In case you haven’t seen this news, Memphis now ranks as the poorest large metro area in the nation by far, according to new census figures.
Our poverty rate is at 19.1%. That’s 246,265 people living below the poverty line of (approximately) $22,100 for a family of four.
In particular, rates of poverty skyrocket for Hispanic residents (38.6%). African-Americans in Memphis have a 28.6% poverty rate.
These numbers mean that for every 100 people you pass on the street, 19 live in poverty – nearly two of every ten people. Within Memphis City limits, that number rises to over 25%!
Plus many more people fall just above that poverty line and so struggle, too.
Memphis’ economy is in a tough place, and it may take a very long time to recover. People are out of jobs, and searching comes up with nothing. Every day we hear from clients struggling to make house payments or falling behind in credit card debt to help make ends meet.
With all this bad news, why not get a fresh start? What do you have to lose other than debt and desperation? Now is the time to invest in a stronger, more secure financial situation. With the advocacy of a liquidation lawyer Memphis, TN residents trust, bankruptcy can usually be completed within 3-6 months from the date of filing.
Our attorneys can help you figure out your options moving forward. Contact us to talk with a lawyer for free.