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(EMAILWIRE.COM, April 26, 2011 ) Southfield, Michigan - The Michigan economic landscape has its challenges. A whopping number of people have left the state due to lack of jobs and significant financial challenges. Others have chosen to stay in Michigan and take the bankruptcy route. With so many contributing factors to consider many Michigan residents have a lot of questions. One Southfield, Michigan based bankruptcy lawyer has dedicated his office to be the question and answer hub. The site has been set up to handle and confront popular myths concerning bankruptcy.
There is a consistent myth that as that as a candidate for bankruptcy one will experience a substantial amount of negative consequences. There are concerns that one will lose all of their property. The truth is that many people get to keep all of their belongings. There are exemptions to protect such things as your house, your car, your truck, household goods and furnishings, IRAs, retirement plans, the cash value in life insurance and wages. There is even a "wildcard" exemption of $11,400 per person that can be applied wherever you want it. In those rarer situations where you have more property than can be protected by available exemptions, there is Chapter 13. In Chapter 13, you can even keep this property by paying a higher Chapter 13 plan payment.
The website comes from Clark Law, PLLC and has been created to set the record straight on bankruptcies in Michigan. The whole idea here is to create black and white information for the public that addresses the core issues of bankruptcy. Many Michigan residents are looking for information on the web before they commit to their bankruptcy attorney of choice. This allows them to get information without giving away too much personal information before they make a commitment.
“Many times there is sensitivity regarding bankruptcy cases. The whole idea here is to address some of the big questions weighing on the public’s minds. This website not only looks at common myths but also is designed to bring peace of mind during this troubled time.” Adds site administrator, Ted Cantu
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