According to a recent Census Bureau report, the nation’s poverty rates have remained steady for the last year.
Nationwide, that rate is 15% – a very high figure affecting over 46 million Americans. The consistent rate has been hailed as somewhat positive news, since at least it’s not an increase like people expected.
Experts predicted the poverty rate would increase. After all, it’s increased four times in a row in recent years, to some of the highest rates in the last half-century.
Since it didn’t increase this time, some economists and politicians are hailing the news as a sign the nation is recovering from its devastating recession. And if they’re right, that’s great. But as a bankruptcy lawyer in Memphis, I’m still seeing the results of those last four years.
When more and more people fell into poverty, they also took out more debt to make ends meet. As the poverty rate stabilizes, or even improves, that debt stays with them. And the debt doesn’t get smaller – in fact, with interest it can actually grow bigger.
While “experts” celebrate a stabilizing economy and say things are basically the same as last year, it might not be for your family. Your family might still be reeling from job loss two years ago. You might be living on credit card debt and fearing that you’ll lose your home to foreclosure. Even if the economy improves, those burdens can still torment you because they build up.
I can help. When you call our bankruptcy law firm Memphis, TN families place their trust in, our knowledgeable lawyers can explain to you the bankruptcy process and answer any questions you might have. If you’d like to get rid of that debt so that you and your family can be free to rebuild your lives, I hope you’ll contact me to talk about your situation for free.