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Michigan Bankruptcy Laws

The federal bankruptcy code is applied uniformly in all the state of the United States, though there are several disparities that can be found from one state to another. Michigan bankruptcy laws make use of the jurisdiction that is provided by the federal government and uses its local rules and regulations to set the procedures and processes to follow while applying for a bankruptcy petition.

 

Michigan Chapter 7 Bankruptcy Laws:

The state also has the jurisdiction of choosing to use the state data in regards to the median tests offered to chapter 7 petitions. The third state action in regards to bankruptcy is setting its own set of exemptions that is to be applied to bankruptcy petitions and the there conditions can be advantageous to the debtor or creditor in some cases according to chapter13 bankruptcy laws.

 

Michigan Chapter 13 Bankruptcy Laws:

With chapter 7 bankruptcy laws, one could put a plan together to repay debt. The key here is to work with debt collection agencies and keep your payments on time. In return, the court may cut a deal on the remaining money owed.  The Michigan state has established two bankruptcy districts which handle cases from either of the regions. There is the eastern district which has courts in the Bay City, Detroit and Flint regions and the western district which has courts in the Grand Rapids, Kalamazoo, Traverse City, Lansing and Marquette areas. The debtors should be aware of the courts to present their petitions so as to enjoy full benefits of the area. The district recognition s important since the application process usually differs from one district to another.

 

Michigan Bankruptcy Exemptions:

Michigan bankruptcy courts allow the debtors a choice between the state and federal exemption but they should not mix match. The choice between the state and federal exemptions may be tough and thus should be made with advice and consultation with an expert attorney. Common exemptions include wages, trade tools, personal possessions, real estate, insurance, public benefits and other miscellaneous expenses. The exemption values between the state and national indexes may differ pushing one to use either the state or federal exemptions, especially when one has filed their petition under chapter 7 of the United States bankruptcy laws.

 

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