Real Estate Attorney serving Bloomfield Hills, MI
IN bankruptcy, ALL Contracts may be affirmed in the bankruptcy. Contracts that have a negative impact to the estate can be broken and contracts which the State wishes to maintain and be reaffirmed.
I never recommend that people do their own bankruptcy and I highly recommend that you have legal counsel do it for you. Properly planned and done, the bankruptcy can be financially liberating, however it without a solid claim behind it, I have seen bankruptcy become a treadmill where the bankrupt keeps needing to refile every 2 or 3 years because the first bankruptcy didn't work and once they are on the slippery slope, they can never get themselves right.
I also always recommend wherever possible that one does a chapter 7 bankruptcy and avoid chapter 13 as much as possible.
Again a bankruptcy attorney is the best person to talk to about this.
Answered on Jun 20th, 2024 at 6:55 PM