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There are two ways to qualify for a chapter 7 bankruptcy in Michigan:
Under a chapter 7 bankruptcy, you must list assets as part of your filing. The assets that are not exempt are then taken as part of the bankruptcy and sold in a sale, the proceeds from which are distributed to creditors. Any unpaid balance on eligible debts is then forgiven and you are no longer obligated to pay it.
If you are unsure whether you qualify for a Michigan chapter 7 bankruptcy, you should consider speaking with a lawyer for advice and for help during the bankruptcy filing process.
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