There are a lot of misunderstandings out there about bankruptcy and how it can help people get the financial freedom that they desire. This week, this column will work to give a basic overview of Chapter 7 bankruptcy law. At the end of the day, it can be a great option for Michigan residents who literally cannot afford to pay their bills.
Ever hear those advertisements from companies that claim that they can work with one's creditors in order to settle debts? They make it sound so easy. They also make bankruptcy sound like it is the worst option in the world. The truth is, for many Michigan residents, a bankruptcy law attorney and the protections offered by a bankruptcy filing may be their best bet when it comes to achieving the financial relief desired.
Numerous Michigan residents are among the many Americans who are drowning in debt. When it all becomes too much, it is normal to question how one should address the issue. Thankfully, this is not a problem that one has to figure out all alone. A bankruptcy law attorney may be able to help.
When people are young and in love, they may never contemplate they will get a divorce or face overwhelming debt from which they cannot escape. Sadly, for those in Michigan and elsewhere, the reality is that many couples experience financial hardship that leads to disputes. As they spiral deeper into debt, their differences become irreversible, and divorce seems to be the only solution. However, it will not resolve the financial problems, many of which may be marital debts for which both spouses will be responsible. This is where the bankruptcy law can bring relief.
Money, money, money, why is so much in life about money? Wouldn't it be nice to just sit back and not think about it or worry about it? What would happen if one was to just ignore one's financial situation? This is actually something that some people do and then they get to the point where they are way over their heads in debt. Michigan residents to whom this happens can turn to a bankruptcy law attorney for help in rectifying the situation.
Some Michigan residents take out second mortgages on their homes in order to get cash for other things. Seems like a good idea until one is no longer able to keep up with the new loan payment. Second mortgage lien holders do have the ability to foreclose on the property if one does not keep payments current. However, protections offered through bankruptcy law may help one break free of a second mortgage.
For numerous Michigan residents, living pay check to pay check is very much a reality. Where can they turn when their financial obligations are just too great and there is not enough to make until the next payday? Rather than turning to a bankruptcy law attorney for guidance, some look to payday loans to help get them through it. Unfortunately, doing so often does more harm than good.
Economic struggles strike most people at some point in their lives. When this happens, debts can accrue, and paying them off may seem an impossible task. When things can't seem to get any worse, creditor harassment begins. Between federal regulations and the assistance of an experienced bankruptcy law attorney, it is possible for Michigan residents to stop creditor harassment.
Deciding to take the leap and file for a Chapter 13 bankruptcy is a choice that most people, whether they reside in Michigan or elsewhere, do not make without some serious thought and consideration. It can be difficult to know if it really is the best thing to do for one's situation. While, with bankruptcy law as it is, there can be some negatives to going this route, there are also a lot of positives that can, if one's financial situation is severe enough, outweigh any bad points.
Are you one of the many Michigan residents who is at risk of losing your home to foreclosure? Do you feel like there is nothing you can do about it? The truth is you may have options. A bankruptcy law attorney can review your case and help you pursue the foreclosure defense strategy that best fits your situation.