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Finding Debt Relief Through Bankruptcy

Detroit Bankruptcy Lawyers, Helping to Improve Your Financial Health

The residents of Detroit, particularly those who are in the automotive industry are extremely familiar with the "Great Recession," which is a marked global economic decline that commenced in December of 2007 and ultimately resulted in the bursting of the U.S. housing bubble, the subprime mortgage crisis, the financial crisis of 2007 – 2008, and notably the automotive industry crisis of 2008 – 2010. While the automotive crisis affected both European and Asian automobile manufacturers, it was the American automobile manufacturing industry that truly felt the sting.

It was America's "big three" automakers, General Motors, Ford, and Chrysler who lost big profits due to the substantial increase in the prices of automotive fuels linked to the 2003 to 2008 energy crisis which discouraged consumers from purchasing sport utility vehicles (SUVs) and pickup trucks due to their low fuel economy. With fewer fuel efficient models to offer consumers, sales and jobs began to slide in Detroit, thus resulting in a slew of layoffs and bankruptcy filings for families all throughout the Detroit Metropolitan area.

Debt Relief Through Bankruptcy Protection

Whether you were personally affected by the automotive industry or by the economic downturn in general, you are not out of options. If you are suffering from out of control debt, filing for Chapter 7 or Chapter 13 bankruptcy may offer you the debt relief you are looking for. There is absolutely no reason why anyone should struggle with debt they cannot afford to repay anytime soon, and your creditors will not take it personally if you file for bankruptcy.

For some people the hardest part about filing is arriving at the decision to file in the first place. Once they get over this emotional hurdle and file, it doesn't take long for them to begin noticing the remarkable benefits bankruptcy has to offer.

Some of the benefits of bankruptcy include the automatic stay, which halts all debt collection activity; wage garnishments and foreclosures can be halted; and debtors can have peace of mind knowing they can keep all of their income to pay for the basic necessities of life such as housing, utilities, gasoline and groceries. Once a bankruptcy has been filed, the debtor can focus on rebuilding their credit and even achieve a good fico score within a few short years from the discharge providing they follow a series of simple credit rebuilding steps.

If you're currently burdened by overwhelming debt, we urge you to contact a Detroit bankruptcy attorney from the Cartwright Law Firm, PLLC to learn about the legal options available to you. There is light at the end of the tunnel, let us help guide you there!

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Bankruptcy FAQ
Bankruptcy Myths
Benefits of Bankruptcy
Creditor Harassment
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Discharging Debt
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Do I Qualify for Bankruptcy?
The Bankruptcy Process
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Life After Bankruptcy
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Cartwright Law Firm, PLLC - Detroit Bankruptcy Lawyer
Located at 24750 Lahser Road Southfield, MI 48033. View Map
Phone: (248) 973-7834
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