We have all had it happen at one point in our lives. Credit card debts get too high or a job loss causes you to fall behind in your obligations. Whatever the reason for your current credit hardships, Michigan residents have different choices on how to recover from this type of financial crisis.
Different debt relief options
When facing a mountain of credit card debt, it may seem like no options exist to control the debt. There are ways to get your debt under control and return to a positive financial future. One option is to use a debt settlement service. These services work with your creditors to establish repayment plans that fit your budget. Another popular service is credit counseling. Going to a credit counselor can help you restructure your budget to cover your expenses.
Bankruptcy protection may be a better option
Bankruptcy protection may be the right solution for your debt crisis. There are different types of bankruptcy protection available. One will wipe out all of your unsecured debts if approved. The other will help you restructure your secured debts, so you can stay in your home and keep your car. Bankruptcy can stop evictions, wage garnishments, and all collection activity against you. The type of bankruptcy that you will file will be based on your debts and current income.
You will get through this problem
Using a debt relief program, a credit counselor, or seeking bankruptcy protection is the first step toward regaining financial stability. Everyone has had financial difficulties in their lives. How you manage those difficulties is what is most important. If you have debt problems, there are solutions available.