Filing For Chapter 7 Michigan Bankruptcy
A simple explanation of bankruptcy is that it’s a law set up to protect individuals and businesses who cannot pay their debts. When a person or organization files for bankruptcy, they may choose to liquidate their assets or create a repayment plan to offset the debts. The debtor in bankruptcy case is the person who owes a debt to a creditor. A bankruptcy case can be commenced by a bankruptcy filing voluntarily by debtors or involuntarily by creditors. While this…
