Bankruptcy

If you are reading this page, there is a chance that you have considered bankruptcy as an option to deal with your current financial situation.  Bankruptcy is an option for many people who drowning in debt, but it is not always the answer.

Bankruptcy could help your situation if:

  • You avoid answering your phone because you get more calls from debt collectors than you get from your friends and family.
  • You are behind on your mortgage and you don’t know how you will catch up.
  • You have borrowed money to make payments on other loans.
  • You have been served lawsuit papers.
  • Your wages are being garnished.

THE PROBLEMS

DEBT.  For too long, credit has been too easy to get.  People would end up with high credit card debts, with mortgage balances bigger than the homes were worth, and upside down vehicle loans.  But debt became a problem for thousands of people when jobs were lost and interest rates soared.  The year my wife and I graduated from college, we moved to Nashville, Tennessee.  Neither one of us had jobs yet, but when we spoke with the mortgage officer, she told us that we could get any house we wanted as long as the price was under $250,000.  If two unemployed newlyweds could get a quarter of a million dollars worth of home, how much money were the mortgage companies throwing at others?  Needless to say,we decided on a much more modest home that the mortgage office told us we could afford.

UNEMPLOYMENT.  Michigan’s unemployment rate is the highest in the nation at 14.9 percent, as of January 2010.  Kent County’s unemployment rate is 12.2 percent; Ionia County’s unemployment rate is 15.2 percent; Montcalm County’s unemployment rate is 19.2 percent.

A SOLUTION

Filing bankruptcy is perhaps the most effective way to eliminate unsecured debt.  When a person files for bankruptcy creditors are no longer allowed to harass them, collection efforts and garnishments stop, and the person (or couple) filing is given time to decide whether or not to keep items that have liens against them.  Most people do not realize that they can keep most or all of their possessions if they file bankruptcy.

If you are not sure whether filing bankruptcy is an option for you, please call one of our offices and schedule your free and confidential consultation today.

We are a debt relief agency, we help people file for bankruptcy relief under the Bankruptcy Code.