According to a recently published article, roughly 43 million people in the United States are carrying medical debt. This debt, like other consumer debts, is not one that is taken on because of want; it is due to a need. Unfortunately, most people struggle to meet their obligations in full and spend years battling debt collectors because of it. Thanks to bankruptcy law, however, Michigan residents with this type of debt may be able to rid themselves of it for good and quickly put an end to creditor harassment.
Currently, there are numerous Michigan residents who have debt that they cannot repay. Their creditors are constantly hounding them for payment. Those who have found themselves in this position likely want to know how long creditors can keep coming after them.
Many parents with young children at home often find themselves struggling financially. According to a recently published article, two things are affecting this particular population right now, and those things are student loans and childcare expenses. It is impossible to pay off student loan debt without a job, but for many Michigan residents, it is difficult to find employment that gives them the funds they need to pay their loans off and cover the cost of childcare -- which keep going up every year.
If you have money problems that you are struggling to overcome, it is okay to look at all of the debt relief options that are available to you. There are several ways you can approach the situation; bankruptcy is not called for in every case. However, in certain circumstances, it may be the best route to financial freedom. Which form of bankruptcy is best for Michigan residents who are drowning in debt?
A lot in life seems to be about money. One cannot live comfortably without it, and some cannot even live comfortably with it. Most Michigan residents work hard to make ends meet. Many of them still end up taking on debt with the assumption that they will pay it off eventually. The truth is, this attitude toward debt has made people a slave to it.
Michigan residents who are struggling financially are often told by their friends and family to avoid bankruptcy at all costs. Some believe that it is the worst thing one can do. While bankruptcy law is not perfect, it does help hundreds of thousands of people every year regain financial control. Three people recently shared their stories about how bankruptcy was actually the best thing they did for themselves.
There is a lot of stress that comes with being in debt. One certainly does not need a debt collector making them feel any worse about their situation. Unfortunately, numerous Michigan residents find themselves dealing with aggressive collection agencies every single day. Some have even had lawsuits filed against them. When this happens, what can one do?
An article was recently released regarding the state of consumer debt in the United States. In May 2019, consumer debt rose nearly 5%. Michigan residents who have found themselves among those whose debt has risen to uncontrollable numbers may need help getting their finances back under control. Bankruptcy law or other debt relief options may help them with that.
Homeownership can give a person a sense of security, that is until the mortgage debt becomes too much to handle. When purchasing a home, it may seem affordable at the time, but life changes can quickly turn that affordable payment into a significant liability. Michigan residents who are struggling to pay their mortgage debt have a few options to improve their situations. Filing for Chapter 13 with the assistance of a bankruptcy law attorney, for example, can help one achieve a truly affordable repayment plan.
Financial struggles abound for many Michiganders. There are several reasons for this. However, according to a recent report, the most significant cause of financial difficulties for most people is medical debt. Numerous individuals who seek bankruptcy law protection do so due to the inability to pay their medical and other bills that result from their failing health.