Consumer Bankruptcy Lawyers in Lansing, Michigan

Find the right Consumer Bankruptcy attorney in Lansing, MI

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

Chapter 7 Bankruptcy in Lansing, Michigan

There are 2 main types of consumer bankruptcies in Lansing, Michigan: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of some 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 usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Lansing, Michigan. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Lansing, Michigan

In Lansing, Michigan, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

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

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Life in Lansing

Lansing, Michigan is the capital of the state of Michigan. It currently has a population of approximately 115,000 people, making it the 5th largest city in Michigan. It is located in Ingham and Eaton Counties.

Lansing, Michigan is home to the largest law school in the U.S. - Thomas M. Cooley School of Law. Many Lansing, Michigan attorneys went to this university, and returned to Lansing to practice. It is also home to the Michigan State University School of Law, which is ranked among the top 100 law schools in America, meaning that there are many prestigious lawyers practicing in Lansing, Michigan.

These universities are also among the largest employers in Lansing, Michigan, employing people in a wide range of professions, such as teaches and administrators, as well as custodial personnel.

If you live in Lansing, Michigan and need an attorney, there's an excellent chance that you'll be able to find the Lansing, Michigan lawyer who can help you with your legal issue.

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