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We use our skill and experience to help each client secure the best available resolution to their situation.

We can help Michiganders find relief from credit cards, car loans

Last week's post discussed how people in the Detroit metro area are incurring less debt on mortgages and home equity lines but are more willing either to take out a loan on a car or to incur credit card debt in order to front living expenses. While some see this as a sign of economic recover, it can also be a sign that financial trouble is brewing down the road, when the next economic downturn hits.

While consumer debt like credit cards and car loans can help a family afford what it needs right away, the downside of these types of debt is that they rarely give a family the opportunity to escape a financial crisis by building up equity. In a financial pinch, sometimes a family can escape an oppressive mortgage paying by selling the home and downsizing. On the other hand, a family will rarely be able to sell a car for the value of what they paid for it and will almost never be able to sell off good purchased on a credit card.

This fact could leave a family that, for good reasons, needed to take out a car loan or use their credit card feeling a little stuck when tough financial times hit. Fortunately, Michigan residents can find help through the services of a skilled bankruptcy attorney like those who work at The Smith Law Offices, P.C.

Our law office cannot promise that a person will get everything he or she wants out of a bankruptcy for nothing other than a modest fee. However, we can promise to work on your case diligently and to give you a good overview of all of your options should you be facing mounting consumer debt and a slowing income stream. If you are having financial trouble and need help, please feel free to visit our Chapter 7 Bankruptcy page for more information.

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