Recent events have made it appear that the city of Detroit will file for bankruptcy protection. Because the city of Detroit has lost so many residents and businesses over the years, it is suddenly finding that it cannot meet its obligations to creditors and to retirees. The city of Detroit once was one of the largest in the country with over 1.8 million residents; as of the 2010 census, that number has dropped to just over 700,000. This 60% decline in population has left the city with few options, so it is examining whether Chapter 9 bankruptcy protection is the best option.
This story is important because it shows that sometimes people (and even cities) can have unexpected problems that make it difficult to make ends meet. As a St. Louis bankruptcy attorney, I have seen many people who were doing fine on bills suddenly have expenses pop up that were unforeseen or a loss of income that came suddenly. These people didn’t do anything wrong, they just happened to get caught in a bad situation. Bankruptcy has given these people a chance to get their affairs in order and get their lives back on track.
St. Louis Bankruptcy Attorney on Unexpected Debts
Some events that can push people into bankruptcy can be:
- Job loss
- Expensive medical treatment
- Sudden death in the family
In none of these cases did anyone do anything wrong; life just dealt someone a bad hand and they were forced to seek out a St. Louis bankruptcy attorney for help in managing debt. Whether it is Chapter 7 or Chapter 13 protection, these options can help people get a fresh start and get their head above water. The stress of debt can be overwhelming, and we want to help.
As we like to say at the Westbrook Law Group, bankruptcy is not the end, it’s a new beginning. Our St. Louis bankruptcy attorneys want to give you a new beginning that is debt free, allowing you to enjoy life and live stress free.