Living paycheck to paycheck is something that many Michigan residents from all different career backgrounds do. If any unexpected expenses arise, it can put them in a hole from which they may struggle to get out of. When that happens, bankruptcy law benefits may work in their favor.
According to a recent news article, many baby boomers, Gen Xers and millennials are struggling financially. Getting money into savings just seems impossible. According to the Federal Reserve, it is believed that four in 10 adults would not be able to cover an emergency that cost $400 or more. Every dollar of every paycheck is spent to cover living expenses, child care expenses and loans — among other things.
Those living paycheck to paycheck often turn to credit cards, personal loans and payday loans to make it. Doing so often only makes the situation worse, though. Interest rates are astronomical, adding to the debt every month and making it even harder to pay it down.
Michigan residents who have found themselves drowning in debt and not enough income to do anything about it may feel that their situations are hopeless. No situation is hopeless. There may be debt relief options that can help one out — bankruptcy is just one option. Those who would like to learn about the different debt relief options out there can turn to an experienced bankruptcy law attorney for guidance. After a careful review of one’s financial state, a plan for getting out of debt can be put into action.