Bryant, Logan, Wheeler Law Group, PLC Articles Bankruptcy News and Facts in Michigan

Bankruptcy News and Facts in Michigan

By Bryant, Logan, Wheeler Law Group, PLC  Jul. 29, 2013 4:50p

In 2012, more than 38,000 personal bankruptcy cases were filed in the state of Michigan according to creditcards.com. This group also reported that filings per capita were 5.09 with the state ranked as the 10th in number of bankruptcy filings. Statemaster.com reported that Michigan ranked third in the highest number of bankruptcies in 2006 with filings per capita at 6.6. As the economy has improved in recent months, Michigan's bankruptcy filing rate has declined. As a state hard hit by the recession, however, many people in the state are still struggling to regain financial health.

As an example of the financial problems of the state, Reuters reported that the state was taking over the financial management of Detroit, which has been on a decline for decades. Michigan's Governor ordered an emergency takeover of the city which faces a $14 billion debt and deficit of more than $300 million. According to the news report, the city of Detroit has been facing deficits for close to 10 years, has lost approximately a quarter of its population, has an unemployment rate of 18.2 percent which is double the national average, and more than one-third of its residents live at the poverty level. The city is unable to repair basic services such as street lights with its public transportation system falling apart as well. The city has been subject to major crime and corruption with 400 homicides in 2012 and a former mayor convicted of federal offenses involving corruption and bribery. The Detroit News reports that meetings are currently ongoing to decide whether the city will file for a Chapter 9 bankruptcy.

Bankruptcy Firm Serving Redford, Livonia, Canton, Taylor, Dearborn, and Detroit

Trying to decide whether to file for bankruptcy is a tough experience; it may be one of the most difficult decisions you will ever face. Most personal bankruptcies are filed due to events outside the control of the person involved, such as a sudden medical emergency, a job loss or reduction in hours, a costly divorce, or a business or other investment failure. All of these types of occurrences can quickly reduce your income, making it impossible to make ends meet. When it appears that you will never be able to dig your way out, a personal bankruptcy may be the best option.

The bankruptcy firm of Bryant, Logan, Wheeler Law Group, PLC understands the deep financial difficulties that you may be facing and are more than capable of helping you to explore your options and make an informed decision. The legal team has more than 50 years of combined experience in their field which accounts for the level of competence they provide. They also take pride in treating each of their clients as the individuals they are with unique circumstances, problems, and objectives. At this firm, there is no cookie-cutter approach; your situation will be reviewed and evaluated to help you reach your unique goals. To learn more about how the firm can help you, contact the law office for a free case evaluation with an experienced attorney today.

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