In the United States, one out of every seventy households files for bankruptcy. While this may seem like a low statistic, numerous individuals find themselves in financial situations that are tough to resolve and solutions which can take a toll on their stability. This includes wage garnishment Michigan. However, it is important not to feel ashamed about filing for bankruptcy. In many cases, Michigan residents find themselves in need of bankruptcy proceedings due to unforeseen circumstances. Whatever the reasons that bring you to the need for filing bankruptcy in michigan, such as Chapter 7 bankruptcy Michigan or Chapter 13 bankruptcy Michigan, there are resources to assist you in clearing your situation and stopping wage garnishment Michigan.
No single individual or class of individuals is exempt from financial problems that result in bankruptcy filings. In fact, nearly thirty percent of bankruptcy filers hold at least a bachelor’s degree, according to the Institute of Financial Literacy. In fact, bankruptcy has been known to befall sports franchises, as well. The Pittsburgh Penguins have filed for bankruptcy two times, both in 1975 and 1998. It is important to note the situations that can result in bankruptcy filings, as well. Falling behind on property bills, taxes, and other debts may result in wage garnishment Michigan. Should your income be reduced as a result of wage garnishment Michigan, you may find yourself in need of assistance. You can meet with a bankruptcy attorney Michigan is home to in order to learn about your options for clearing up your debts. One of the most popular forms of bankruptcy is known as Chapter 7, which is a form of personal bankruptcy that is also referred to as liquidation. With Chapter 7 proceedings, some assets are turned over to a court appointed trustee and are liquidated in order to pay outstanding debts. Proceedings like these may assist with wage garnishment Michigan orders.
While statistics show that bankruptcy filings are on a decline, this downward trend does not signal that the economy is improving. These statistics reflect that debtors are realizing that bankruptcy is not a fiscal panacea. If you are worried about losing your home, car, or assets, consider meeting with bankruptcy attorneys in michigan. These legal professionals can help to inform you about all of your available options, as well as help you to get a better handle on your financial situation in the future.by