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bankruptcy law Archives

Who is Chapter 7 bankruptcy law for?

Chapter 7 bankruptcy can help numerous Michigan residents get out of debt and find financial security. Unfortunately, there are a lot of people out there that claim it is the worst thing anyone can do from a credit standpoint, which stops others from even looking into it. True, this type of debt relief is not for everyone, but if you find yourself in an economic hole that is only getting deeper, it may be time to consider how bankruptcy law protections may benefit your specific situation.

Bankruptcy is an opportunity, not a sign of failure

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.

Bankruptcy law can help deal with new debt collection rules

When struggling financially, frequently being contacted by debt collectors can make an already stressful situation unbearable. Thankfully, Michigan consumers do have rights when it comes to fair debt collection practices. However, rule changes are coming, and some believe they benefit the collection industry and hurt consumers. Even with the coming rule revisions, bankruptcy law can still help those in debt fight back against collectors and seek financial relief.

Significant mental burden associated with debt

There are a lot of things in this life that can cause people to struggle on a psychological level. Michigan residents who are dealing with significant debt or who find themselves chronically in debt are likely aware of the mental burden being in such a position creates. A study on the link between financial instability and mental health was recently released, and its findings are pretty interesting.

Michigan bankruptcy law: Is there such a thing as good debt?

It is not uncommon for Michigan residents to hear that some types of debt are good while others are bad. When struggling financially, is there really such a thing as good debt? Debt is debt, and if one cannot pay creditors what they are owed, isn't it all bad? This topic will be discussed a bit here, but those with specific questions regarding their own debt situations can turn to a local bankruptcy law attorney for guidance.

Chapter 13 bankruptcy law: More than a debt repayment plan

When dealing with significant monetary issues, it can be difficult trying to figure out the best way to improve one's situation. There are several debt relief options open to Michigan residents, but there is also a lot of misinformation out there that may cause someone to overlook a relief option that may actually be good for them. Take Chapter 13 bankruptcy law for example. Some people equate it to a debt repayment plan -- one that destroys one's credit -- but it is so much more than that.

Michigan bankruptcy law: The financial effects of health issues

Most people do not escape this life without dealing with a few health issues along the way -- some experiencing more than others. Those who do not financially prepare to tackle those issues may find themselves facing economic problems as well as their physical ailments. According to a recent report, most people, Michigan residents included, cannot afford the consequences that follow a serious medical problem. Thankfully, bankruptcy law may be able to bail them out and help them get back on their feet financially.

Debt affects your wallet and your relationships

Quite a few Michigan residents are struggling to stay afloat financially. There are a number of reasons for this, and each individual's debt story is unique to them. No matter how one got into debt, most people who find themselves struggling economically often find that their romantic lives suffer as well. At least, that is what a recently published article would have people believe.

Michigan bankruptcy law: Gen Xers drowning in debt

Money problems affect adults of all ages. Sometimes, no matter what one does, debt just cannot be overcome without a little help. Currently, Gen Xers in Michigan and across the country are said to have the most nonmortgage debt than any other age group. Bankruptcy law may be able to help individuals in this age group regain control of their financial situations.

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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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