In 2011 there were over 56,000 filings of bankruptcy in the state of Michigan, 16 percent of which were Chapter 13 filings. Both Chapter 11 and Chapter 13 bankruptcy dictate the reorganization of debtors to an individual or company (or in Detroits case, a city). Chapter 7 bankruptcy Michigan is, however, a much different process.
What is Chapter 7 bankruptcy Michigan all about then? Well, essentially it is the process of liquidating your belongings. What this means is that you have the option to turn your valuable belongings, such as a car or house over to the state, which then appraises it and puts money down toward your debts. Whether or not to file for Chapter 7 bankruptcy Michigan can be a tricky decision.
There has been a downward trend, nationally, in bankruptcy filings. This, unfortunately, does not signal a trend in economic improvement. Rather, it reflects the realization on the end of debtors that bankruptcy is not a cure all for financial woes. Tell that to Donald Trump though, who has filed for bankruptcy four times throughout his career as an unthinkably rich real estate mogul.
Chapter 7 bankruptcy Michigan residents apply for is not the end of the line. There are much worse scenarios for one to find oneself in. You could, for example, have been born into the days of ancient Rome. Creditors had their choice when it came to how to punish an indebted individual under Roman law, circa 450 BC. That choice was to sell the debtor, or kill them.
We are fortunate to have options available to us such as Chapter 7 bankruptcy Michigan. These are the resources that can help us get back on two feet when we are knocked down with debt.
Read this website for more information: michiganbankruptcyfirm.com