Understanding Bankruptcy for You

Written by admin. Posted in Filing bankruptcy in michigan, How do i file for bankruptcy, Why file bankruptcy

Chapter 7

If you are considering filing for bankruptcy, you are not alone. In the state of Michigan there were over 56,000 bankruptcy filings in 2011 alone. Statistics also show that 1 in 70 households files for bankruptcy. If you are struggling a great deal financially, you will want to look into a great bankruptcy lawyer who can answer all your question about how to recover from this rough time.

Around 450 BC, Roman creditors were given strict power over their debtors. They could either sell the debtor into slavery or kill them. Thankfully, our modern society has better ways of handling someones misfortunes. However, if you do fall too far into debt, you could be facing liens on your assets and wage garnishment. These civil judgments can be stopped by filing bankruptcy.

Your bankruptcy attorney will explain to you