Michigan Bankruptcy Law

What you need to know to navigate MI 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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

• 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.

Copyright © 2011 Business.com, Inc. All Rights Reserved.

---