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Livonia Bankruptcy Law Blog

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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Long-term debt and how it affects you

Some Michigan residents struggle with debt. Whether it involves overspending with credit cards, paying off mortgages or repaying student loans, owing money can impact every area of your life. Your credit can suffer When you are in a long-term debt cycle, it can make...

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