While they say the economy is in a decent place, most people in Michigan and elsewhere have debt of some sort. Many of them are able to get out of it by sticking to a strict budget, but others may find it too much of a struggle to keep up with their debt obligations. To the people on the latter side, bankruptcy law may work in their favor.
According to a recent news report, debt does not discriminate. Roughly 80 percent in every generation — from baby boomers to millennials — are living with debt. Mortgages, auto loans, student debt, medical bills and credit card debt — it all adds up. In total, consumers in the United States are billions of dollars in debt.
The further into debt one falls, the harder it seems to get out of it. This is particularly true for individuals whose wages are not keeping up with rising living costs — which, quite frankly, is most people. When individuals fall behind on making payments to creditors, they wrack up more debt in late fees and interest, they may find themselves having to deal with debt collectors, repossessions, going to court and destroyed credit. They certainly may feel they are trapped, but there may be a way out.
Bankruptcy law has helped numerous Michigan residents regain control of their financial situations. Chapter 7 and 13 bankruptcy options, if approved in court, have the ability to give people the fresh start that they desire. Anyone interested in learning more about bankruptcy law and how it can prove beneficial to them can turn to an experienced attorney for guidance.