Even very wealthy Donald Trump has had to file for bankruptcy. He has actually done it four times. If you are concerned about filing for bankruptcy and the impact it might have on your life or your reputation, you should consult a professional bankruptcy attorney and relax. You are not alone. Bankruptcy was down by about 182,000 filings in 2011, but there were still about 56,000 filings in Michigan alone. You are not the only one who is having difficulties in the current economy, and many are choosing to declare bankruptcy to extricate themselves from tough financial situations. For information on filing bankruptcy, there are websites that can give you basic information, but you should consult a bankruptcy professional if you are beginning to seriously consider filing for bankruptcy.
After you have reviewed some information on filing bankruptcy with a professional, you will need to decide which method of filing for bankruptcy will work best for you. 84% of bankruptcy filings in Michigan were Chapter 7 bankruptcy filings. In a Chapter 7 filing, your property is “liquidated”, or sold, to satisfy your debts. Certain things are exempt from these liquidation sales to prevent you from being put into poverty. Once the liquidation is complete, many of your debts will be discharged, even if they are not paid in full. Civil judgements and wage garnishments, for instance, are usually stopped when you file for bankruptcy. A liquidation can be a good way to get out from under a large amount of debt that you are no longer able to pay.
When you are looking through information on filing bankruptcy, bear in mind that being “bankrupt” in the legal sense does not necessarily mean that you have no money at all. Generally, people file for bankruptcy when they are no longer able to keep up with payments as they become due, even if they have assets or cash on hand. Search through information on filing bankruptcy to see which “Chapter” best resembles your personal situation and call a professional for further help. More information like this.