Will I lose everything if I file for bankruptcy in Michigan?
Many people put off filing for bankruptcy because of misconceptions about the bankruptcy process or fear about what it will bring, even if a simple bankruptcy would offer them immense financial relief. One of the most common misconceptions about bankruptcy in Michigan is that by filing a case, you are agreeing to give up everything. This simply isn’t true.
Most people lose NOTHING when they file for bankruptcy!
Michigan offers every bankruptcy filer or “debtor” what are known as “exemptions”. An exemption is designed to make sure a debtor can have enough to start over and get a fresh start after a bankruptcy filing. Bankruptcy is not intended to strip a debtor of everything they own.
Debtors are allowed to keep vehicles, houses, jewelry and other basic items, which are all covered by certain exemptions. Visit an attorney today to find out what a bankruptcy case for your personal situation might look like, call today. 269-381-4471