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Michigan bankruptcy law: Most people have some type of debt

According to a recent news report, most Americans are in debt in some way. While there are those who, with strict adherence to a budget, can get out of debt on their own, there are others who will find that they need a little help. Michigan residents who are in over there heads and drowning in debt may benefit from relief offered through bankruptcy law.

Presently, adults of all ages are struggling financially. This is not an issue specific to one age group. However, it is believed that millennials are currently carrying the most debt -- particularly mortgage debt. Those with the most credit card debt are said to be Gen Xers, with average card balances of over $8,000. When it comes to medical debt -- the main cause of bankruptcy filings in the United States -- this is an issue across all age groups.

When one finds him or herself with debt, what can be done? If revamping one's budget is not enough to fix the situation, it is possible to try to work out some sort of arrangement with creditors. Some creditors may be willing to settle and reduce one's debt obligation. It is always worth asking. 

If this approach does not work, bankruptcy may be the next best option. With a bankruptcy filing, depending on the type, one may either achieve an affordable repayment plan or the complete discharge of certain debts if the petition is approved in court. Either can grant much needed financial relief. Michigan residents can turn to a bankruptcy law attorney for help and guidance regarding the best way to tackle their debt situations.

Source: USA Today, "It's official: Most Americans are currently in debt", Marie Backman, Feb. 17, 2018

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