A filing rate for bankruptcy during 2011 of 5.64 per 1,000 residents suggests that the bankruptcy lawyers in Michigan are very active. A Michigan bankruptcy lawyer can help you understand the difference between Chapter 13 bankruptcy Michigan provides and Chapter 7 bankruptcy michigan provides. Filing bankruptcy in Michigan is not a guarantee that all of your existing debt is going to be eradicated. While the bankruptcy laws that exist in Michigan have evolved considerably since Roman law during 450 BC was established that allowed creditors to deal severely with debtors, including slavery or even death in the case of extreme debt, there are still very serious consequences to falling way behind on your bills.
Some bankruptcy attorneys in Michigan are more reliable than others. The most reliable bankruptcy attorneys in Michigan understand individual cases require a unique approach. Under Chapter 13, debtors that file bankruptcy will be able to have debt erased for up $1.08 million for unsecured debt, including credit cards, and up to $360,475 for secured debt on real estate, car loans or other assets. The difference between restructuring your debt and liquidating your assets must be understood before you file for bankruptcy. The most reliable bankruptcy attorneys in Michigan will make sure that you comprehend this difference before paperwork is ever filed. The professional services that a bankruptcy attorney in the state of Michigan provides for your situation can help you avoid causing an even worse situation as you try to get back to financial stability.