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May I spend my inheritance prior to filing for Chapter 13?

Michigan consumers who are considering filing for bankruptcy may find the process confusing. A consumer recently wondered whether she may spend expected inheritance money during the period before filing for Chapter 13 bankruptcy. She explained her intention to buy a car and have some repairs done to her house.

How long before Chapter 13 or Chapter 7 discharges debts?

Consumers in Michigan who are facing overwhelming debt may be considering the protection of personal bankruptcy. They may be aware of the available options, and know that some debts may be discharged, but they could be concerned about how long this process will take to provide relief. This depends on whether the consumer qualifies for Chapter 7 or Chapter 13 bankruptcy.

Chapter 13 bankruptcy may resolve a desperate financial situation

Michigan consumers may agree that most individuals face periods of financial difficulty at some stage of their lives. There are those who manage to minimize the damage by effective debt management or even selling personal assets to free up some funds. However, others end up desperate and despondent when their finances seem to be in a continuous downward spiral. This may be an opportune time to consider the protection offered by Chapter 13 or Chapter 7 bankruptcy.

Public figure filing Chapter 13 bankruptcy

Many people have misconceptions regarding bankruptcy. There are some residents in Michigan who may believe filing Chapter 13 leads others to believe they have spent irresponsibly or not managed their money well. This is not always the case. Many filing Chapter 13 have fallen behind on paying their debt due to chronic illness, loss of a loved one or even due to loss of employment.

A city councilman is filing Chapter 13 bankruptcy

Many people have misconceptions regarding bankruptcy. There are some residents in Michigan who may believe filing Chapter 13 leads others to believe they have spent irresponsibly or not managed their money well. This is not always the case. Many individuals filing for Chapter 13 bankruptcy protections have fallen behind on paying their debt due to chronic illness, loss of a loved one or even due to loss of employment.

Relief for Michigan student loan debt in Chapter 13 bankruptcy

College graduations have recently concluded for the 2012-2013 academic year, and those who emerged with their brand new degrees are beginning to enter the workforce. In some cases, Michigan grads are finding their job searches to be more difficult than they anticipated. With the economy continuing a slow crawl toward recovery and a depressed job market, many new grads will turn to employment that has nothing to do with their recent training in order to begin paying back their student loan obligations. In the end, some may need Chapter 13 bankruptcy assistance in order to regain financial stability.

Chapter 13 bankruptcy can benefit many struggling in Michigan

Many Michigan residents have always viewed bankruptcy as a last resort, a step only meant to be taken when no other options remain to clear up a bleak financial landscape. In the past, a number of those who filed for bankruptcy were perceived as having spent more than they could afford on frivolous and unnecessary items. Over the past few years, however, that perception has faded as the harsh reality of the current economic crisis has hit many Americans hard. It's fair to say that now, a significant amount of those who file for Chapter 13 bankruptcy do so because they really do have no other choice.

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