Wayne, Michigan, owners of second homes, rental properties or vacation homes sometimes find that they are unable to keep up with the mortgage payments on these properties. Although these kinds of properties are supposed to provide their owners with a benefit, such as leisure or extra income, sometimes they become a burden. Many people in this position would like to unload the property, but they are unsure how to go about doing that.
Many people believe bankruptcy to be the ultimate financial failure, and a situation that should be avoided at all costs. But, the fact is that depending on a person's situation filing for bankruptcy may be helpful, and may provide a person with a new start and a way to get out of a financial hole.
Folks in Michigan have probably heard that most consumer bankruptcy filings are done under one of two chapters of the bankruptcy code. Chapter 7 and Chapter 13 are the two chapters in question. What are the differences between these two? From a consumer's point of view, is one more desirable than the other?
People in Wayne County, Michigan, who are considering bankruptcy may have heard that consumers are required to undergo credit counseling before filing. To some people, this sounds like it could be an unpleasant browbeating and finger-pointing session where a credit counselor spends an awkwardly lengthy amount of time berating consumers for being in financial distress. However, this does not have to be the case. This brief blog post will serve to dispel a few misconceptions that could exist regarding the credit counseling process.
When a lot of people in Michigan think about filing for bankruptcy, they may not have positive feelings about it. For many years, bankruptcy was thought to be for people who were not capable of handling their own affairs. The attitudes of most people on this issue have now changed, however. Especially since the last recession, bankruptcy has come to be viewed as a sensible choice for good people who get in over their heads through no fault of their own.
There are any number of unexpected life changes that can spell financial trouble for Michigan consumers. Unemployment and medical expenses are two very common situations that can result in financial distress, but there are many more. One can be a little embarrassing, but it affects lots of people.
Perhaps you are a Wayne County consumer who is struggling with debt and looking for possible solutions to your problem. Maybe you've read some of our blog posts and have decided that Chapter 13 bankruptcy might be a good option. How does a consumer file for Chapter 13 bankruptcy?
Personal bankruptcy can be an effective way for people dealing with financial challenges to get rid of paralyzing debt. Many people have compared it to a reset button for people looking for relief from overwhelming debt. Still, the decision to file for bankruptcy is a major life decision for Wayne County residents, and it is a good idea to consider a number of factors before taking the plunge.
Unfortunately, encountering financial problems, no matter how small, is not uncommon for Michigan residents. While some individuals and families are able to timely and fully address these temporary issues, others are not so lucky. For some credit card holders, debt can rack up quickly, causing it to become unbearable. For these individuals, it is important to understand ways to better manage their debt and conquer their financial troubles.
With the holidays fast approaching, many Wayne County residents will be faced with a difficult choice. Facing financial challenges, how does one handle the shopping season -- cut back on spending, perhaps forgoing special gifts? Or add it on to the growing credit card debt and try to pay it off in 2015 and beyond?