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Paying down full amount of debt impossible for many Americans

There is a common assumption in the United States that the key to eliminating heavy debt is simply buckling down, working hard and paying down the debt over time. While this often romanticized scenario may be possible in some cases, many people throughout Michigan are saddled with insurmountable debt through no fault of their own. In many cases, paying the full amount of debt is simply impossible.

Consider these recent statistics regarding the debts carried by the average U.S. household:

  • Student loan debt: $32,258
  • Credit card debt: $15,270
  • Mortgage debt: $149,425
  • Grand total: $197,453

Add to those figures another immense debt burden faced by many Americans: medical debt. We also have to consider car-related expenses, food, rent and clothing.

Those who espouse will power as a reliable means of getting out of debt may be promoting a noble approach, but the reality is that debt relief for many Americans is only available through bankruptcy protection.

Bankruptcy has historically been stigmatized, as if people burdened with heavy debt have somehow done something wrong. It may be true that spending beyond one's means is a common cause of debt, but we need only look at the recent mortgage crisis to see that debt problems also arise for reasons beyond our control. And even if you have health insurance, a single medical emergency can still leave you saddled with overwhelming medical bills.

Something that Michigan residents should remember is that debt is negotiable. Before deciding to file for bankruptcy, it is a good idea to speak with an attorney with experience in negotiating with creditors. If bankruptcy turns out to be necessary, then an attorney can also help you choose the plan that is right for you.

Source: NBC News, "The Long, Grueling Road: Getting Out of Debt," Linda Federico-O'Murchu, March 14, 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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