankruptcy prep services instead. Many organizations offer free consultation and credit counseling.
Out of 2011’s Michigan bankruptcy filings, 16 percent were Chapter 13 bankruptcy Michigan filings. The remaining ones were Chapter 7 bankruptcy michigan filings, which are the other of the two main kinds of personal bankruptcy and which usually harder to get because they wipe out most debts without requiring people to pay them off. Bankruptcy in Michigan usually reflects the national average each year, and 2011 was no different. Across the country, one of every 70 households will file for bankruptcy, with 43 percent of Americans spending more than they bring in with their paychecks. This number has got to change for things to start reversing, and with solid bankruptcy attorneys in Michigan on their sides residents can educate themselves to prevent becoming these statistics.
The role of any Michigan bankruptcy attorney obviously is to help clients erase debt and start fresh, but any good Michigan bankruptcy professional has to educate as well or else clients will end up in the same situations a few years down the road. So it is of vital importance that any Michigan bankruptcy expert should both inform and aid clients. The information part normally comes throughout the entire bankruptcy process, as a smart Michigan bankruptcy expert would walk clients through and educate them every step of the way. The assistance part shines through throughout the bankruptcy process as well, since bankruptcy experts practicing in the state help clients with everything from filling out paperwork to meeting court appointments, to handling their finances.
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