Bankruptcy

Many Michigan residents fall into inescapable debt when they use their credit cards to cover basic expenses after suffering a financial setback. According to the U.S. Federal Reserve, revolving debt in the United States increased by 1.5 percent to $1.037 trillion in...

For Michigan consumers who are struggling to pay their credit card debts, it can feel impossible to catch up. In some cases, the balances outstanding are simply too high to pay down, and the cardholder might want to pursue debt settlement. Settling credit card debts...

Credit card debt forgiveness may seem like an attractive option to Michigan residents who are struggling financially, but they may find that pursuing this course of action is futile because debt collectors expect a sizeable upfront payment before agreeing to forgive...

Many consumers in Michigan and around the country are having difficulty meeting their financial obligations despite low unemployment, rising wages and sustained economic growth according to figures from the Federal Reserve Bank of St. Louis. The bank says that the...

An increasing number of elderly people in Michigan and across the United States are filing for bankruptcy, especially as wealth inequality continues to deepen. Several studies have indicated that older Americans are suffering from escalating financial problems....

Michigan residents who have filed for bankruptcy may be able to get a car loan after doing so. Those who have filed for Chapter 13 bankruptcy could be allowed to take on an auto loan during the course of their repayment period. Most who are seeking a car loan during...

The time period during which a person is struggling with asset depletion and avoiding a bankruptcy filing is sometimes referred to as the sweatbox. It's an unpleasant situation for Michigan residents who have to deal with collection calls and making decisions...

For many people in Michigan struggling with debt, student loans can contribute substantially to the burden that they face. However, this type of debt is set aside from other unrepayable expenses like credit card bills; unlike those debts, student loans are not...

Filing for bankruptcy typically represents a low point in the financial lives of people in Michigan, but the chance to clear out debts offers opportunity for the future. A bankruptcy will linger on a credit report for at least seven years and impact an individual's...

Some Michigan consumers who feel overwhelmed by their financial obligations might consider filing for bankruptcy. Most types of unsecured debt can be discharge, but people should be aware that most tax liabilities cannot be. Generally, it is not possible for a person...