Is Bankruptcy an Option for You? Ask Detroit.
If you have fears about bankruptcy, it's important to know you're not alone.
With the recession destroying the job and housing markets, a lot of people are having trouble. And a lot of places, too.
Take Detroit, for example. Detroit is considering bankruptcy right now in order to cover its massive city debt of $2.5 billion. If a bankruptcy does end up going through, it would be the largest municipal bankruptcy in US history.
Other cities and towns have already filed bankruptcy, including San Bernardino, CA, Stockton, CA, and Jefferson County, AL.
Sometimes bankruptcy is the only option. It's a difficult option, sure. A painful option, yes. But bankruptcy is a law; and it's designed to help you when you simply have no other choice.
If you have debts you can't pay, debts that are keeping you up at night and stressing you out, you need a solution. You can't just keep going along as you are right now. Your debt will only get worse with interest.
Detroit is considering all its options. For a city that big, bankruptcy would affect a ton of people and companies. They certainly want to try everything they can to deal with their debt before filing.
You should feel free to do the same thing. If you can pay back your debt, do it. But bankruptcy is an option — and sometimes the best option — when you're overwhelmed with bills and need a way out.
Castle Law Office has been helping residents of the Kansas City metro get a fresh financial start for the past 14 years. Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.
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