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: 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.