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Incoming jobs in Michigan may prevent some Chapter 7 filings

There are many reasons why a family may find themselves considering the protection of a Chapter 7 bankruptcy. Medical bills, loss of income and consumer spending issues are all factors that can lead to a decision to formally seek a formal resolution to financial problems, including Chapter 7 relief. Michigan appears headed for a consistent increase in viable jobs, and for some families, this could not come a moment too soon.

Economists from the University of Michigan have analyzed the data and believe that the state will be adding 130,000 jobs over the next two years. This economic forecast could mean that Michigan will return to employment rates that it hasn't experienced since the recession in 2008. While the return of jobs may come too late for some, it is encouraging to see a light at the end of the tunnel for many families.

Another bright spot in the report is that the projected jobs will not be confined to one single area of the market. Analysts predict job growth will occur in many sectors such as manufacturing, professional services and in the utility sector. The housing market has also made a turn for the better, which is welcome news for those in real estate and in construction.

The surge in jobs that are beginning to develop in the Michigan market may be just what the doctor ordered for many individuals and families. However, for some the news of a brighter economy may be too little, too late. Nevertheless, there is help for those whose financial obligations have become unmanageable, and some will likely benefit by seeking relief under Chapter 7 or 13 of the Bankruptcy Code. For these families it may be wise to understand the applicable laws and procedures surrounding the process. A discharge of debt or other successful outcome could provide the basis for taking advantage of predicted rebound in the state's economy.

Source: grandhaventribune.com, Economists predict steady job growth in Michigan, No author, Nov. 23, 2013

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