When drowning in debt, one’s financial situation can feel hopeless. There are things that Michigan residents can do to turn this type of situation around. It is just a matter of taking stock of where one is at and then choosing the option — whether that involves utilizing bankruptcy law or other debt relief tactics — that would be of most benefit.

Before tackling debt, it is necessary to gain a better picture of just how bad the situation is. Some people have more debt than they think they do, and it may be in a number of forms. Write it all down, figure out what needs to be paid first and go from there.

After gathering financial information, it is possible to start working with creditors. Some may be willing to forgive debt or lower interest rates. Some may accept good faith payments to keep accounts from going to collections. At the end of the day, they just want to get paid, and many creditors are willing to work with people who are willing to start the conversation.

After figuring out if creditors are willing to work with one’s situation, make a plan of attack. Set a budget and repayment plan and stick to it. It can be tough to do, but well worth it.

If the above approach is not enough to address one’s financial woes, there are greater steps that can be taken. Bankruptcy law protections are available to Michigan residents who qualify. An experienced attorney can review the details of one’s financial state and help pursue the most appropriate debt relief method.