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Bankruptcy

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A bankruptcy petition is a set of forms (also known as schedules) on which a debtor filing for bankruptcy discloses detailed financial information to the bankruptcy court. These forms will require you to list all of your assets (real property and personal property), your monthly income and expenses, and the debts you want to eliminate or discharge in bankruptcy. Your bankruptcy case begins when you file the bankruptcy petition with the clerk of the bankruptcy court.

In Michigan, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes various forms, often referred to as schedules, which require comprehensive disclosure of the debtor's financial situation. This includes listing all assets, both real and personal property, detailing monthly income and expenses, and identifying all debts that the debtor seeks to discharge. The filing of the bankruptcy petition with the clerk of the bankruptcy court marks the official start of the case. Federal law, specifically the U.S. Bankruptcy Code, governs the process of bankruptcy, and while the law is federal, the bankruptcy courts in Michigan handle the proceedings locally. Debtors in Michigan must adhere to both the federal bankruptcy regulations and any local rules of the bankruptcy courts within the state.

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Bankruptcy

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Michigan State Code

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Bankruptcy

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