Consumer Bankruptcy Lawyers in Midland, Michigan

Find the right Consumer Bankruptcy attorney in Midland, 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 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. Individual courts in Midland, Michigan will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Midland, Michigan

There are 2 main forms of consumer bankruptcies in Midland, Michigan: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Midland, Michigan is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Midland, Michigan

Chapter 13 Bankruptcy in Midland, Michigan is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. 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 Midland, Michigan

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an accomplished local Midland, Michigan bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Midland

Midland, Michigan is a city located in Midland County, of which it is the county seat. A 2008 Census estimate places its population at about 40,000 people.

Midland, Michigan and the surrounding areas are home to many sites of historic and cultural interest. For example, the Midland Center For The Arts is a facility offering visitors hands-on activities having to do with art, science, and technology. Additionally, there are two large auditoriums allowing for performances by symphonies, operas, and drama companies.

Midland is also the city where the Down Chemical Company was founded, and that company still has a strong presence in the area. It sponsors a museum which shows the history of the region and the company, and sponsors many other non-profit organizations.

Midland is also home to many parks, providing for recreational activities such as hiking, boating, fishing, and bicycling.

If you live in Midland, Michigan and need an attorney, the odds are very good that you'll be able to find one. Midland, Michigan attorneys are capable of helping people with almost any type of legal issue, whether it's starting a business, buying a home, adopting a child, or anything else. If you need legal help, you should get in touch with a Midland, Michigan attorney as soon as possible.

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