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Getting out of debt in the new year

As the new year gets under way, many Michigan residents are thinking long and hard about their resolutions and how they can make meaningful changes in 2014. For a lot of people, that means figuring out how to improve their financial situation and get out of debt. There are many methods to resolving debt issues and starting out with a clean financial slate.

For example, financial experts recommend making a goal to cut out a small amount of monthly spending and set aside those funds to pay off debt. This might mean changing the grocery list, downgrading the cable subscription, or shopping around for a better deal on car insurance. Whatever the method, setting aside a few hundred extra dollars each month can go a long way, since paying off balances on credit card debt and other loans saves money on interest and stops the amplification of debt that can occur when you are just meeting the minimum payment.

However, for a lot of people these methods might not be enough. Those struggling with a decreased income and debt from various sources might not be able to make a meaningful change by simply cancelling their cable subscription. In those cases, seeking help from a bankruptcy and debt relief professional can help find a more concrete solution to solve the problem once and for all. Bankruptcy is not the best solution in all cases, but for those who qualify under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy code, debt discharge and structured payment plans can offer a permanent way out of debt. 

Source: Fox Business, “5 Tips for Becoming Debt Free in 2014,” Odysseas Papadimitriou, Feb. 3, 2014.

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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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