Ann Arbor, Michigan Bankruptcy Lawyers

logoSweeney Law Offices, P.L.L.C., 586-909-8017
Toll Free: 1-888-317-9336

2035 Hogback Road, Suite 207, Ann Arbor, MI 48105
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logoMarrs & Terry, PLLC, 734-663-0555
Toll Free: 1-866-247-8713

6553 Jackson Rd., Ann Arbor, MI 48103
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Flint, Michigan Bankruptcy Lawyers

logoSweeney Law Offices, P.L.L.C., 586-909-8017
Toll Free: 1-888-317-9336

653 S. Saginaw, Suite 202, Flint, MI
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Southfield, Michigan Bankruptcy

logoSweeney Law Offices, P.L.L.C., 586-909-8017
29777 Telegraph, Suite 2500, Southfield, MI 48034
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Michigan bankruptcy lawyers are experts at the MI bankruptcy laws and if you are struggling with overwhelming debts you can work with a Michigan bankruptcy lawyer to see how the bankruptcy laws can help you tackle your bills. Schedule your own free bankruptcy consultation by contacting one of our local Michigan bankruptcy attorneys.

Michigan has provided bankruptcy laws to allow people who are hopelessly burdened with debt a chance for a fresh financial start. The Michigan bankruptcy laws also provide people with the chance to file bankruptcy under one of two chapters - chapter 7 or chapter 13.

Chapter 7 is a liquidation bankruptcy and provides Michigan individuals with a quick and efficient elimination of their debts. In return, debtors filing chapter 7 in Michigan must turn over some of their property for liquidation if it is not protected by the bankruptcy exemptions. Any asset covered by the bankruptcy exemptions may be kept, and many debtors filing chapter 7 have no assets that are not covered by the exemptions, and therefore the majority of debtors filing chapter 7 lose nothing and get an easy fresh start to their financial life. You will only be eligible for chapter 7 if you can pass the means test (a formula that analyzes your income and compares it to the state average income) and the bankruptcy lawyer can help you analyze this.

Chapter 13 is a reorganization bankruptcy and is popular for debtors that have assets not protected by the MI bankruptcy exemptions, and debtors with a steady source of income. When filing chapter 13 bankruptcy in Michigan, you will enter into a debt repayment plan where your debts will be reorganized into a more manageable repayment plan. The bankruptcy court will also provide you with protection while you are in chapter 13, and your creditors will not be able to contact you or attempt collection efforts. Chapter 13 is also sometimes called a "wage earners' bankruptcy," because debtors filing chapter 13 must have the wages to pay into their debt repayment plan and also pay for their monthly expenses.

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