Money makes the world go round. And, money worries create lots of stress.
The 2015 Stress in
America: Paying With Our Health survey ranks money as the top cause of stress.
Households with incomes
below $50.000 have it the worst. Wow! Money stress is a big problem.
Bankruptcy can help
relieve money stress. But, in 2005 Congress made it harder to file. A NY
Federal Reserve Bank report found the following:
- Paperwork is harder.
- Costs are higher.
Today, fewer
low-income individuals are filing for Bankruptcy. Low-income families need
Bankruptcy the most:
- Flat-broke individuals have lower credit scores than those who could pay for Bankruptcy.
- Flat-broke individuals have less access to borrow cash than those who could pay for Bankruptcy.
The path to
Bankruptcy may be harder. But, it is not impossible. Over the “Too Poor to File
Bankruptcy Trap”:
Step 1: Don’t be
ashamed to consider Bankruptcy. The cost of living exceeds the minimum wage.
One financial disaster could start trouble. Don’t be ashamed to ask for help.
Step 2: Meet with a
non-profit community credit counselor. Learn to manage your income better. This
might be the answer.
Justine Peterson
offers financial education workshops: http://www.justinepetersen.org/
The University of
Missouri Extension program in STL has workshops such as “Safeguard Your Savings”
and “Get Checking.” http://extension.missouri.edu/stlouis/Financial.aspx
The University of
Missouri Extension program in Hillsboro is in the process of hiring a Regional
Financial Education Specialist. Future educational programs will focus on
financial literacy, money management, and more. http://extension.missouri.edu/jefferson
Step 3: Schedule a
Free Consultation with an attorney. Maybe you could do a payment plan. Once all
the installments are paid, the attorney will file your Bankruptcy.
Money woes create
stress. Learn your options.
Contact Schwent Law at (636) 937-4994 or at www.schwentlaw.com