Michigan bankruptcy laws are not different from Las Vegas bankruptcy laws as both falls under chapters 7, 9, 11, 13. Under chapter 7, though the loan is totally waved off but still you are responsible for child support, alimony, student loans, fraudulent debts, etc. Relief under chapter 7 is available to individuals, married couples, business corporate and partnership firms. Though there are certain exemptions still granted while filing the case under Michigan bankruptcy laws chapter 7 viz. you can keep your home where you are staying retirement dues, motor vehicle etc. Married couples can double the amount of exemption. In case you opt for second exemption that is also granted however limited to certain basic requirements a man needs for survival .You should also be aware that within weeks of filing a bankruptcy under Chapter 7, you must file any overdue tax returns. In certain case under chapter 7 the court appoints a trustee who takes stock of your non-exempt assets and sells it off to arrange payment to creditors.