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5 Tips for Filing Bankruptcy in Michigan

If you are suffering under the weight of debts, you may want to file for bankruptcy as you look to get back on your feet. While numerous Chapter 7 bankruptcy cases are straightforward, you need to arm yourself with handy tips to make the process as smooth as possible.

Before, during, and after filing for bankruptcy in MI, it’s pivotal you follow the below tips to make the process stress-free.

Don’t wait to undertake your compulsory counseling

Your bankruptcy is never complete without finishing the state-mandated debt counseling online course. Typically, you are given weeks and even months to finish the course, but don’t wait till the last minute. You will need a certificate of completion to proceed with the case.

Don’t hide information from your attorney

While you may want to hide information about your financial position, be 100% truthful to your attorney. Formulate a list of your debts, including personal loans. Be straightforward about your monthly income and expenses. In the same breath, ignore any voice that tempts you to hide your assets.

Your Traverse City Michigan bankruptcy lawyer will argue your case based on the information they have. Failure to disclose material facts may lead to loss of assets, fines, and imprisonment.

Don’t accumulate new debt

Unless it’s out of necessity (like food, utilities, or clothing), stay away from debts within
70 to 90 days after filing for bankruptcy. Otherwise, creditors will fail to discharge your debt, arguing that you took it with the intention of not paying.

Remember to file your income tax returns

Amid the hustle and bustle of filing for bankruptcy, don’t forget to file your taxes for at least two years unless you are exempted. Your tax returns are integral in determining past earnings, assets ownership, and assessing your tax position.

Hire the right attorney

If you are filing for bankruptcy in MI, you need a proper Traverse City bankruptcy attorney to help with your case. Given there are hundreds of lawyers available, you need to do due diligence to avoid falling prey to scams. Don’t be fooled by ridiculously low prices and gimmicks. Instead, look out for experience, customer reviews, and responsiveness when engaging them.

General steps of filing for bankruptcy in Michigan

Filing for bankruptcy in Michigan isn’t different from any other state, given that the bankruptcy process falls under federal and not state law.

Generally, the process of filing for bankruptcy follows the below steps.

• Collect your bankruptcy documents
• Complete your credit counseling course
• Fill your state and federal bankruptcy forms accurately
• Get your filing fee, unless you are looking for a waiver
• Print your bankruptcy forms one-sided. Make sure you retain copies for your reference.
• File your forms with a U.S. Bankruptcy Courthouse in your locality
• Mail documents to your trustee in tandem with their specifications
• Attend your 341 meeting

The process of filing for bankruptcy requires a lot of paperwork that requires a professional attorney with experience. While you can file for debt relief in Michigan without a lawyer, it’s vital to hire a bankruptcy lawyer Traverse City MI, to help speed up the process, and give you professional advice.

Why you need bankruptcy lawyers in Michigan

While the bankruptcy filing process might seem cut and dry, you need an experienced lawyer to advise you on the below:

• The type of bankruptcy that will accentuate your financial goals
• A rundown of Chapter 7 and Chapter 13 bankruptcies and the respective benefits
• Handling the legal paperwork and advising on your role in the bankruptcy process

When filing for bankruptcy, your financial stability is on the line. Instead of throwing dice and hope everything will run smoothly, consider hiring a legal professional to guide you through each step of the process.

Bankruptcy Attorney Traverse City

Are you overwhelmed by debts, and you are looking for relief? Illnesses, job losses, natural disasters, and divorces combined with a poor economy have wreaked havoc on many Americans, denying them the ability to pay debts. The good news is that our Traverse City Michigan bankruptcy lawyer is ready to help. Whether it’s a Chapter 7 or Chapter 13 bankruptcy, Patrick S. Fragel will help you navigate the bankruptcy process. Contact us today.