Michigan residents who have reached severe financial lows that they need help to improve their situations may feel that they have failed in life. No one wants to admit that they are financially strapped, but sometimes admitting it is the best thing one can do. By viewing bankruptcy or other debt relief programs as an opportunity rather than a failure, it is easier to pull the trigger and seek the assistance one needs in order to achieve the economic improvement desired.
Viewing bankruptcy as an opportunity is not always easy. Most people think about the negative consequences associated with it rather to the positive consequences. Yes, filing for bankruptcy is likely to lower one’s credit score, which can, in turn, affect one’s ability to obtain credit. However, pursuing a bankruptcy filing can also end creditor harassment, allow one to keep certain property, and result in the discharge of debt or the creation of an affordable repayment plan — among various other benefits. And credit scores rebound more quickly than many people think.
One man recently shared his story about filing for bankruptcy in his 20s. After graduating college, he found himself carrying nearly $40,000 in student loan debt, an auto loan and thousands of dollars in credit card debt. He was only bringing home roughly $2,000 a month and it was not enough to meet his debt obligations and put money aside in savings or for an emergency. After talking to a bankruptcy law attorney, he felt a Chapter 13 filing would serve his best interests. His petition was ultimately approved and now he is able to meet his new debt obligations and put money in savings — a vast improvement from his previous situation.
Looking for the good rather than the bad in things can help one make decisions that can better one’s life. Is bankruptcy the right fit for all Michigan residents who are struggling financially? No, but there are many who may find it is just what they need to finally get out of debt. Those who want to find out if bankruptcy is the right choice for them can turn to an experienced attorney for guidance on the matter.