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bankruptcy law Archives

After bankruptcy, you are the best person to repair your credit

Having a good credit profile is necessary if one wishes to gain access to credit cards, loans and rental properties -- among various other things. The problem is, many Michigan residents have found themselves with less than stellar credit ratings due to debts, the inability to repay their debts and specific actions taken to clear their debts -- such as bankruptcy. Because of this, there are those who refuse to file bankruptcy or who will look for companies after the fact that can help them repair their credit, but if they are not careful, they may find themselves worse off.

Chapter 13 bankruptcy law aided Lil Kim at her time of need

The thought of filing for bankruptcy is depressing for most Michigan residents. It is hard to admit one needs help getting personal finances in order. Here's the deal: When thought of as a tool for financial improvement, filing for bankruptcy law protections does not have to feel like the end of the world. It can serve a valuable purpose -- as it did for singer Lil Kim.

Bankruptcy law can help millennials with credit card debt

For a long while, statistics have shown millennials and those from Generation Z to be better at staying out of debt than Gen Xers or baby boomers. According to a recent report, that does not seem to be the case any longer. Younger adults in Michigan and elsewhere are now said to be having a serious issue with credit card debt. For these individuals, bankruptcy law may be able to help their situations.

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.

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