Bankruptcy AheadIt is typical to view bankruptcy as the end of the road. Most people dread even saying the word, since they feel that bankruptcy is a dead end from which there is no coming back to decent credit or respectability. Yet if you are struggling to get out of debt and pay your bills, it might help you to look at bankruptcy not as a closed door, but as a window of opportunity.

Bankruptcy lawyers who deal in Chapter 7 bankruptcy and Chapter 13 bankruptcy can show you the way. One out of 70 households in the United States have had to utilize the services of bankruptcy lawyers, or will have to at some point in their lives, and there is one trait that they all share in common. Living beyond their means.

This doesn’t mean that everyone who files for bankruptcy has been living it up, eating caviar and purchasing each new tech gadget that hits the market. There are many reasons why people’s income may not live up to their financial obligations, including divorce, unexpected medical bills, or job loss. The truth is that it’s remarkable easy to get into fiscal trouble, especially since the economic crisis that began in 2008 and has only just begun to abate.

Nearly half of all Americans (43 percent) spend more than the amount that they earn each year. If you have found yourself doing this, for whatever reason, you are certainly not alone.

In 2011, Michigan saw a high volume of families soliciting the services of bankruptcy lawyers. The bankruptcy filing rate for the state was 5.64 per 1,000 residents. And, as we all know, the city of Detroit itself has recently had to file for bankruptcy. Although the economy is slowly repairing itself, it is going to take some time for all of us citizens to catch up.

Bankruptcy is a chance to start again, to rebuild your credit and have your debts forgiven. One of the most common forms of bankruptcy that bankruptcy lawyers handle is known as Chapter 13 bankruptcy, which is an option for debtors with unsecured debts. Most commonly, Chapter 13 filings are affiliated with credit card debts, mortgage payments, and auto loans.

If you feel you need to enlist the services of bankruptcy lawyers, do not be ashamed. Do not be afraid, either. Bankruptcy is not the end of the world, but instead can be viewed as a legal way to get a second chance at economic health.