bankruptcy michigan information
Ever heard of filing Chapter 2 bankruptcy? It’s for your driver’s license & has to be at least a grand to file?
I was told you could only do it once, after that, you have to pay off your tickets. I live in Michigan. It’s nothing that I need but wanted information on it if it’s true. I know someone that may be able to use it. Thanks.
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
Chapter 7: basic liquidation for individuals and businesses;
Chapter 9: municipal bankruptcy;
Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
Chapter 12: rehabilitation for family farmers and fishermen;
Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income;
Chapter 15: ancillary and other international cases.
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11…
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Information, control right and distressed firms’ choices between workouts and bankruptcy (CREST working paper) … |
