In the current economy of the United States, it is unfortunately not uncommon for people to fall under very difficult financial times. When the wages a person makes at their job are not enough to keep up with the cost of living and other necessary expenses, people can find themselves with problems that seem insurmountable. Statistics have shown that 43 percent of families in the United States spend more than they earn each year. Some extreme cases of financial difficulty can leave people with no other viable option than to filing bankruptcy. To assist with the process, bankruptcy lawyers in michigan towns such as Flint can provide services to clients such as handling the cost of filing bankruptcy and deciding on the form to file.
In the United States, one out of every 70 households files for bankruptcy. In 2011, the bankruptcy filing rate in the state of Michigan was 5.64 per 1,000 residents. Filing for bankruptcy is sometimes advised by attorneys and consultants though, such as cases where an individuals owes a large tax debt to the IRS. The filing of bankruptcy generally stops any civil judgments, wage garnishments, or liens that an individual may be experiencing. Chapter 13 bankruptcy is a common form that is filed as it involves debt restructuring rather than the liquidation of assets. With a Chapter 13 filing, the debtor is usually able to retain most of their property. So to receive help when it comes to the process and cost of filing bankruptcy, those in Flint, Michigan can turn to bankruptcy attorneys.