It is still early in 2018, and you’ve decided this is the year you are going to get out of debt. You know that budgeting alone is not going to help your situation. What can you do? If you are one of the many Michigan residents with debt up to your eyeballs, bankruptcy law may be able to help you.
Before diving into how bankruptcy can help you, it is not an option for everyone. Simply meaning, there may be other ways to deal with debt before going this route. Before submitting a bankruptcy petition, your attorney can review your fiscal situation and lay out all of your available options so that you can be sure you are choosing the best way to address your monetary issues.
For those who do qualify for bankruptcy and for whom it is believed the best route to financial freedom, there are two types of personal bankruptcy available. These are Chapter 13 and Chapter 7. Chapter 7 is meant for those who are both far in debt and lacking sufficient funds to make any payments to creditors. Chapter 13, on the other hand, is for those who do still have some disposable income left at the end of every month in order to make some sort of payment to creditors. To figure out which type you qualify for, you can take a means test.
After you figure out which type of bankruptcy fits your situation, your legal counsel can help you put together your petition, file it with the court and then represent you in court. This is most certainly not a process you have to go through alone. To learn more about how an experienced bankruptcy law attorney can help you with your bankruptcy case in Michigan, please visit our firm’s website.