Bankruptcy in simple terms is a state of liquidation, in which assets of creditors are put up for liquidation to settle the claims of debtors. Bankruptcy is most often perceived as a negative condition while the decision is being made and the process takes its course, but it is also a fresh start for better things to come. It is a stipulation in which a person that is going to become bankrupt has to dispose off all of his assets to meet the claims of his debtors. In Michigan, increasing unemployment has resulted in alarming increase in the rate of bankruptcy. But the laws dealt with bankruptcy in Michigan are quite different than other state laws.
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The Michigan bankruptcy law has some sets of fundamentals according to which the creditor has to settle his debt as soon as he faces the financial turmoil. In Michigan, bankruptcy provides more cushion to the bankrupt person. This law requires that the creditor has to provide proof to the court to file the bankruptcy suit. It is useful to understand the differences between chapter 7 of bankruptcy and chapter 13. In chapter 7, only non exempted assets of a bankrupt person can be liquidated whereas the later one sets the schedule for long term debt payment.
It is always advised to hire the services of a professional Michigan bankruptcy lawyer they will set up a credit counseling session. It will help you in managing your assets, liabilities, tax returns and other necessary documents. The court has also the right to appoint the trustee who will examine the property of the creditor and have authority to liquidate some of your assets to pay off your debtors. In each case your professional lawyer provides you with valuable tips and supervises the liquidation of assets and the process involved in a bankruptcy.
You can file for bankrtupcy on your own but the services of an attorney is a more common approach as the process can be confusing for some.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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