In 450 BC or thereabouts, Roman law provided creditors with much more harsh options of dealing with debtors. In these times, creditors were able to sell the debtor into slavery or even killing him. Thankfully, the consequences of debt have eased immensely in more modern times, although they may feel especially harsh in some cases. For example, individuals dealing with looming bankruptcy may have intense anxiety about losing their homes, businesses, autos, and even family heirlooms. While bankruptcy should never be taken lightly, there are options for individuals facing bankruptcy to seek in order to get their finances under control. Finding a Michigan bankruptcy attorney can help to understand how garnishment Michigan and filing bankruptcy in Michigan works, including Chapter 7 bankruptcy michigan and Chapter 13 bankruptcy Michigan. How else can bankruptcy lawyers in Michigan help you and your family?
If you are feeling guilty about needing to find bankruptcy lawyers in Michigan, do not feel ashamed. No individuals are immune to financial issues that can lead to bankruptcy. In fact, according to a study conducted by the Institute of Financial Literacy, nearly thirty percent of individuals who file for bankruptcy hold at least a Bachelor’s degree. As such, do not hesitate to find bankruptcy lawyers in Michigan who can assist you in understanding what filing for bankruptcy can mean.
One of the first things that bankruptcy lawyers in Michigan can assist you with is understanding the difference between Chapter 7 and Chapter 13 filings. Nearly eighty five percent of Michigan bankruptcy filings in 2011 were Chapter 7 filings, which involve the liquidation of debt and can include the liquidation of assets in order to satisfy these types of debts. However, some individuals can choose to file for Chapter 13 bankruptcy, which is an option for debtors with unsecured debts, such as credit card debt, that totals less than 1,081,400 dollars. Chapter 13 is also an option for individuals with secured debts, such as real estate or car loans, that equals less than 360,475 dollars. Seeking out bankruptcy lawyers in Michigan to help you determine the type of filing that will be appropriate is often necessary for many individuals who are considering filing for bankruptcy. In addition, seeking the assistance of legal professionals and attorneys is often sufficient enough to stop civil judgments, wage garnishments, and liens, since filing for bankruptcy may cancel these types of penalties.