Bankruptcy?

by **reuben29** » Thu Mar 31, 2011 1:23 pm

My question is, how hard is it to bankrupt in Michigan? I am so financially screwed, is it still possible under the new laws to effectively bankrupt??

by **mohammed47** » Thu Mar 31, 2011 1:28 pm

Each individual's situation is different and the new laws are very complex. Seek out advice from a competent bankruptcy attorney, not on Yahoo! Answers.

by **chay** » Thu Mar 31, 2011 1:29 pm

Not sure about the bankruptcy laws in Michigan but it is hard to file bankruptcy nowadays. Creditors are trying to re cooperate their losses. If you file for bankruptcy you will have to pay most of it back anyways.

by **nemausus36** » Thu Mar 31, 2011 1:35 pm

It depends a lot on your circumstances. How much do you owe? Would a bankruptcy judge decide that you can realistically pay it back over time? It's too complicated to get any useful advice on a website such as this. If you're serious, you should consult a bankruptcy lawyer.

by **seager** » Thu Mar 31, 2011 1:36 pm

I agree with most of the answers, get a lawyer and talk with him. The first visit usually is free. Have some idea what your total income is for the past two years and how much debt you have outstanding. He can tell you if you qualify for Chapter 7 or 13. That is what we are going through now and he determined we qualify for a 7

by **webb** » Thu Mar 31, 2011 1:39 pm

Dont file bankrutpcy..try to work it out with ur creditors...it will cost you more than you owe to file bankruptcy....the lawyers and trustees get a fee based on the amount u file bankruptcy for.

Have some pride and work it out with creditors. You have to be responsible for what u signed ur name to.

by **dana** » Thu Mar 31, 2011 1:55 pm

It's more difficult in all of the states to file bankruptcy now, but if you have no alternative then it will pay you to get yourself informed about the procedures.

Check out this website which has a lot of useful information, links, etc that may help you find out what you need to know.

One piece of advice: if bankruptcy is your only option then you really do need a qualified bankruptcy attorney. A good lawyer should save you money and will take care of your creditors. An initial consultation with an attorney is usually free.

I hope this helps. Good luck.

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