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Is there both good and bad debt?

Although debt comes with an obligation for repayment, not all debt is "bad." A Michigan resident with a significant debt balance might be making many wise moves. People can't pay cash for everything, so financing certain essential purchases could do much good....

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How to get out of a mortgage

A mortgage is a major financial burden for many people in Michigan, and with the economy still in the process of recovering, many individuals are wondering about ways to get out of mortgages that they had taken on in better times. There are several different ways to...

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Creditor lawsuits for unpaid debt

Credit card debt is a big problem for a lot of people in Michigan. When you can’t keep up with your credit card bills, you could start defaulting on payments. This can set off a stressful chain of events that leads to a creditor lawsuit against you. What happens when...

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The positive side of filing for bankruptcy

Most people see a stigma attached to filing for bankruptcy. But this process has far more benefits than disadvantages to people who want to get out of debt and improve their financial decisions. The following are the best-known results of filing for bankruptcy in...

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The benefits of Chapter 13 bankruptcy

Sometimes, situations cause enormous debt, and a debtor can no longer pay them. Bankruptcy provides relief by erasing certain debts through Chapter 7 or Chapter 13. While debtors in Livonia, Michigan commonly choose Chapter 7, Chapter 13 offers several benefits....

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The automatic stay in bankruptcy

Sometimes, consumers in Michigan have no choice but to file bankruptcy to help ease their debt load. Many filers opt for Chapter 7, which removes debt by selling assets, or they choose Chapter 13, which establishes a debt repayment plan. While bankruptcy is often...

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Some ways to deal with credit card debt

Residents of Livonia and other parts of Michigan may want to learn more about a solid approach to dealing with credit card debt. Taking an honest look at your debt may be the first step to trying one or more of these time-tested strategies for paying off debt. Define...

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