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Michigan Bankruptcy

Michigan bankruptcy provides troubled debtors with a fresh start because bankruptcy protects consumers against lawsuit from creditors. The protection under bankruptcy law is extended after you attend the mandatory credit counseling required under the new bankruptcy laws and you file your case with the Court. Until then, credit card debt creditors can still continue to collect on the debts, and your lender can still proceed with the foreclosure if you're behind on your mortgage. Find a Bankruptcy Lawyer in Michigan with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Filing Chapter 13 Could be Advantageous
Most people in Michigan file under chapter 7 or chapter 13 because a Chap 11 BK is extremely expensive and complicated. While most people file under chapter 7, chapter 13 can offer some important benefits. If you have valuable property not covered by your Michigan bankruptcy exemptions that you want to keep, a chapter 13 filing may be a better option. Plus, if facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure. Under chapter 13, you have protection against foreclosure on your home by your lender as long as you meet the terms of the plan.

Avoiding Bankruptcy
Michigan chapter 7 bankruptcy laws and Michigan chapter 13 bankruptcy laws have changed the landscape of filing for bankruptcy. It is now more complicated and expensive to file for chapter 7 and chapter 13 bankruptcy. But, there are two aggressive, but effective ways of avoiding bankruptcy: loan modification and debt settlement. A debt settlement involves getting your creditors to agree to take less than what you owe as full payment for the debt. A loan modification involves negotiating with your mortgage lender for rates and terms that allow you to stay in the loan. Detroit bankruptcy lawyers and other Michigan bankruptcy lawyers can explain your options and advise you on the best one to choose.

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