If you live in Memphis, you know the poverty rate is out of hand here. Perhaps you’re even struggling yourself.
What you may not know is that the financial problems in Memphis fuel a $5.3 billion “poverty industry,” according to The Commercial Appeal.
The industry, which supports around 1000 local businesses, ranges from health clinics to pawn shops, from check cashiers to farmers markets that accept food stamps.
The funds come mostly from the federal government through subsidy and welfare programs. The rest of the money comes from the state government, charities, and some underground or criminal activity.
Sometimes people who aren’t suffering from poverty assume the people involved are trying to take advantage of the system. But I meet people in our Memphis bankruptcy office every day who prove that’s not a fair judgement.
A lot of the people who find themselves taking part in the poverty industry are unemployed or underemployed and either don’t have bank accounts or have too little money to keep in those accounts and still cover their expenses. They use the options available at their disposal to make sure they and their families survive the situation.
Perhaps that sounds familiar. If you have a similar problem, I may be able to help. I don’t want to see anyone merely trying to survive. That’s too often what people are going through when they come to see me about filing bankruptcy in Memphis. We can help turn that around.
Make a choice to change which side of the poverty industry you’re on. Contact me today to find out if bankruptcy may be an option for you.