Michigan bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to provide assistance in filing bankruptcy in Michigan are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:

1. Formal education. An attorney who practices bankruptcy law in Michigan will need at least a Juris Doctor (J.D.) degree from an accredited law school in Michigan. An advanced degree such as a Masters of Law (L.L.M) will further distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the associations dedicated to bankruptcy law in Michigan.
3. Legal specialization. Bankruptcy attorneys in Michigan can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

Action Steps
The best contacts and resources to help you get it done

Attend a law school that specializes in bankruptcy law in Michigan

There are a variety of universities in Michigan that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in Michigan.

I recommend: The University of Michigan Law School teaches several courses in bankruptcy, including bankruptcy, bankruptcy and creditors' rights, bankruptcy and insolvency and advanced Chapter 11 bankruptcy. The University of Detroit Mercy School of Law offers a course in bankruptcy law that stresses the procedural law of bankruptcy and bankruptcy proceedings.

Find professional forums for Michigan bankruptcy attorneys

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in Michigan. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: LawInfo provides a forum dedicated to discussions of bankruptcy in Michigan. Walter Metzen provides an educational overview of the current bankruptcy laws for Michigan.

Obtain Continuing Legal Education (CLE) for business bankruptcy laws in Michigan

Michigan requires attorneys to stay current on changes in the law. There are a variety of programs in Michigan that provide CLE credit in bankruptcy law.

I recommend: The Institute of Continuing Legal Education provides a seminar in bankruptcy that counts for CLE credit in Michigan. NALS of West Michigan offers a variety of CLE opportunities such as Bankruptcy – Updated Local Rules.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  A bankruptcy lawyer in Michigan also will want to join professional organizations that are dedicated to the practice of Michigan bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

Take the time to research Michigan bankruptcy law before you begin the bankruptcy process. You want to know what the process will be like and what exemptions you are entitled to.

You don’t start a business thinking it will fail. However, things don’t always go as planned, and there may come a time when filing bankruptcy in Michigan becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:

1. View the bankruptcy as an ending to one chapter of your life and the beginning to a new and more prosperous chapter of your life.

2. Know how bankruptcy laws in Michigan can affect your life and your business.

3. Learn from your bankruptcy filing so you won’t have to file again in the future.

Action Steps
The best contacts and resources to help you get it done

Determine what property you can keep under Michigan bankruptcy laws

Knowing and understanding the exemptions you have available to you will make navigating Michigan business bankruptcy laws easier. You want to know what property you can and cannot keep before you file for bankruptcy so you can prepare accordingly.

I recommend: MichiganBankruptcy.com has a chart that details the exemptions that are available under Michigan bankruptcy law. View a chart with all of the available exemptions in Michigan as well as links to the forms you need to file and a host of other Michigan bankruptcy information at Bankruptcy Information.

Decide which chapter of Michigan bankruptcy law to file under

With the passage of the 2005 Bankruptcy laws, filing for bankruptcy has changed drastically. Bankruptcy laws in Michigan have been changed accordingly, and you should have a thorough understanding of what the process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.

I recommend: Lawyers.com has a detailed explanation of the bankruptcy process. Contact the Bankruptcy Law Office of Walter Metzen for an explanation of the bankruptcy process that includes explanation of how the new bankruptcy laws affect new filers.

Find a good Michigan bankruptcy attorney

A good bankruptcy lawyer in Michigan is absolutely necessary when filing for bankruptcy. They can walk you through Michigan bankruptcy laws and explain the process to you in detail.

I recommend: Michigan Bankruptcy Lawyers.com has a wealth of information on Michigan bankruptcy attorneys, and offers a search that will allow you to get a free consultation form a bankruptcy attorney in your area. Michael M. Malinowski PLC specializes in bankruptcy and operates in Grand Rapids.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  To help you make the decision on whether bankruptcy protection is right for you, determine what your priority debts are before filing bankruptcy in Michigan. Your priority debts include things such as alimony, child support or any back taxes you may owe that won't be wiped out during the bankruptcy process.

Study Michigan bankruptcy law for beginners to see the variety of options offered for bankruptcy in a business. Whether you are a business planning to consult with a lawyer, or you're a lawyer planning to specialize in Michigan bankruptcy, studying Michigan bankruptcy law for beginners gives you a broad overview of the scope of the field.

When working with a bankruptcy lawyer, Michigan businesses should work with one who understands the fine details involved in filing bankruptcy in the state. Whether you have an interest in details on consumer or business bankruptcy, a basic understanding of the law provides a firm basis for further transactions in Michigan bankruptcy laws. Some areas beginners might want to consider include the following ones:

1. Learn the steps involved in filing bankruptcy in Michigan for an estate.

2. Study Michigan bankruptcy law for beginners to learn how to deal with consumer bankruptcy.

3. Analyze Michigan business bankruptcy laws.

Action Steps
The best contacts and resources to help you get it done

Consult with Michigan bankruptcy attorneys to learn the basics of filing for estate bankruptcy

Bankruptcy laws in Michigan are important to know for businesses that want to settle financial estates, even if they want to settle by filing for bankruptcy. Learn what paperwork you need to have on file and who to submit it to.

I recommend: BankruptcyAction.com offers a detailed list of exemptions in estate bankruptcy claims. It provides a link to a website that covers federal exemptions. Michigan Bankruptcy Lawyer offers a blog that covers topics such as dealing with tax returns after filing for estate bankruptcy. It covers laws specific to the state of Michigan.

Browse through MI bankruptcy laws and criteria to see whether they benefit your business needs

Many Michigan bankruptcy lawyers work with businesses and consumers looking for financial relief. When consumers file for bankruptcy, they need to look into details such as whether or not they can keep their vehicles and discover whether there are any debts not covered by filing for bankruptcy.

I recommend: Walter Metzen & Associates offers detailed explanations of common questions in regards to consumer bankruptcy. It points out aspects a consumer should look into covering before filing for bankruptcy. Michigan Bankruptcy Law Centers offers a bankruptcy analysis for clients looking into options for consumer bankruptcy. The free consultation used for this analysis might be in person or over the telephone, giving businesses and consumers the chance to ask questions.

Scrutinize business bankruptcy laws in Michigan to determine what areas the laws cover

Beginners should learn what Michigan business bankruptcy laws and paperwork entail. Study the laws to determine what steps a business should take when filing for bankruptcy.

I recommend: BankruptcyLawFirms.com is a valuable resource for beginners looking into business bankruptcy. It details bankruptcy trends and offers legal advice for businesses filing for bankruptcy in the state of Michigan. William C. Babut defines the differences between Chapter 7 and Chapter 11 bankruptcy. It explains which type of bankruptcy a business might want to file.

Attorneys in Michigan have a strong motivation to stay informed on Michigan bankruptcy law news and trends. Attorneys must keep track of the latest rulings in cases involving Michigan bankruptcy law. The state may alter its procedures at any time, which may change the way bankruptcy attorneys do their jobs. Attorneys also may want to know what the general public is saying about bankruptcy law, in order to correct any misconceptions their clients may have.

The best sources of information on news and trends for state of Michigan bankruptcy laws may be grouped into the following three categories:

1. State websites on business bankruptcy laws in Michigan. These sites are the best source of official procedures or court rulings on Michigan bankruptcy law.
2. Independent sources of news on Michigan bankruptcy laws, such as blogs, magazines and newspapers. These sources are the most likely to provide news and opinions on bankruptcy law that do not rely on any particular business or lobby group.
3. Legal professionals. Bankruptcy attorneys may be able to provide inside news and information on bankruptcy law.

Action Steps
The best contacts and resources to help you get it done

Review state websites to get official news and information on Michigan business bankruptcy laws

Michigan government websites are the best places to get the latest news about Michigan bankruptcy law. A Michigan government website also may publish the state statutes to help attorneys stay informed on the latest legislation that relates to Michigan bankruptcy law.

I recommend: The United States Bankruptcy Court for the Western District of Michigan provides current news bulletins, including proposed rule changes. The United States Bankruptcy Court - Eastern District of Michigan keeps a running list of notices and updates on bankruptcy law in Michigan.

Study independent sources of news and trends on Michigan business bankruptcy laws

Universities, law libraries and news outlets frequently report on recent court cases and legislative updates on Michigan bankruptcy law. Attorneys also may keep blogs or journals on bankruptcy law in Michigan.

I recommend: Second Start provides the bankruptcy exemptions that Michigan allows for a chapter 7 and chapter 13 bankruptcy. Michigan Bankruptcy Lawyer provides a recent post on the bankruptcy process in Michigan.

Get inside news on bankruptcy law from Michigan bankruptcy attorneys

A bankruptcy lawyer in Michigan frequently has information on Michigan law that is unavailable elsewhere. Bankruptcy attorneys may publish newsletters or full length articles on a particular aspect of bankruptcy law in Michigan.

I recommend: Barnes & Thornburg is located in Michigan and provides a variety of current publications, including "Norton Annual Survey of Bankruptcy Law." Jaffe is a bankruptcy law firm in Michigan that tracks legal updates such as "Chapter 11 and Business Bankruptcy Amendments."

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Michigan bankruptcy laws are specified in Title 11 of the United States Code and are typically identified by the relevant chapter. For example, a Chapter 7 bankruptcy is a basic liquidation of individual assets and comprises the majority of bankruptcies for individuals. The second most common bankruptcy for individuals is a Chapter 13 bankruptcy, which is designed for individuals with a source of income who can make regular payments.