Grand Rapids, Michigan Bankruptcy Law Blog
Bankruptcy might be the best choice
Bankruptcy is typically an option of last resort for debtors in Arkansas who can't afford to continue making payments to creditors. While it may harm a person's credit score, this isn't always true. Furthermore, creditors may have to stop contacting individuals who...
The FDCPA was passed to rein in debt colllectors
The Fair Debt Collection Practices Act established strict rules that collection companies in Michigan and around the country must follow. The FDCPA was passed in 1977 to put an end to harassment, threats and intimidation, but some debt collectors routinely flout the...
Individuals are increasingly relying on credit cards
A May report from CreditCards.com revealed that roughly 120 million Americans have credit card debt. That figure represents about 47% of adults in the United States, and the number of people who have credit card debt in Michigan and throughout the country has...
What to consider before filing for bankruptcy
In 2018, the average person in Michigan spent $11,172 on health care expenses. By 2028, health care spending in the United States is expected to rise to $6.2 trillion, and rising medical costs are considered to be a factor in up to 62% of bankruptcies filed by...
Millennial debt load and bankruptcy
In Michigan and across the US, millennials, a term that refers to individuals who were born between 1981 and 1996, are struggling with debt. This age group earns an average income of slightly over $35,500 per year but has only $8,000 in net worth. Based on Federal...
The potential penalties for not paying credit card debt
Debt collectors might suggest that individuals who owe credit card debt could be sent to jail. However, Michigan residents who are struggling to pay current or past due balances generally don't have to worry about being taken into custody for not paying what they owe....
One case discharges student loans in bankruptcy
One of the long-held rules in a Michigan bankruptcy was that debtors could not escape their student loan debt, even after filing for bankruptcy. Now, a recent court case may give those who are struggling with unmanageable student loans some hope that bankruptcy can be...
The potential downfalls of a debt settlement
You may feel as if debt settlement is a preferable alternative to bankruptcy. However, Michigan companies that provide debt settlement services may not necessarily be able to convince your creditors to accept less than what they are owed. Furthermore, you may have to...
Bankruptcy may not be an impediment to employment
Many people in Michigan and throughout the United States believe that the impact of a bankruptcy is disqualifying for future employment. People have been told that employers view bankruptcy as a sign of unreliability and hesitate to hire people who have filed for it....
EightWest
Covid-19 has disrupted our lives and it will likely disrupt some people’s financial lives. We know that not everyone will be able to travel to meet with an attorney to discuss their situation. Recently, attorneys Rebecca Johnson-Ellis and Jeremy Shephard went to...
