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Many Americans are barely hanging on financially and are just one major expense or an illness away from economic ruin. If you are considering bankruptcy, we recommend you speak with an attorney who has a thorough knowledge of the process.
If you need to file for personal bankruptcy, you have a couple of options to choose from based on why they need to file, how much debt they have and how much monthly income they have including wages, alimony or other financial support.
Chapter 7 bankruptcy is called liquidation because the filer must sell of high-dollar assets to pay their debtors. If Chapter 7 is the bankruptcy structure you choose, you won’t have a payment plan to keep up with, and the entire process is relatively quick. But you might have to sell off many of your assets.
Chapter 13 bankruptcy allows you to pay off your debts over a three to five-year period. A bankruptcy judge will look at your income and debts and come up with a structured payment plan. While your case is still in bankruptcy court, your creditors are not allowed to use collection tactics.
You and y is a plan that allows you to pay off your debts through a structured payment plan that lasts between three and five years. During that time, your creditors are not allowed to pursue collection efforts. Chapter 13 bankruptcy will allow you to keep your home and auto and will improve your credit rating.
Property Exemptions in Michigan Include:
Homestead exemption- Any equity on your home up to $37,000
Automobile exemption- Your personal vehicle up to $3,475.
Household computer up to $600
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