Are You Drowning in a Sea of Debt?

If you don’t see an end to bill payments or creditor harassment, contact Ann M. Howard, P.C. right away. I’ll discuss your financial situation with you to see whether you qualify for Chapter 13 or Chapter 7 bankruptcy in Southfield, Michigan.

How do you know which type of bankruptcy to file for?

While most people would choose to file for Chapter 7 bankruptcy to get rid of their debt quickly, not everyone qualifies for it.

You should consider filing for Chapter 13 bankruptcy if:

• You want to keep your property
• Your household income is above average
• You can’t pass a means test
• You want to make up your missed car or mortgage payments
• You’d like to repay your debts
• You’re sharing a debt with someone else

Read some of the articles regarding bankruptcy laws and rules (links below). Write down your questions for your specific situation and then call our office prepared to discuss your financial issues for a case evaluation.

**Understanding Michigan Bankruptcy Laws: Key Insights for Financial Relief**

Michigan bankruptcy laws offer a vital lifeline for individuals and businesses facing overwhelming debt. If you’re struggling with financial challenges, filing for bankruptcy might provide the fresh start you need. But understanding the process, eligibility, and benefits is crucial to making an informed decision.

In Michigan, individuals have two primary options:

• Chapter 7, also known as liquidation bankruptcy, allows you to discharge most unsecured debts, like credit card balances and medical bills, by selling non-exempt assets. However, not everyone qualifies for Chapter 7, as there are income requirements based on Michigan’s median income levels.
• Chapter 13, on the other hand, involves a repayment plan that lasts 3 to 5 years. Instead of liquidating assets, individuals make monthly payments to a bankruptcy trustee, who distributes funds to creditors. This type of bankruptcy is ideal for those who have steady income but need help managing their debts.

Homestead Exemption 

Another important aspect of Michigan bankruptcy law is the homestead exemption, which helps protect your home from being sold during bankruptcy. This provision allows a certain equity in your home to be exempt, depending on various factors such as how long you’ve owned it and whether you are married.

While bankruptcy can offer relief, the process is often complex and emotional.

To learn more about Michigan’s specific bankruptcy laws, eligibility criteria, and how to begin the filing process, learn more by reading our detailed blog articles on these topics.

Articles and Information

Articles and Information

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