Credit Problems Still Affecting Many Americans

Posted on October 22, 2013 at 8:15pm by

Call a Kansas City Bankruptcy Lawyer

It has been five years since the collapse of Lehman Brothers and the resultant economic downturn. To this day, many Americans are still reeling from the effects of the fiscal meltdown, as noted in a recent article in Time. Whether due to heavy debt loads, depleted savings accounts or loss of home equity, it is clear that the economy is still rebounding from the effects of the crash.

If you are struggling to recover from the financial downturn, consider contacting a Kansas City bankruptcy lawyer. Proper legal counsel can help you to discover debt solutions that you may not have known were available.

50 Percent Feel Financially Insecure

The total losses of the downturn accounted to some $16 trillion, according to the article. Depreciation in the value of homes, stock prices, retirement accounts and other investments took a tremendous toll on the overall financial stability of the markets. The overall instability of the economy also resulted in a widespread tightening of lending and a decline of investor confidence.

On a more personal level, the economic atmosphere is still very much one of fear and anxiety. According to one survey, half of Americans do not think the economy has improved, and many feel less financially secure than they did before the crash. The Time article notes that “millions were forced to spend their savings in the downturn,” with many resorting to retirement accounts and emergency funds in order to stay afloat financially.

Bankruptcy Offers Many a Fresh Financial Start

The depletion of savings and loss of home equity took a tremendous toll on many families’ financial resources and credit ratings. Bankruptcy filing rates rose steadily in the wake of the downturn. At its height, the rate of filings approached 6,000 a day.

Bankruptcy is as a valuable solution to serious financial troubles. Millions of families have found that they can no longer support themselves while satisfying their debt obligations. Through bankruptcy, they now have an efficient and legally-viable method of restarting their financial lives. In this year alone, some 500,000 have filed for the benefits, protections and solutions of a Chapter 7 or Chapter 13 bankruptcy.

We Offer a Lifeline for People Drowning in Debt

While there are some hopeful signs of recovery, economic growth is a slow process. If you are suffering from overwhelming debt and credit problems, contact our Kansas City bankruptcy attorneys. We have the experience and qualifications necessary to find the debt solution that is best for you and your family.

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