Understanding Michigan Bankruptcy Myths
Many people have pre-conceived notions about bankruptcy that simply are not true. Bankruptcy is a constitutionally-granted right that has helped millions of people get debt relief once and for all.
At Martin Krall, Attorney at Law, we help people understand the facts about bankruptcy. Misconceptions about bankruptcy cloud people's perceptions and affect their decisions. We make sure clients understand bankruptcy before they make the decision about whether or not to file.
Michigan Bankruptcy Myth #1: I Will Lose Everything
Most people can keep the majority of their property after filing bankruptcy. In fact, most of my clients are able to keep everything they own, as bankruptcy protection allows an individual to keep normal household goods. My firm works with you to take maximum advantage of the exemption laws that protect your property from creditors.
Chapter 7 bankruptcy liquidates assets and designates both exempt and non-exempt property. You may be able to liquidate your debt while keeping your 401(k), car, home, and other property.
Michigan Bankruptcy Myth #2: My Credit Rating Will Be Ruined
Most people who file bankruptcy have poor credit to begin with. After filing bankruptcy, an individual can begin to rebuild credit. Creditors are often more apt to lend to individuals who are debt-free following bankruptcy, as opposed to those who are over-burdened with debt.
Find Out More About These Bankruptcy Topics:
- Chapter 13 bankruptcy
- Chapter 7 bankruptcy
- The bankruptcy process
- Should I file for bankruptcy?
- Stop creditor harassment
- Stop mortgage foreclosure
Contact Me — Information About Michigan Bankruptcy Myths
If you are struggling with debt and looking for a way out, you can't afford to pass up a free consultation with an experienced lawyer. Contact me today. My firm serves people in and around Macomb County, Michigan, in areas including Roseville, Warren, Sterling Heights, St. Clair Shores, and Clinton, Harrison, Macomb and Shelby townships.