Jump to Navigation

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

No Comments

Leave a comment
Comment Information
Free Case Evaluation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Subscribe to this blog's feed FindLaw Network
Marrs & Terry | Personalized, Efficient Counsel | Office Locations

Ann Arbor Office
Marrs & Terry, PLLC
6553 Jackson Road
Ann Arbor, MI 48103

Phone: 734-418-0365
Toll Free: 866-665-8095
Fax: 734-663-9973
Ann Arbor Law Office Map

Jackson Office
Marrs & Terry, PLLC
209 E. Washington, Suite 258
Jackson, MI 49201

Phone: 734-418-0365
Toll Free: 866-665-8095
Jackson Law Office

Credit Cards Accepted | VISA | MasterCard | American Express