Many people have misconceptions regarding bankruptcy. There are some residents in Michigan who may believe filing Chapter 13 leads others to believe they have spent irresponsibly or not managed their money well. This is not always the case. Many filing Chapter 13 have fallen behind on paying their debt due to chronic illness, loss of a loved one or even due to loss of employment.
A city councilman is filing Chapter 13 bankruptcy
Many people have misconceptions regarding bankruptcy. There are some residents in Michigan who may believe filing Chapter 13 leads others to believe they have spent irresponsibly or not managed their money well. This is not always the case. Many individuals filing for Chapter 13 bankruptcy protections have fallen behind on paying their debt due to chronic illness, loss of a loved one or even due to loss of employment.
Chapter 7 bankruptcy can help win freedom from debt
Many Michigan residents have experienced difficult financial times at some point in their lives. While some have only experienced temporary issues, others have found themselves struggling for months or years. When a person is out of work for an extended period with little or no savings, the stress is understandable. Those confronting multiple delinquencies and/or facing foreclosure or lawsuits may discover that a Chapter 7 bankruptcy could help them build a framework for a return to financial stability.
Michigan consumers filing fewer Chapter 7 bankruptcies
Since 2010, fewer people each year have been filing for bankruptcy in Michigan and nationwide, and this year is no exception. While most would consider this a sign of an improving economy and job market, that is not necessarily the case. More consumers are now curbing the type of behavior that led to filing for Chapter 7 or Chapter 13 bankruptcy during the recession. However, many Americans are still struggling to pay down their debts.
