In 450 BC, Roman law allowed creditors to enact harsh punishments on individuals who fell into debt. Creditors had the option of selling debtors into slavery or killing them. Thankfully, punishments for debt have eased greatly in more modern times, but they can still cause a great deal of stress and unease for thousands of individuals across the country. If you have been considering filing for bankruptcy to help ease your financial situation, you may still be hesitant if you are unsure of the consequences or process for filing bankruptcy. There can be a great deal to learn about filing bankruptcy in michigan and other states, including when to file for bankruptcy and benefits of filing bankruptcy. If you are considering bankruptcy filings to assist you, your family or your business, a meeting with a bankruptcy attorney should be the first thing you seek out. A bankruptcy attorney can help you understand all facets of bankruptcy filing, including benefits and repercussions.
One of the first things to realize is that no single individual is exempt from financial issues that can result in a bankruptcy filing. In fact, according to information provided by the Institute of Financial Literacy, nearly thirty percent of bankruptcy filers hold at least a Bachelor’s degree. In addition, many individuals find that they need to file bankruptcy due to unforeseen circumstances, such as an influx of unexpected medical bills. Regardless of your situation, a bankruptcy attorney is waiting to help you.
On average, bankruptcy filings decreased throughout the nation by about one hundred and eighty thousand filings in 2011 as compared to 2010. However, even with this drop in filings, in 2011 alone, more than fifty six thousand Michigan residents filed for bankruptcy with the assistance of a bankruptcy attorney. A bankruptcy attorney can help you to understand the differences between Chapter Seven and Chapter Thirteen filings, as well as some of the benefits that filing for bankruptcy can afford you. In many circumstances, civil judgments, liens, and wage garnishments are stopped by a successful bankruptcy filing. Your bankruptcy attorney may help to ensure that the proper documentation is in place to stop these kinds of penalties, and can also help you to understand the record of filing for bankruptcy and how it may impact your credit rating for the next few years. If you are worried, consider finding a bankruptcy attorney today.
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