Archive for July 23, 2013

Why File For Bankruptcy

Written by Channel 8 Cleveland on July 23rd, 2013. Posted in Benefits of filing bankruptcy, Detroit bankruptcy, Filing chapter 13 bankruptcy

Chapter 7 bankruptcy michigan

One of the things that makes people hesitate about filing for bankruptcy is the fact that it will ruin their credit. However, you can rebuild your credit after you file for bankruptcy if you do some careful financial planning and keep up to date with new payments. There are two types of bankruptcies a person can file for. These are Chapter 7 and Chapter 13. The type you file for depends on certain things. If you file a Chapter 13 bankruptcy, you can keep most of your assets. This type of bankruptcy is best for people who have unsecured debt of less than $1,081,400. Your secured debts have to be less than $360,475. Secured debt would be for things like your house and your car if you are making loan payments.

In Michigan, 84% of the bankruptcy filings for 2011 were for Chapter 7. It is not surpri