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Westland MI Family Law Blog

Michigan bankruptcy law: Is there such a thing as good debt?

It is not uncommon for Michigan residents to hear that some types of debt are good while others are bad. When struggling financially, is there really such a thing as good debt? Debt is debt, and if one cannot pay creditors what they are owed, isn't it all bad? This topic will be discussed a bit here, but those with specific questions regarding their own debt situations can turn to a local bankruptcy law attorney for guidance.

According to a recently published article, there are such things as good and bad debt. Good debt would be things like mortgages, auto loans and any other type of loan that is considered credit building. If paid according to the account terms, this type of debt can have a positive impact on one's credit score.

Divorce law: Is one of these habits ruining your marriage?

There is no such thing as the perfect marriage. Yes, there are couples who seem to have it all together, but in private they likely have problems that they work through just like everyone else. Sometimes, issues exist in a marriage that can eventually lead to its breakdown. When that happens, Michigan residents who wish to end their marriages can turn to a divorce law attorney for assistance with the dissolution process.

According to an article that was released recently, there are certain habits that, if exhibited by one or both spouses, can contribute to the breakdown of the marriage. One habit that was discussed was failing to track finances. So much in life is about money. When each spouse has different ideas on how to approach marital finances, it can lead to fights and even hiding assets. Studies have shown that spouses with the same outlook on the marital financial position are happier than those with differing views on this subject.

Higher asset divorces in Michigan could involve hidden assets

Getting a divorce is never an easy prospect. The longer you have spent with someone, the more closely intertwined your lives have likely become. Separating your personal and financial lives can be difficult. However, for couples with substantial marital assets, divorce can be particularly tricky.

It is not unheard of for one or even both spouses to attempt to hide assets from one another and the courts. While hiding assets in that manner is a violation of the law, that does not stop individuals from attempting to do so.

Avoiding court possible when settling family law matters

Whether one is just going through the divorce process or has been down that road and needs to modify some terms of a divorce settlement, one may think that going to court is the only way to reach a resolution. Thankfully, Michigan residents have other options when it comes to marriage dissolution and term modifications. Most family law matters can be settled through mediation.

What exactly is mediation? What are the benefits of going this route? What happens if it does not work? These are all questions one might have when first considering the mediation process.

Chapter 13 bankruptcy law: More than a debt repayment plan

When dealing with significant monetary issues, it can be difficult trying to figure out the best way to improve one's situation. There are several debt relief options open to Michigan residents, but there is also a lot of misinformation out there that may cause someone to overlook a relief option that may actually be good for them. Take Chapter 13 bankruptcy law for example. Some people equate it to a debt repayment plan -- one that destroys one's credit -- but it is so much more than that.

Bankruptcy is a last resort. It is not something that a person should jump into doing if he or she has other options that would achieve the same end result. However, for those who find that bankruptcy is the right way to go and a Chapter 13 filing is what they qualify for, it is good to know exactly what one is getting into before initiating a petition.

Michigan bankruptcy law: The financial effects of health issues

Most people do not escape this life without dealing with a few health issues along the way -- some experiencing more than others. Those who do not financially prepare to tackle those issues may find themselves facing economic problems as well as their physical ailments. According to a recent report, most people, Michigan residents included, cannot afford the consequences that follow a serious medical problem. Thankfully, bankruptcy law may be able to bail them out and help them get back on their feet financially.

It is said that over 500,000 bankruptcy filings each year stem from health problems -- why? It is not just medical bills that are the problem. Health problems often affect a person's ability to remain employed. The loss of a job due to a medical crisis not only leaves one with no income, but it can also take away one's employer-sponsored insurance coverage. For the average family of four, that equates to roughly $28,000 a year, which would now have to be paid out of pocket -- if not more -- for medical coverage.

Relationships are bound to change when you get a divorce

A family takes time to build, which is why it's so devastating that it can be destroyed quickly in divorce. You may have relatives who don't want you to interact with your ex-spouse or their friends or family members. Your ex-spouse might be the one trying to avoid people you both know.

If you have kids, breaking off all contact usually isn't possible. Even if you and your estranged spouse no longer get along well, you still have to do what you can to work together for the sake of your child.

Debt affects your wallet and your relationships

Quite a few Michigan residents are struggling to stay afloat financially. There are a number of reasons for this, and each individual's debt story is unique to them. No matter how one got into debt, most people who find themselves struggling economically often find that their romantic lives suffer as well. At least, that is what a recently published article would have people believe.

Believe it or not, financial compatibility is a thing. When two people differ in their view about money, there is either no chance of striking up a romantic relationship or there is a significant chance that their relationship will last, at most, five years. Debt simply is a relationship killer.

Michigan divorce law: Settlement enforcement -- the Hogan case

Hulk Hogan has been divorced from his former wife for quite some time. Unfortunately, the two are still fighting over certain terms of their divorce settlement. While most Michigan residents do not have millions on the line when they battle over divorce law, they do still expect their exes to live up to the final settlement terms. Failing to abide by agreement terms seems to be the big issue in the Hulk Hogan case.

According to a recently released report, Linda and Terry Bollea were married for a total of 25 years before they divorced. During their marriage, Linda played a vital role in helping her husband build his brand. She was awarded property and 40 percent of future earnings of her former husband's business. It was a pretty straightforward deal, but it is one that Hogan has allegedly failed to comply with.

Michigan bankruptcy law: Gen Xers drowning in debt

Money problems affect adults of all ages. Sometimes, no matter what one does, debt just cannot be overcome without a little help. Currently, Gen Xers in Michigan and across the country are said to have the most nonmortgage debt than any other age group. Bankruptcy law may be able to help individuals in this age group regain control of their financial situations.

According to a recent report, it is estimated that eight out of every 10 Generation X members -- individuals between the ages of 36 and 51 -- have 75 percent more nonmortgage debt than millennials and 69 percent more nonmortgage debt than baby boomers. The average amount of debt held by Gen Xers is $30,334. If this debt is on credit cards or high interest accounts, that amount could easily double if one only pays the bare minimum every month. 

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5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465
5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

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