America is notorious for big spenders and new reports indicate that even the Great Recession hasn’t held consumers back. While spending can help to jumpstart the economy, it can also lead consumers down an irreversible path to bad debt.
According to data published by the Federal Reserve Bank of New York, consumer debt is higher than it was in 2011. Not only is America’s debt on the rise, but it has continued to rise rapidly in all areas including home mortgages, auto loans, student loans, and credit card debt.
The economy depends on a certain relationship between credit and debt, but it can leave many consumers in its wake. This is why the government allows consumers to file bankruptcy: it helps consumers restore their credit and keeps the economy growing.
Our Birmingham bankruptcy attorneys are committed to helping Alabama consumers take control of their debt and get ahead. We understand that debt is overwhelming and that the decision to file bankruptcy is a difficult one. Our experienced advocates will review your income, debts and assets to help you decide if bankruptcy is the right course of action.