Consumer debt has risen to 15.6 Trillion according to the Federal Reserve's New York District. As a result of the pandemic, people have amassed significant debt. The debt level is likely to continue increasing in the coming months as a result of the current inflation. As a result of the rising inflation, goods and services cost more. But personal income, in most cases, is not increasing at the same rate. Consequently, individuals are forced to use their credit cards to pay the difference.
Under the federal Bankruptcy law, debtors can obtain relief from their debt through Chapter 7 or Chapter 13 Bankruptcy. Call us today for a free evaluation to learn of your options.