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Bankruptcy helps eliminate most (if not all) of your debt obligation through a legal process called the discharge of debts. As such, filing bankruptcy can give you a new start.
Bankruptcy filings can prevent a home foreclosure as it gives you an extended period to catch up on your late payments. However, a bankruptcy will not eliminate the liens on the property nor does it eliminate mortgages automatically.
Declaring bankruptcy helps stop a car from being repossessed, halt the garnishment of your wages, prevent creditors from harassing you for payments, or other collection activities.
Filing bankruptcy can also help prove if your lenders are defrauding you by collecting more than what you really owe them.
If you are ready to file your bankruptcy petition, contact one of our Michigan bankruptcy attorneys to guide you through the process.