In Michigan, the average monthly mortgage payment is $1,031, according to Money Geek. It’s not surprising that with the rising cost of living some people are falling behind. The total mortgage debt in the U.S. increased to $11.2 trillion in 2022, according to...
Excessive credit card debt can create problems for people trying to get their fiscal house into good shape. Unfortunately, Michigan residents may experience a job loss or unexpected and necessary living expenses that force them to borrow excessively. At some point, it...
Overwhelming debt can be impossible to overcome once it reaches a certain point. Michigan residents who lack the income and assets to address their debt situation may seek protection under the appropriate bankruptcy law. Those who file Chapter 13 bankruptcy will...
Adults born between 1981 and 1996 make up the millennial age group. As this group of people faces the challenges of adulthood in Michigan, recent research shows they're also taking on considerable debt. Rising home prices, inflation and student loan payments make it...
If you've got credit card debt and unforeseen circumstances occur, such as losing your job in Michigan, keeping up with monthly payments can be challenging. When you're in this position, you have a few options. You can ask your creditors to settle for less. You can...
Many Michigan residents carry some level of debt. Debt can be a dangerous thing, and having a comprehensive understanding of it can be crucial to your financial well-being. Many potential sources of debt exist, from mortgages and car loans to credit card debt and...
Michigan residents who are struggling with overwhelming student loan debt might have heard that student loans generally can't be discharged in bankruptcy. While it is true that student loans are much more difficult to discharge in bankruptcy than other types of...
The United States Bankruptcy Court in Michigan handled 13,533 bankruptcy cases in 2022. And most cases are Chapter 7 bankruptcy, with 9,266 filings. You might choose to file bankruptcy if you want a legal way to erase some of your debt when repayment is impossible or...
Bankruptcy is a daunting prospect for any Michigan resident and can have a significant impact on their financial future. However, by recognizing the warning signs early and taking appropriate action, you may be able to mitigate the consequences or even avoid...
IRAs have some level of protection during a bankruptcy, depending on what type they are. Every three years, the federal government adjusts the value of your account that you can protect to keep up with inflation. The first adjustment for inflation was on April 1,...
