Most people with debt and credit problems think of personal bankruptcy as a final resort, and something that will absolutely destroy their credit. While that might have been a fair assessment some years ago, that is not the case these days. Many individuals now see personal bankruptcy as the first step in fixing their credit.

When you’re considering filing for personal bankruptcy, make sure you get advice from Ann Arbor MI bankruptcy attorneys who are knowledgable and experienced with all of the “ins and outs” of personal bankruptcy law.  Having Ann Arbor bankruptcy attorneys
relieves the stress and pressure associated with filing.  The personal bankruptcy process can be overwhelming and intimidating; and you need a powerful ally to battle hostile creditors and defend a legal right to debt protection.

The first step in filing personal bankruptcy is gathering all of your personal financial information. This will consist of a list of all your secured and unsecured debts, tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have in your possession.

Your Ann Arbor MI bankruptcy attorneys will need to complete the personal bankruptcy forms. These forms, referred to as the schedules, ask you to explain your current financial status and recent financial transactions usually within the last two years. Once the personal bankruptcy petition is completed, your Ann Arbor MI bankruptcy attorneys will file the petition with your local United States bankruptcy court.  Immediately upon filing your petition with the bankruptcy court an automatic stay goes into effect. This provision prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing.

Personal bankruptcy laws were created to assist individuals get a new lease on life.  There is no shame in filing for personal bankruptcy and you should understand that you are not alone.  Once you’ve taken this leap, you will find that your financial future looks much brighter and hopeful.