In recent years, the Memphis pension debt has been national news.
Basically the city doesn’t have enough money to pay the pensions it promised to city workers. There have been a few causes, including:
- investments gone bad from the financial crash
- underestimating how much they’d need and overestimating what the investments would make
- union negotiations
- and how the city has used its other budgeted money
The problem deeply affects city workers. Police don’t want to risk their lives unless they know their families will be taken care of. Many workers feel betrayed, and some have sought work elsewhere or been recruited by other cities and states.
It also affects non-government citizens. As a result of Memphis’ debt, the government can’t offer services it could or should otherwise. Families have to pay extra for good education, extra for decent infrastructure, extra in taxes and fines.
When a city’s finances suffer, its people suffer, too. You could be struggling on either side of this problem with serious debt you can’t pay. But there’s a way out. We’ve built a solid reputation as a bankruptcy law firm Memphis, TN clients recommend.
At our office, we focus on helping you:
- get out of debt, and
- rebuild your credit and financial health