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.

Over 300 million Americans filed for bankruptcy in 2009. Many do so through no fault of their own. Medical bills for chronic illness, a pink slip from work, a debilitating accident or some other issue can quickly cause debts to spiral out of control debt. The result can make day to day living seem unbearable. 

One major advantage of filing for bankruptcy is a notice which is sent out to creditors barring them from taking any action to collect debts from the filer. This can be a much needed relief to someone who has been consistently getting phone calls, collection letters and threats of lawsuits. Once debts are discharged through bankruptcy relief, a person can begin rebuilding their lives without the excessive debt looming over them.

Filing Chapter 7 bankruptcy in Michigan is not a solution for everyone. However, many individuals come to see that it is an opportunity for some people to begin taking control of their financial lives. While making the decision to file for bankruptcy may seem difficult, looking at the advantages could help make that decision easier. Discharging excessive debt can be the relief many need to move forward in rebuilding their financial future.

Source: al.com, “Is bankruptcy ever a good idea?” Matt Becker, July 30, 2013