Michigan Bankruptcy Laws
Michigan Bankruptcy Law
The word bankruptcy conjures up frightening images of your entire life collapsing around your ears. In this nightmare you feel as if you have no one to help you. This is not the case as the various states have various laws like the Michigan bankruptcy law, to help you out. These laws can help you choose the type of bankruptcy act that will be the most helpful for your situation.
Before you can apply for a bankruptcy hearing Michigan bankruptcy law requires that you go through with credit counselling at an approved government counselling agency at least 6 months before you file for bankruptcy.
As the bankruptcy process can be very complicated you might want to ask a bankruptcy lawyer to explain the Michigan bankruptcy law. This way you will understand what is needed from you before the courts can state that you are bankrupt.
Before you start the process of bankruptcy filing you will need to gather all of the documents that are needed by Michigan bankruptcy law to prove that you need to be declared bankrupt.
The documents that you need will include any deeds and titles to land and vehicles that you own, loan documents, your tax returns for the last 2 years, property and assets, all secured and unsecured debts with the names of the creditors listed, monthly living expenses, and major financial transactions for the last 2 years. You will also need to itemize your current income sources.
Once these various documents have been presented to your bankruptcy lawyers you will be required by the Michigan bankruptcy law to undergo a means test. The means test will be based on your monthly income and living expenses.
If your monthly income and expenses are more than what is the average for Michigan employee earners you can’t file for chapter 7 bankruptcy. Instead you will be able to apply for chapter 13.
In the Michigan bankruptcy law chapter 13 allows you to keep all pf your assets and property. You can pay off your creditors using the wages that you have left from your monthly expenses.
The chapter 7 bankruptcy act will require that a bank trustee liquidate your various assets to pay off your creditors. Once all of the debts have been paid, you will need to go through with a financial management instructional course after you have filed for bankruptcy.
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