One out of every 70 United State households files for bankruptcy. Bankruptcy in the state of Michigan, unfortunately, is all too common. When the housing bubble in 2008 collapsed, the state of Michigan arguably took the biggest hit to their economy. Many Michigan residents are still facing the negative side effects of the housing collapse as there were over 56,000 bankruptcy fillings during 2011 in the state of Michigan alone. If you are heavily surrounded by debt and considering filing for bankruptcy, it is important to know your options and how much to file bankruptcy.
Filling for bankruptcy is often viewed as a “fresh start” for those surrounded by debt. However, filling for bankruptcy will not wipe out all of your debts. There are two types of personal bankruptcy you can file for: < (more…)