Legal Question in Bankruptcy in Michigan

Re: Are the Bankruptcy Laws changing soon?

B laws are certain to change, we just don't know when and to what degree at this point.

I believe that the changes, in layman's terms, are that most persons will be forced in a wage earner plan (ch 13) instead of a ch 7 liquidation, meaning most everyone will payback at least some portion of thier debt over 3 to 5 years.

I practice bankruptcy law occasionally, and you should also know that I beleive that my fees will likely almost double because of the new "means testing" for ch 7, which shall require much more analysis than is currently required. If you have any bankruptcy planning to do, I would start now.