Right now, as America struggles to contain the spread of the coronavirus, the economic consequences of this crisis continue to snowball. Millions of newly unemployed Americans have been forced to make difficult choices just to put food on the table.
Earlier this month, I wrote about the number of Americans struggling to make their car payments. Subprime car lenders have seen significant drop-offs in payments as people go into survival mode during the pandemic. Auto loans are merely a fraction of the picture. Here are some recent statistics that give insight into the true toll of this financial crisis.
- Americans fell behind on 18 million credit card and auto loan payments in April
- 14.7 million credit card accounts entered financial hardship status in April
- 3.5% of auto loans entered financial hardship status in April
- 5% of mortgages are in financial hardship
Bankruptcy offers lasting relief.
Forget late fees and high interest rates. Only bankruptcy can bring lasting relief. A life completely free of debt is possible, and it can be yours if you’re willing to make the necessary changes.
Debt does not resolve itself. It will not go away on its own. There’s no need to stay stuck in a life full of debt, which keeps us from being active participants in our own lives. This pandemic will not be here forever. If you file for bankruptcy, think of the freedom you’ll be able to enjoy once you’re on the other side.
There are several different types of bankruptcy.
You’ll have different options when filing for bankruptcy. An experienced Memphis TN debt attorney will walk you through your best option, based on your individual needs and circumstances.
A Chapter 7 bankruptcy allows you to get rid of credit card debt and medical debt without paying it back. Additionally, you can usually keep property such as your home and your car. It has the power to stop creditor harassment, wage garnishment, and debt collection in their tracks.
A Chapter 13 bankruptcy is a reorganization plan that allows you to become completely debt-free in a very short period of time, usually between three and five years. Your debts are consolidated into affordable monthly payments — the key word here is affordable — and as long as you make all of those payments, you’ll have a debt-free life.
Speak with a Memphis TN debt attorney today
If you’re dealing with serious financial hardship, you deserve lasting relief.
Life is difficult enough right now. If you’re one of the millions of Americans who has fallen behind on credit card, car, or mortgage payments, you owe it to yourself to take steps towards financial freedom today.
A better life is waiting. Give us a call at (901) 327-2100 to explore your options.