Some legal experts are predicting a significant increase in the number of personal bankruptcies not only in Michigan but around the U.S. over the next 12 to 18 months based on a uncertain economic picture. WDIV Channel 4 in Detroit reported in late January that repossessions of vehicles are on the rise in the state, up to three times more frequent than before the COVID pandemic. Repossessions can be an early indicator of an increase in personal bankruptcies.
Being faced with significant debt can be an extremely overwhelming and frightening experience for anyone. If you do not have sufficient income to pay your obligations, higher interest rates can have an adverse impact on a household’s financial picture, potentially putting people on the edge of financial ruin.
Creditors phone calls increase throughout the day and foreclosure or wage garnishment is possible. Refinancing a mortgage or restructuring loans can help in the short-term, but debt consolidation or debt relief options may be the final efforts to stave off bankruptcy. If bankruptcy appears to be a last resort. know that there are numerous positive aspects to bankruptcy.
Despite all the bankruptcy myths out there about bankruptcy and the unfair stigma it creates, bankruptcy is a legal and viable option for those seeking a way out from under their financial burdens. There is absolutely no shame in filing for bankruptcy. Many individuals, from all walks of life, have turned to bankruptcy as a way to regain control of their finances and get a fresh start, allowing them to move towards a more prosperous and debt-free future.
Some of the benefits of filing for bankruptcy include stopping all creditor harassment and debt collection efforts, no longer being weighed down by an unmanageable amount of debt, creating time to solve a foreclosure, ending repossession actions, wage garnishments, and other debt collection activities, as well as completely discharging all qualifying debts.
The most positive aspect of filing for bankruptcy protection is that upon completion, consumers can breathe a sigh of relief because they will be in a far better financial situation, free from credit card debt, overdue medical bills, utility charges and other unsecured consumer debt.
To find out how you can benefit from bankruptcy, contact a Michigan bankruptcy attorney at Bashore Green to better understand your legal options that meet your financial needs. Our team of bankruptcy professionals have helped many clients successfully navigate through bankruptcy proceedings and come out the other side debt-free. Bashore Green stands ready to help you alleviate your debt problems and get the fresh start you deserve.
Contact us to learn more or call 248-487-1887.