All Press Releases for March 16, 2008

The Truth About Bankruptcy

Michigan leads the nation in unemployed residents and foreclosure rates. This is no surprise. Michigan also boasts the lowest average salary per household.

    /24-7PressRelease/ - SOUTHFIELD, MI, March 16, 2008 - Michigan leads the nation in unemployed residents and foreclosure rates. This is no surprise. Michigan also boasts the lowest average salary per household. This is no surprise either. High interest rates, debilitating credit card debt and property value depreciation have forced thousands into desperate circumstances, many of whom risk losing their homes in the process. Sadly, this is still no surprise. The United States Government has, through years of trial and error, developed and implemented a program that protects its citizens from these financial hardships. Now, here is news that may come as a surprise to many people! Unfortunately, the negative stigma that accompanies this government regulated program prevents those in need of this service from properly acquiring the service they need.

Bankruptcy. A plan devised by our government to offer people a second chance or, quite simply, a way out of debilitating debt. Second Start, a law firm in Southfield, Michigan specializes in devising plans to eliminate debt. Founding partners Andrew Thav, Jamie Ryke and their trained staff tell the truth about bankruptcy. "Bankruptcy carries an unfair stigma that prevents many people from filing that should, in fact, be pursuing a bankruptcy plan specifically designed to alleviate their personal financial plight" says Ryke. To understand the methods by which bankruptcy can assist those undergoing financial hardships is to first understand the negative stigma attached to it and why it is, in fact, unfair and ungrounded.

Many people fear that filing bankruptcy will further damage their already shaky credit history. The truth is that once late payments begin to appear consistently on a person's credit report, their credit is already sufficiently damaged. As these late payments continue to resurface, that credit score continues to lower substantially. Two choices exist for individuals who meet this circumstance. The first option is credit consolidation, which groups creditors together and devises a plan to pay them off over time. It is important to note that the debt does not disappear, but rather is compacted with the hopes of eventually satisfying each creditor in full. If payments are not made, credit score continues to worsen with each passing bill. The second option is bankruptcy, which dismisses a substantial portion of debt leaving only the debt that must eventually be paid, sometimes at a fraction of its existing worth. Both options can damage credit, but only one offers a way out of paying for some, if not all, debt. There is no further black mark on your name or credit score. On the contrary, bankruptcy indicates, both to creditors and potential lenders that financial matters are being addressed and puts a plan into action. That individual, once viewed as a procrastinator, is now seen as a person who is pro actively seeking a means of regaining control.

Sometimes bad things happen to good people. Sometimes you didn't fail, but rather a poor economy failed you. Sometimes you need help. Fortunately, you are not alone and our team of lawyers will help to implement the rights that have been established on your behalf. If you, like millions of others throughout the nation, have been financially crippled by a poor economy, or have simply met with a run of very bad luck, a choice exists. Finding a light in the endless tunnel of medical bills, mortgage payments and creditor harassment can be difficult. Second Start exists to help individuals get back on track so we can build towards a better Michigan and a better economy together.

Second Start P.L.L.C.
Phone: 1800-SAVEDME

Jamie R. Ryke J.D., is an attorney with Second Start P.L.L.C, a national bankruptcy-focused law firm based out of Southfield, Michigan. Since his admittance to the Bar, Mr. Ryke has been partner in Thav & Ryke with an emphasis in Criminal Law and Bankruptcy Law. His degrees include a Juris Doctorate from St. Thomas University Law School and a Bachelor of Arts degree in Marketing from Michigan State University. He is a recipient of several awards and honors for academic achievements and leadership. Mr. Ryke is particularly talented in business management and operations, key ingredients essential to the development and success of Second Start, PLLC.

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Contact Information

Jamie Ryke
Second Start P.L.L.C.
Southfield, Michigan
Voice: 248-945-1111
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