Bankruptcy and Your Credit Score: The Impact Explained
BankruptcyAre you struggling with debt and considering filing for bankruptcy? Many people hear the term bankruptcy and immediately hesitate, feeling that it will ruin their ability to make large purchases in the future. Worrying about how filing for bankruptcy will affect your credit score is understandable. After all, you are considering your options to make … Read more
Credit card debt can become an inescapable trap
BankruptcyMany 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 July despite a thriving economy and historically low unemployment figures. Consumers sometimes take … Read more
Debt settlement has costs
BankruptcyFor 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 is a legitimate process, but there are potential downsides that … Read more
Credit card debt forgiveness is rarely a panacea
BankruptcyCredit 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 part of what is owed. Another problem with debt forgiveness is that it does … Read more
Credit card delinquency rate rises worryingly
BankruptcyMany 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 credit card delinquency rate has risen from 2.12 percent during the second quarter of 2015 … Read more
Bankruptcies increase among elderly Americans
BankruptcyAn 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. Between 1991 and 2016, the bankruptcy rate for Americans over 75 more than tripled. At the same time, … Read more
Obtaining a car loan during bankruptcy
BankruptcyMichigan 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 or after a bankruptcy will … Read more
Financial situations often get worse as debtors delay bankruptcy
BankruptcyThe 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 regarding the finances of basic life necessities. A report called “Life in the Sweatbox,” … Read more