Consumer Bankruptcy Lawyers in Kalamazoo, Michigan

Find the right Consumer Bankruptcy attorney in Kalamazoo, MI

Bankruptcy is a legal procedure allowing a person or business to have their debts absolved, in part or in whole. It is normally treated as a last resort, because, while it can prevent financial catastrophe, it has some huge long-term consequences. This warrants careful consideration of the costs and benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Michigan will be the same as everywhere else in the country. Particular courts in Kalamazoo, Michigan will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Kalamazoo, Michigan

There are 2 common forms of consumer bankruptcies in Kalamazoo, Michigan: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Kalamazoo, Michigan. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Kalamazoo, Michigan

Chapter 13 Bankruptcy in Kalamazoo, Michigan is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the contracts that gave rise to the debt in the first place. This results in a altered payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Kalamazoo, Michigan

This depends entirely on the facts of your individual case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

In any case, you should talk with a local Kalamazoo, Michigan bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Kalamazoo

Kalamazoo is located in Kalamazoo County. Specifically it is located in the southwestern part of Michigan. It is home to approximately 326,589 people.

Some popular sites include the Kalamazoo Institute of Arts, Kalamazoo Valley Museum, Hickory Corners, Gilmore Car Museum, the Kalamazoo Air Zoo, the New Vic Theatre, Barn Theatre, the Gibson Guitar Corporation, and Wings Stadium.

Some of the top employers are the health care system and school district. Kalamazoo is also home to three local breweries and that employ many residents. With small businesses around, naturally the city is also home to attorneys there to provide legal support. Kalamazoo is home to many attorneys who work in law offices and firms that practice in many areas of law. Therefore, residents can remain rest assured, because any and every legal need of theirs can easily be taken care of.

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