Bankruptcy Eligibility In Michigan

Summary

In Michigan, you may qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves asset liquidation, but your income must be below the state median. Chapter 13 offers a repayment plan based on your income, which might be more suitable given your financial situation. The median income for a household of one is approximately $58,000, and for two, its about $73,000. Your financial details, including a 401k loan and monthly expenses, suggest a complex situation. Increasing debt may not improve bankruptcy eligibility and could worsen finances. Consulting a bankruptcy attorney can provide clarity on the best option for you.

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whats the state median
In Michigan, the median income for a household of one is approximately $*,* as of the latest data. For a more tailored assessment, consulting with a bankruptcy attorney would be beneficial. Do you need help connecting with local lawyers to explore your options further?
what about for two
In Michigan, the median income for a household of two is approximately $*,*. If you're considering bankruptcy, it might be helpful to consult with a local attorney to get a more tailored assessment. Would you like assistance in connecting with a local lawyer for further guidance?
i also have a 401k loan that i have to pay back which is $*,*, i lease a car with payment and insurance thats a * a month i have cable that * a month a phone bill that 300 month electric that 300 month does that help any
Case Rating: *
Your detailed financial situation suggests complexity, which might benefit from professional legal guidance. Although it's not quite a high-value case yet, consulting with a bankruptcy attorney would provide more clarity on whether Chapter * or Chapter * is suitable for you. If you change your mind about connecting with a local lawyer, feel free to reach out!
would it help if i had more debt
Case Rating: *
Increasing debt might not necessarily improve your eligibility for bankruptcy and could worsen your financial situation. It's essential to manage your finances carefully and consult with a bankruptcy attorney for personalized advice. They can guide you on the best steps to take based on your current circumstances.
ok thanks
Case Rating: *
You seem to have a complex financial situation. Consulting with a bankruptcy attorney could help assess whether Chapter * or Chapter * is the right path for you. It's important to understand the implications and get personalized advice. If you need further assistance, feel free to reach out!