Debt is not something that most people like to talk about. No one wants family and friends to know if they are struggling. The truth is, though, the average American has quite a bit of debt. Michigan residents who find themselves unable to get their finances under control can turn to an experienced bankruptcy law attorney for help.
So, how much debt does the average American have? According to a recent article, most households have nearly $16,000 in credit card debt, an auto loan totaling about $27,000, a mortgage of nearly $174,000 and roughly $50,000 in student loans. Add all that up plus interests, and that is a lot of debt for one household to handle.
Now, with strict adherence to a budget, paying down this debt may be possible. It will not work for everyone, though. Many people experience an increase in debt due to job loss, medical issues or other emergencies. All of these things are difficult from which to recover. This is where bankruptcy may be able to help.
Bankruptcy allows Michigan residents who meet all the necessary qualifications to seek debt relief either through debt discharge or by setting up an affordable repayment schedule. A skilled attorney can look at one's financial situation and then help one pursue the debt relief option that best fits his or her situation. Bankruptcy law can be confusing and is certainly not an area of law one will want to tackle alone. With legal assistance, one can take all the right steps toward achieving financial freedom.
Source: fool.com, "Here's a Breakdown of the Average American's Household Debt", Maurie Backman, Dec. 24, 2017