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bankruptcy law Archives

Michigan bankruptcy law: To file or not to file Chapter 7

Michigan residents who are struggling to make it financially probably spend some time looking at debt relief options. There are several out there, some of which are better than others. The type one uses really is a personal decision, but one should know how one's choice will affect the individual in the long run. This week, this column will address the good and the bad of Chapter 7 bankruptcy law.

Bankruptcy law may benefit struggling seniors in Michigan

According to a recent report, hundreds of thousands of seniors in the United States age 85 and older are returning to work. Why? Debt, particularly medical debt. Bankruptcy law may benefit the situations of numerous struggling seniors in Michigan.

Michigan bankruptcy law: Most people have debt of some sort

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.

Michigan bankruptcy law: Handling debt collector claims

Michigan residents who are dealing with financial struggles may get one or more calls from eager debt collectors looking to get paid. While the Fair Debt Collection Practices Act prevents debt collectors from being too aggressive in their approaches, they often get the payments they are seeking by making debtors feel guilty about their debt obligations. Before giving in to creditor demands, it is okay to turn to a bankruptcy law attorney for guidance on the matter.

Michigan bankruptcy law: Scams, abusive creditors and no money

Michigan is a beautiful state, one that most of its residents are proud to live in. It is not without its faults, though. It can be expensive to live here and many residents may find themselves dealing with money troubles. Their troubles are not helped by scams and abusive collection tactics from creditors. Thankfully, bankruptcy law or other debt relief options may help some individuals gain control over their economic situations.

Do not wait too long to take advantage of bankruptcy law benefits

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.

Michigan bankruptcy law and the means test

Every year, numerous Michigan residents find themselves struggling to manage their finances. When debt gets out of control it is easy to feel defeated and hopeless. Fortunately, achieving debt relief may be possible by utilizing bankruptcy law. How does one know what type of bankruptcy to file, though?

Things to consider before utilizing Chapter 7 bankruptcy law

There is one form of bankruptcy that Michigan residents struggling with personal debts can turn to in order to have most -- if not all -- of debts wiped clean as soon as their bankruptcy petitions receive court approval. Chapter 7 bankruptcy law has many benefits. Of course, it is not perfect. Here are some things to consider before filing a Chapter 7 petition.

Bankruptcy law and your future

Many people in Michigan and elsewhere disregard bankruptcy as a good form of debt relief because of how it can affect their credit rating. While it is true that utilizing bankruptcy law to get out of debt can do a number on one's credit score, it may only be a temporary problem. If gone about the right way, bankruptcy can be good for one's present situation and for the future.

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5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465
5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

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