Did you know that in 450 BC, Roman law gave creditors the right to either kill or enslave their debtors? Today, however, bankruptcy is a way for borrowers to get out of debt. Although bankruptcy can sometimes harm your credit score, it is an effective way to partially or completely eliminate your debt. But why file for bankruptcy? There are many benefits of filing for bankruptcy, as it is a viable solution to get out of debt.
1. Bankruptcy eliminates your debt. This is one of the top reasons people file for bankruptcy. Depending on which chapter you file for, the bankruptcy will either partially or fully wipe away your debt. Chapter 7 bankruptcy, for example, will liquidate your assets for complete financial relief, while filing Continue Reading No Comments
Even though the Pittsburgh Penguins are the only team regarding any sports franchise to ever file twice for bankruptcy in 1975 and 1998 respectively, if this is the second time that you need to file, then contacting a Detroit bankruptcy attorney will be in your best interests. By hiring a Detroit bankruptcy attorney, you can have things such as judgments, garnishments, and liens stopped so that you can find a resolution to your problem. If you decide to file Chapter 13 bankruptcy Michigan attorneys will help you to restructure your debt into a payment agreement you can work with. However, if you decide to go instead for Chapter 7 bankruptcy Michigan attorneys will help you to get most if not all of your debt forgiven.
Even though the work that a Detroit bankruptcy attorney does will likely cause your credit rating to take a nose dive, you can always climb out of it; and the debt itself would eventually destroy your credit, if it has not already. This means that in reality, you have nothing to lose by filing for bankruptcy in Michigan. A Michigan bankruptcy attorney will make sure that you have every chance to handle your debt properly. In fact, after a Michigan bankruptcy lawyer is done with the courts, you may be completely in the clear and still retain all of your property and assets. This will make it a lot easier for you to start over again.