Bankruptcy Could Be the Path to Financial Recovery

Written by Channel 8 Cleveland on November 18th, 2013. Posted in Chapter 13 bankruptcy rules, Detroit bankruptcy attorney, Filing chapter 13 bankruptcy

Garnishment michigan

Did you know that 56,000 bankruptcies were filed in the state of Michigan during 2011? Of course, Michigan wasn’t alone when it came to private citizens and businesses who found themselves filing chapter 13 bankruptcy or chapter 7 bankruptcy between 2008 and 2011. After all, the effects of the “Great Recession” were felt throughout every state, as well as almost every other nation in the world.

In the wake of the financial devastation caused by the recession, everybody seemed to have their own theories as to who was to blame. Depending on who you spoke with the culprits included politicians, greedy CEOs’ generous bonuses, the automobile industry, the housing industry, Wall Street, and the banks. Even though each of the above played a role in the financial crisis, we only have ourselves to blame.

Think

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