Bankruptcy Can Ease Stress Caused by Nagging Debt Burden
For the millions of Americans stuck with large debts, news that the economy is rebounding might as well be falling on deaf ears.
Almost half the people in a recent Associated Press poll reported that they suffer from debt-related stress. While many folks have used the recession to increase savings and tighten up their budgets, the weight of debt still hangs heavy on their shoulders, according to Chicago bankruptcy attorneys.
But when tightening up our belts isn't enough to eliminate debt, bankruptcy can provide the final push.
The problem isn't that Americans aren't working hard to lower debt. In fact, the same Associated Press poll showed that on average, families have cut credit card debt to $3,900, down from $5,600 in the fall. We're spending less, and when we do spend, we're doing it with more caution.
But it seems that for every two steps we take forward, the economy is there to push us one step back. We're stuck contending with unemployment at around 10 percent. Even those of us who have managed to keep our jobs haven't had a raise in years - some have seen our paychecks grow smaller. At the same time, we've got large mortgage payments to manage, meaning many of us are facing foreclosure.
We've got two choices. We can keep doing what we're doing - saving more, spending less - and hope that the economy finally picks up enough that our efforts will start paying off. Or we can take action now and get rid of the burden of debt once and for all. Less debt means less interest. It means less stress. It means less wondering whether you'll be able to pay the electric bill this month, or whether you'll be getting a foreclosure notice in the mail the next.
Recession or not, recovery or not, you don't have to live with debt. If you can't keep up with your debt, bankruptcy can be a realistic way to lower or discharge what you owe. The best part? Finding out if bankruptcy can help your financial situation is free when you sign up for a one-on-one debt analysis with a Chicago bankruptcy attorney. So when the economy does get better, you'll have a head start - and a lot less stress.