Struggling with Crippling Amounts of Debt? Know Your Options

Written by Channel 8 News Reno. Posted in Filing bankruptcy in michigan, Michigan bankruptcy lawyer, Sterling heights bankruptcy attorneys

Bankruptcy in michigan

It is not easy to get up again after hitting rock bottom. Bankruptcy is the light at the end of the tunnel. It gives debtors a chance to cast off old debts and mistakes, and begin anew. How are more families and businesses leaving behind old debts, and starting over?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy eliminates all debts, except for child support and taxes. When businesses and corporations go under, they typically choose Chapter 7 as an out. New, small, and tanking businesses are all too familiar with Chapter 7. The Pittsburgh Penguins, though, made waves as the first and only sports franchise to declare bankruptcy. The team filed not one, but two times… once in 1975, and again in 1998.

Chapter 13 Bankruptcy

Debtors are, by no means, alone. Almost half, or as many as 43%, of people in the United States are spending more money than they make in a typical year, and Michigan state accounted for more than 56,000 separate claims of bankruptcy in 2011 alone. Chapter 13 is a less extreme form of bankruptcy, allowing debtors to keep some valuable items and giving them breaks where necessary. Chapter 13 is a popular option for people with large amounts of credit card debt. It opens up options for people owing less than $1,081,400 in credit card debt, or less than $360,475 in more stable debts, like car loans and real estate.

Filing bankruptcy does not mean the end. Bankruptcy gives debtors options, and a chance at redemption. Decide whether Chapter 7 or Chapter 13 best suits you, and embrace your new beginning today. Learn more at this link.