Interestingly, though bankruptcy filings fell by about 182,000 between 2010 and 2011, approximately one out of every 70 U.S. households files for bankruptcy. No one is immune to the financial problems that can lead to bankruptcy; more than 27 percent of filers hold at least a bachelor’s degree. Furthermore, did you know that even the incredibly wealthy real estate mogul Donald Trump has filed for bankruptcy, not just once but four times? Bankruptcy can be a difficult process both emotionally and financially. If you are going through a bankruptcy Michigan you will want to contact bankruptcy lawyers in Michigan, also known as bankruptcy attorneys in Michigan, such as a Detroit bankruptcy lawyer, to ensure that your legal rights are represented. A bankruptcy lawyer, such as a Detroit bankruptcy lawyer, can help you to make informed choices.
There are several things to keep in mind when filing for bankruptcy in Indiana. First of all, before filing for bankruptcy, most debtors are required to undergo credit counseling. Certain kinds of debts, including alimony and child support debts, student loan debts and debts incurred as a result of fraud cannot be discharged under bankruptcy. It also important to note that there are several different forms of bankruptcy in Michigan, such as a chapter 13 bankruptcy and a chapter 7 bankruptcy. A Detroit bankruptcy lawyer can help you to determine which form of bankruptcy is most appropriate for your situation.
Additionally, it is important to note that after a bankruptcy filing, a debtor’s credit rating will suffer; chances are, however, that the financial circumstances that led to bankruptcy will have already negatively affected the credit rating. Lastly, when filing for bankruptcy you need to be honest about your financial situation. Falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States. Overall, if you are filing bankruptcy in michigan it is important to contact a bankruptcy attorney, such a Detroit bankruptcy lawyer, to get proper legal guidance and advice.
