When struggling financially, it can be difficult to ask for help. There is a certain level of shame associated with it for some reason. Some Michigan residents may view it as a personal failure. In reality, there is no shame in seeking financial assistance when it is needed. In fact, seeking help sooner rather than later is strongly advised, especially if one is considering utilizing bankruptcy law for its benefits and protections.
When it comes to filing bankruptcy, it is the last resort for most people. They put it off until they just cannot anymore. The months or years of putting off a bankruptcy filing can be a stressful time. Is it worth putting oneself through such misery just because he or she does not want to file for bankruptcy?
According to a report from Consumer Bankruptcy Project, the longer people wait to file, the worse off they are financially. Long strugglers, as they are known, have fewer assets, higher debt to income ratios and are more likely to face debt collection lawsuits. This will not help them when they do eventually decide to pursue personal bankruptcy.
Michigan residents who are struggling financially can take steps now to help themselves recover. For some, utilizing bankruptcy law benefits and protections is the only way to do it. For others, there may be alternative options available. The key is to seek help sooner rather than later in order to avoid further damage to one’s economic outlook and gain the fresh financial start one desires.