According to NerdWallet, American household incomes have grown faster than the cost of living for the past decade. Despite that, consumer debt continues to rise. As of December 2019, the total revolving credit card debt in the nation is $443.96 billion. The average...
There may be no doubt that you are in debt. What may be uncertain is how much your debt impacts your mental health as you attempt to enjoy life in Michigan. The Simple Dollar explored the mental and emotional impact of debt. While managing your credit card or mortgage...
If you are between the ages of 25 and 34, odds are good that you worry about repaying your student loan(s). Approximately one-third of Americans in that age group have debt due to a federal student loan. Together, Americans owe over $1.5 trillion in federal student...
One of the requirements of a court approving your bankruptcy case is that you undergo a credit counseling session. This session must take place before the actual bankruptcy process begins. For Michigan residents new to bankruptcy, it should be emphasized that credit...
If you are like many Michigan residents who are experiencing financial difficulties, filing for a personal bankruptcy may be on your mind. How many types of bankruptcy are available to individuals, you may wonder? How will a bankruptcy discharge help me? Is there one...
Resilience is no stranger to Michigan residents, and many families are able to revitalize their finances after a bankruptcy. At Phoenix Law, we understand the struggles associated with trying to pay down an overwhelming amount of debt, especially when it appears there...
You may think that because you have retirement accounts, you should use these to pay your debts before you declare bankruptcy in Michigan. At Phoenix Law, we often advise people on their alternatives to this course of action. In a Chapter 13 bankruptcy, your goal is...
