There are three prominent Chapters of the Bankruptcy Code that individuals can utilize to file bankruptcy. Personal bankruptcies are most commonly filed under Chapters 7, 11, 13 and less commonly Chapter 12. Find the right fit for your […]
Bankruptcy exemptions are a set of laws that determine what property you may keep after filing bankruptcy. Bankruptcy exemptions exist in both Federal and state law. The different exemption laws vary and in Michigan you may generally choose to elect either Federal or State law exemptions. An exemption analysis is critical before choosing to file for bankruptcy.
Ultimately it depends on your circumstances. It mostly depends on three factors: (1) which chapter of bankruptcy you are filing, (2) whether or not you can continue to pay your mortgage payments, and (3) whether or not you can exempt any equity […]