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When Is Bankruptcy the Best Option for Resolving Debt?

As of 2013, an astonishing 87% of adult Americans were in some type of significant debt. Despite the fact that debt is common, it is difficult to know where to turn once your bills begin to pile up. Should you try to tackle it on your own? Seek the help of a professional? Hire abankruptcy attorney?

Choosing to file for bankruptcy is a serious decision. It is not one that should be made lightly, but you don’t have to necessarily rule it out either.

Even if you are a financially responsible person, an emergency can quickly send your finances into a tailspin. Within the United States, medical debt is the number one cause of why people seek the services of a bankruptcy lawyer. If a medical emergency results in the loss of your job, it can become nigh unto impossible to get yourself out of debt. In this situation, bankruptcy might be an ideal option for you.

In a similar fashion, bankruptcy may be a viable option if your monthly income is significantly lower than your financial liabilities. Even with steady employment, your income may not be sufficient to pay your monthly expenses – particularly if you are unable to scale back your living expenses any further. In such situations, bankruptcy could be your best option for resolving debt.

Finally, you may wish to consider bankruptcy if you possess considerable debt and less drastic measures have failed to resolve it. If your creditors refuse to negotiate with you, then filing for bankruptcy may be the right option.

It is never too late for a fresh start, so if you’re contemplating filing for bankruptcy, place your trust in the Law Offices of Bruce A. Mayrand. As Michigan’s #1 bankruptcy lawyer, I am familiar with all of intricacies and nuances of Michigan bankruptcy law. Let me put my knowledge and experience to work for you. Contact me today to schedule your initial consultation!