If you decide to file for bankruptcy protection, the procedure will involve more than you may realize. In order to receive a discharge in either Chapter 7 or Chapter 13 bankruptcy, you must complete counseling and education requirements approved by the U.S. Trustee Program of the Department of Justice. This may seem a bit overwhelming, but the process is not as difficult or time-consuming as it sounds, and the information provided is designed to help you begin a fresh, new financial life.
People who are in debt and seeking a fresh start often decide to negotiate a settlement with their creditors. There are many organizations that say they can help Wayne County consumers with the debt negotiation process. In this blog post, we will take a closer look at one kind of organization in this business.
Although economists tell us that the recession is long past and business is booming, business owners in Wayne County may not necessarily agree. Many businesses - especially those that depend on the housing market - are still feeling the effects several years on. One furniture store chain has been struggling recently and has chosen a common route for a fresh start.
Wayne County residents who want to increase their level of financial literacy should familiarize themselves with the ways that consumer bankruptcy can help them eliminate debt. This is arguably the take-home message from a recent study that shows how states with higher levels of financial literacy often have higher levels of bankruptcy filings.
Financial issues can hit anyone in Michigan. No matter who it is, what they do and how much money they make, filing for bankruptcy might end up being a necessity to get debts in order and regain a sound financial station. There is nothing to be ashamed of in seeking debt relief, provided the person filing follows the correct path and has legal assistance in doing so.
The desire of consumers to get debt relief can be a very powerful motivating force. Wayne County, Michigan, residents facing these issues may have noticed that there are a number of businesses that hold themselves out as able to secure this debt relief for stressed out or overburdened consumers. Normally skeptical members of the public may find the claims made by these companies to be attractive.
Although many economists say that the worst of the recession is behind us, financial challenges may still be dogging a lot of good people in Wayne, Michigan. When a person is facing medical debt, credit card debt and big mortgage payments each month despite a stagnant or lowered income, things can get out of hand quickly.
The economy has been rough on many Michigan residents for the past several years. Since the Great Recession began in 2008, many people have had to learn to live on less. For many, this has meant to during to credit cards to pay medical debt and everyday expenses. In some cases, this debt has become overwhelming leading to late payments, high interest and penalties. Some may be experiencing frequent, embarrassing or harassing calls from creditors trying to collect on these past-due bills.
When a medical emergency occurs people generally go to a medical professional for help. In these situations, the last thing on many Michigan residents' minds is the cost of the care. They often just want the doctors, nurses and other medical professionals to do whatever they can to fix the issue and get them on the road to recovery.
Wayne County consumers looking for a fresh financial start have probably heard of Chapter 7 bankruptcy and may be wondering how it could help them. This blog post describes the basics of Chapter 7 and how it could help a consumer obtain debt relief.