HOWELL, MI, April 09, 2025 /24-7PressRelease/ -- With the president's April 2, 2025 announcement of his executive order and his administration's declaration of an "economic emergency" that allows it to bypass Congress, he passed sweeping "reciprocal" tariffs that impose a 10% baseline tax on imports from almost every country in the world, with higher rates for dozens of countries whose exports exceed the value of its imports with the U.S. This triggered stocks in the U.S. and around the world to torpedo, amped up fears of a recession, and prompted aggressive retaliation from China (whose levy on goods is now 34%) and threats of retaliation from many other countries.

With the looming, continued increases in basic living costs and the uncertain (and scary) future of the U.S. economy, filing for Chapter 13 bankruptcy now may be beneficial if you have a steady income but are struggling with a debt load you cannot keep up with payments on or if you fear that you soon won't be able to do this. Because of the president's new tariffs, many people in Southeast Michigan who were already suffering financially, are more stressed out than ever before. Many people who thought they were doing okay are now worried about being able to provide for themselves and their families because of rapid inflation, they have lost their jobs, or their job/industry is being threatened. Many people in these situations are unaware of the fact that when they are in over their head in debt and worried about foreclosure, vehicle repossession, and loss of assets, Chapter 13 and a few other forms of bankruptcy may protect them from these things.

For more information about Chapter 13 bankruptcy and how it might help you, Gudeman & Associates, P.C. is available for no-obligation consultations. Contact us today by phone at (248) 927-2755 or here so that we can learn more about your situation and how we may be able to help alleviate your financial stress.

About Gudeman & Associates, P.C.
Gudeman & Associates, P.C. is full-service law firm that offers legal solutions to individuals, families, and businesses in communities throughout Southeast Michigan. We have been serving the needs of community members here for over 45 years and have over 100 years combined experience successfully helping clients with bankruptcy, business law, civil litigation, collections, estate planning, federal and state taxation, probate, and real estate law. We have an A+ rating with the Better Business Bureau and attest our ongoing success to our tireless dedication to our clients and our unique combination of sharply honed legal skills.

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