Chapter 7 and Chapter 13
The code is divided into chapters and each chapter provides a different type of bankruptcy relief. The most common types of bankruptcy in Michigan are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is a liquidation bankruptcy this means that your assets are sold to pay off your debts. Chapter 13 bankruptcy is a reorganization bankruptcy, which means that you create a plan to repay your debts over time.
Here are some bankruptcy resources in Michigan:
In addition to the United States Bankruptcy Code, there are also state laws that govern bankruptcy in Michigan. You can find these laws at the website of the Michigan Legislature: https://www.legislature.mi.gov/
Here are some specific laws related to bankruptcy in Michigan:
- Michigan Compiled Laws Section 600.5451: This law sets forth the exemptions available to debtors in Michigan bankruptcy cases.
- Michigan Compiled Laws Section 600.2914: This law allows debtors in Michigan to discharge their debts in bankruptcy if they meet certain requirements.
- Michigan Compiled Laws Section 600.2918: This law prohibits creditors from discriminating against debtors who have filed for bankruptcy.
- United States Bankruptcy Court, Eastern District of Michigan: This is the bankruptcy court that handles bankruptcy cases in Michigan. You can find more information on their website: https://www.mieb.uscourts.gov/
State laws provide additional protections for debtors in Michigan including exemptions for certain assets.
If you are considering filing for bankruptcy, it is important to speak with an experienced bankruptcy attorney to discuss your options.
Bankruptcy laws in Michigan are set forth in the United States Bankruptcy Code. You can find the code online at the website of the United States Congress: https://www.law.cornell.edu/uscode/text/11
