Debt, Inflation, and How Bankruptcy May Help
Recently, it was reported that Americans added over a trillion dollars in debt during 2021. To put that into perspective, that is a little more than $2,750 for every person in the country. This is the largest amount recorded in 14 years. The higher borrowing is being fueled in part by rising prices as consumers cope with the strongest inflation seen in nearly four decades.
For some, the rise in the cost of basic items such as food and gas, coupled with historic increases in rent, is causing enormous pressure on the family budget. Though some are able to absorb these costs, many cannot and are having a hard time keeping up with their debt payments. Our Firm has the experience to help guide those struggling at this time. Taking on additional debt is often necessary for many households. It comes with unique financial risks, such as the risk of losing a source of income due to unemployment or an extended medical issue while still needing to repay that debt.
Debt has increased in all forms during the pandemic, leaving many households in a financially precarious situation.
There are many options, but using the protection of bankruptcy continues to provide the most efficient and cost effective way to control and end debt. Bankruptcy immediately stops harassing creditor collection calls and provides protection of assets. Properly used, bankruptcy can be a stepping stone to a better financial future and a fresh start.
The Law Office of Stuart M. Nachbar, P.C. has helped numerous individuals and married couples recover from the debt deluge throughout New Jersey. We offer free consultations to anyone looking to help create a new financial future for themselves and start a life debt-free. If you have any questions about the process whatsoever, don’t hesitate to give us a call at (973) 576-5285.