Bankruptcy can be a difficult process both emotionally and financially. If you are going through the process of filing for bankruptcy in Michigan, such as Kalamazoo bankruptcy, Holland bankruptcy, Grand Rapids bankruptcy, etc, you will want to contact bankruptcy lawyers in Michigan to ensure that your legal rights are represented. Keep in mind that no one is immune to the possibility of bankruptcy. Contrary to popular belief, bankruptcy is often not the product of fiscal irresponsibility, but rather financial hardship, such as unexpected medical expenses or prolonged unemployment.
There are several things to keep in mind if you facing bankruptcy Michigan, such as a Kalamazoo bankruptcy. Certain kinds of debts, including alimony and child support debts, student loan debts and debts incurred as a result of fraud cannot be discharged under bankruptcy. It also important to note that there are several different forms of bankruptcy, such as a chapter 13 bankruptcy Michigan and a chapter 7 bankruptcy Michigan. A chapter 7 bankruptcy allows the debtor to discharge all or part of the debt. Though, in order to qualify for this kind of bankruptcy, a debater must pass a means test. If the debtor fails the means test, they still may be able to file for a chapter 13 bankruptcy, in which debtors repay all or part of their debt based on a payment plan that typically lasts between three and five years. Overall, bankruptcy in Michigan, such as a Kalamazoo bankruptcy, can be overwhelming and stressful. Therefore, you want to make sure that you receive the best guidance possible from a Michigan bankruptcy lawyer.
