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Livonia Bankruptcy Law Blog

Unsecured versus secured debt

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...

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Michigan bankruptcy basics

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...

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The credit card debt trap

Credit card companies offer consumers in Michigan and around the country revolving rather than installment debt. It is called revolving debt because the credit limit becomes available again after the balance is paid, which means consumers can borrow the same money...

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