Filing for bankruptcy could be a very intimidating and challenging process. However, the benefits could be very helpful in difficult times.
Filing for Bankruptcy could do the following:
- Protect your property from being seized by a creditor that doesn’t have a prior collateral agreement with you.(an unsecured creditor)
- Could provide full protection for relevant assets. eg. your house or car.
- Could prevent garnishment of wages after filing. This, in turn, can protect your job if your employer does not allow multiple garnishments.
- Most importantly, you immediately gain automatic stay.
Click this link to check out the a quick list of federal and Michigan exemptions.
