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April is a perfect time to explore debt relief options

In addition to the income tax filing deadline, April is national Financial Literacy Month. While many Michigan residents have dealt with financial concerns over the last several weeks, they may also be looking for a way to solve their persistent debt problems.

Personal bankruptcy is often seen as a solution to eliminate debt and get back on the path to financial stability. While this is definitely a viable and sound option for many people struggling with debt, it's still important to understand what filing for bankruptcy means before deciding to file.

First of all, bankruptcy often allows consumers to discharge a large share of their debt, but not all kinds of debt qualify. Namely, student loans, tax debts and unpaid child support aren't covered by bankruptcy. As such, individuals must work to pay back these debts through a repayment plan or liquidation, depending on what type of bankruptcy they qualify for.

It's also important to understand that every person filing for bankruptcy has to go through credit counseling. During this time, consumers work through their finances and monthly budget to develop a plan for the future. Unfortunately, however, it's easy to get caught up with credit counseling agencies that can turn out to be financially harmful as well. As such, it may be best to work with an experienced attorney who can help a person through this process.

Of course, Chapter 7 or Chapter 13 bankruptcy may not be the best fit for everyone looking to get out from under their debt. As such, it may be best to explore their options and Financial Literacy Month may be the appropriate time to do so.

Source: My Fox Philly, "Know these bankruptcy facts before you file," Andrew Housser, April 15, 2013

  • Our firm has experience helping Wayne County residents solve debt issues. To learn more, please see our Michigan credit counseling page.

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

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    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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