Facing financial challenges is overwhelming, but at Kane, Funk, Poch & VanMassenhove, P.C., we offer a lifeline through Chapter 7 and Chapter 13 bankruptcy solutions. Situated in Alpena, Michigan, our boutique law firm serves the entire Northern Michigan region, including Alpena County, Alcona County, Montmorency County, Presque Isle County, and Iosco County. Bankruptcy is not just about legal processes; it's about reclaiming financial stability and peace of mind.

In Michigan, individuals seeking relief from overwhelming debt can pursue bankruptcy under either Chapter 7 or Chapter 13, both of which provide distinct paths towards financial recovery.

Chapter 7 bankruptcy, often referred to as "liquidation," involves the sale of non-exempt assets to repay creditors. Following this liquidation process, qualifying remaining debts are discharged, offering individuals a fresh financial start. Michigan residents filing for Chapter 7 may utilize state-specific exemptions to protect certain assets, such as a portion of the equity in a primary residence, motor vehicles, personal property, and retirement accounts.

On the other hand, Chapter 13 bankruptcy in Michigan enables individuals to create a structured repayment plan over three to five years. This plan allows debtors to retain their assets while gradually repaying creditors. Chapter 13 is particularly beneficial for those with a regular income who can afford to make scheduled payments.

Both Chapter 7 and Chapter 13 bankruptcy proceedings in Michigan require careful consideration of federal bankruptcy laws, state-specific exemptions, and individual financial circumstances. Seeking guidance from an experienced bankruptcy attorney is essential for navigating the intricacies of the process, ensuring compliance with relevant laws, and determining the most suitable path towards financial stability.

If you are considering bankruptcy, contact Kane, Funk, Poch & VanMassenhove, P.C. today. Let us help you navigate the path to a fresh financial start.