If you’re a small business owner in Detroit or elsewhere in Michigan, then you know you have more obstacles to clear than larger companies in remaining solvent. And with the economy being especially unpredictable right now, there’s an increase in small business owners facing bankruptcy. This is when small business owners in Detroit and throughout […]

Finding success as a small business owner in today’s big-box store and corporate climate is more difficult than ever. Many small business owners are facing the potential of crushing loan debt and credit card debt, attempting to survive the current volatile market conditions, supply chains, and other challenges. If this seems achingly familiar to you, […]

The idea that bankruptcy is just for low-income consumers is a misconception. In fact, according to a recent article that references the credit scoring company VantageScore, American consumers with prime and even super-prime credit scores are starting to miss debt repayments and facing some financial challenges. That means that those who have high credit scores […]

The impact on U.S. consumers with overwhelming debt from credit cards, student loans, personal loans, auto loans, and mortgages right now is crushing. These consumers are in, or are entering, a personal debt crisis.  If you are one of the many who are experiencing this, you may not know that bankruptcy is a very viable […]

For many, having a vehicle is more of a necessity than a luxury. Especially in Detroit and its surrounding areas, where there is a dearth of public transportation. Unfortunately, the necessity of owning a vehicle means that some people have to resort to high-interest rate auto loans to make it a reality. Furthermore, they may […]

Rising utility costs in Southeast Michigan, particularly during the colder months, and the threat of an impending disconnection or shut off, can be a deciding factor for some families in choosing to file for Chapter 7 bankruptcy. During Michigan’s cold winters, a utility shut off could be dangerous or lead to other costly issues like frozen and burst pipes. Filing Chapter 7 bankruptcy […]

During the pandemic, bankruptcy filings dropped as federal aid helped people pay their bills. Unfortunately, bankruptcy filings have been steadily on the rise since then. According to U.S. Bankruptcy Courts statistics, there were 517,308 bankruptcy cases filed in 2024. That’s a 14.2% increase from the 452,990 filed in 2023 and up from 387,721 filed in […]

Are you struggling to pay off your student loan debt? When paired with all your other required monthly payments, do you feel like you’re drowning in debt? This is an unfortunate situation. And given the high cost of a college education, one that’s happening all too frequently. You may be so underwater that you’re wondering […]

If you’re facing what seems like insurmountable debt, you may be wondering if you can use your retirement savings instead of filing for bankruptcy. The straight answer is yes. But the more important question is whether you should. This is a quandary better handled by skilled bankruptcy attorneys. Because although it may sound scary, declaring […]

Corporate bankruptcy filings in the United States reached a 14-year high last year. In 2024 alone, 694 public and private companies filed for bankruptcy protection. This rise in corporate bankruptcies is alarming. The previous high was 638 in 2020 as the U.S. and global economies were hobbled by the COVID pandemic. In 2010, 828 companies failed […]