Filing for bankruptcy in Michigan is not a simple matter. What you have to remember is that the law is created to help individuals and private entities to be able to recover from financial ruin. As such, in order to take full advantage of what the law has to offer, you need to find a Grand Rapids bankruptcy lawyer. A good bankruptcy attorney Michigan will be able to help you with filing for bankruptcy in Michigan and getting approved for the loans that you want to pay, how to pay them and the properties that you want to keep. If you are not familiar with bankruptcy in michigan law, here is a look at Chapter 7 Michigan vs Chapter 13 bankruptcy Michigan and why you need a Grand Rapids bankruptcy lawyer.

Chapter 7 is for you if you want a real fresh start. After you have been approved, you will not have to pay your debts. At the same time, your creditors can no longer go after you. For a lot of people, this is very important as they feel they are harassed by their creditors. Your future earnings will also be yours and cannot be touched by your creditors. However, your properties will be sold by a trustee. This will then be paid to your creditors. So, if you want to keep your home or your car for example, you need a good Grand Rapids bankruptcy lawyer. A good Grand Rapids bankruptcy lawyer can show you how you can recover from your loans and still be able to keep your property.

This is because Chapter 13 allows you to keep your properties while you are settling your debts. Under Chapter 13, you can actually have a payment plan which will state how you plan to pay your loan. Depending on your plan, you can propose to have it reduced and you can propose to have it paid for certain period of time. Now, with a good Grand Rapids bankruptcy lawyer, you have a better chance of having your payment plan be approved. Also, with a good Grand Rapids bankruptcy lawyer you can actually file Chapter 13 anytime and repeatedly that will help you really pay your loans. And when it comes to foreclosure, Chapter 13 will allow you to keep your home as long as you keep to the terms of the payment plan. Chapter 13 however is more complicated than Chapter 7 so it is important to remember that you need a good Grand Rapids bankruptcy lawyer.

Now before you decide which is best for you, you need to talk to a Grand Rapids bankruptcy lawyer or Michigan bankruptcy lawyer. He can tell you the advantages and the disadvantages of both. Although you may probably want your debts to be completely discharged and be over with, this may not be the right one for you. It is best therefore to consult with a Grand Rapids bankruptcy lawyer before you make any decisions.