Is Bankruptcy in Michigan the Right Choice for Me?
October 19th, 2010
Filing for Michigan bankruptcy may be the right choice for you if you are faced with mounting debts that you cannot conceivably repay without suffering undue financial hardship or further damage to your credit score. Like any important life decision, filing bankruptcy in Michigan is not a choice to be made in haste.
An experienced Ann Arbor bankruptcy attorney can work with you to examine your current financial situation, your eligibility for bankruptcy, how this decision will impact you for years to come, as well as explain any viable alternatives to filing bankruptcy.
Bankruptcy in Michigan: Statistics
More and more Michigan families and businesses are experiencing financial hardships as our state weathers this economic downturn and systemic job loss. According to the Administrative Office of the Courts, there were 36,412 total Michigan bankruptcy filings in 2000. Statistics from the United States Bankruptcy Court Eastern District of Michigan show that there were 51,596 Michigan bankruptcy filings in 2009 in that court alone!
Common Reasons for Considering Bankruptcy in Michigan
Perhaps you are one of the thousands included among the ranks of Michigan workers without a means of steady income. With the Michigan unemployment rate for June 2010 at an alarming 13.1%, it is easy to see why so many people are facing bankruptcy in Michigan.
Other common reasons for considering bankruptcy in Michigan may include:
- long-term disability or illness;
- numerous medical bills;
- outstanding credit card debts accrued during months of joblessness; and/or
- victim of the housing crash.
Signs that Bankruptcy in Michigan May be an Option
If you are finding that your personal debts are spiraling out of control, bankruptcy in Michigan may be a viable option.
Listed below are some of the tell-tale signs that your debt has grown beyond the point of being manageable:
- You have used cash advances to pay for groceries, utilities or other necessary monthly costs;
- You routinely have to borrow money from friends or family;
- You receive rude or aggressive calls from debt collectors;
- Your wages have been garnished;
- You cannot meet minimum payments owed on credit cards or other loans; and
- Your health is suffering because of the stress associated with your various debts.
If you are experiencing one or more of these issues, it may be time to contact an Ann Arbor bankruptcy attorney to discuss filing for bankruptcy in Michigan.
How Can a Bankruptcy Attorney Help?
If times have gotten so tough that you feel you have no alternative but to declare bankruptcy in Michigan, it's important that you protect yourself from companies that take advantage of consumers when they are at their lowest financial point.
The bankruptcy attorneys at Johnson and McLoyd will provide an honest, thorough assessment of your personal financial situation and explain the bankruptcy options available to you. Contact us today for a consultation - 734-669-9080. We are available evenings and weekends to provide you with bankruptcy help in Michigan.