Every day I wake to new, more dire headlines about the state of the economy and the struggles of millions of Americans, including Iowans. Just today I read the following headlines about what people are facing: Record Number of Subprime Borrowers Miss Car Loan Payments in October, Subprime Auto Loan Delinquency Is Only Getting Worse; Late Car Payments Hit Record Among Subprime Borrowers; Why Buyers are Upside Down on Car Loans; New Foreclosures Jump 20% in October, A Sign of More Distress in the Housing Market; Foreclosure Starts Continued to Rise in October; Nearly One-Third of Low-Income US Households Are Living Paycheck to Paycheck.
Although filing bankruptcy doesn’t create more income for someone, it will result in more of someone’s existing income being available to pay living expenses after their unsecured debt is discharged in bankruptcy. A Chapter 13 bankruptcy might also be just the response needed for the upside down car loans and foreclosures described in the headlines. After practicing bankruptcy law for over 40 years I know what filing bankruptcy can do for people who are diverting their precious income to debt payments. I understand the relief that can come to people who choose to eliminate debt rather than continue to struggle with paying it. It’s time for more people to experience the freedom of having no unsecured debt. If you’re struggling to live because you have debt payments taking income better used elsewhere reach out to us. We’ll show you how bankruptcy can address the daily bad economic news.
