If Inflation, a Bad Stock Market, and Debt Are Overwhelming Your Finances, It May Be Time to Consider Filing for Bankruptcy
If you’re already dealing with overwhelming debt, a bad economy can only make your financial situation worse.
Your savings account may no longer be getting you a nice interest rate. And if you rely on your investments to earn you money, you may see your positive earnings go away. As well, inflation and the price of groceries, gas, and other necessities may get to be too much. You may start having to rely on credit more, and soon your debt may become too much to handle.
If the current sagging economy is making a good financial future seem impossible, it may be time to consider filing for bankruptcy.
Luckily, bankruptcy does not mean the end of your financial life. Not at all! In fact, it may be the smartest, easiest way to get back on your financial feet in a short time period.
Inflation and Prices Are Only Going Up
Prices often go up over time, but in a bad economy, they may go up much higher than normal. Soon your $200 grocery bill could be $230 or $250.
If money is already tight, this can add to your financial stress.
You may end up putting more on credit cards and building up a balance that you can’t pay off every month. This balance will accrue interest and may continue to snowball until it reaches a number you can’t imagine ever being able to pay off.
Maybe you were living paycheck to paycheck before, and now that paycheck doesn’t go far enough. Or maybe you no longer have a paycheck at all.
Perhaps the company you worked for suffered hardship during the sagging economy and had to lay you off or go out of business entirely.
This can all make your debt grow and grow. Even if you try to cut back or live more frugally, it may get out of hand if you’re not careful.
When debt becomes too much, it may be time to speak with a bankruptcy lawyer, such as Wink & Wink of Denver, Colorado. We can help you understand your options, so you’re sure to make the right choice before your financial situation becomes worse.
A Bad Stock Market
If you depend on the stock market for some of your income, a sagging economy can make things extra hard for you.
Maybe you’re retired, and your 401(k) and other investments are what help fund your life. If your funds are quickly dwindling, you may be in trouble.
The market will go up again someday. It’s normal for fluctuations in the stock market, and it’s normal for the market to go through rough periods before recovering. However, it can be hard to predict when things will become good again. And you may not have the time.
If the investments that you depend on are getting to be too low to cover your expenses, and your debt is becoming too high, it may be time to consider filing for bankruptcy as a way to get much-needed financial relief and start fresh.
With bankruptcy, you can keep your 401(k) and other retirement accounts like IRAs.
To learn more about what assets you can keep when filing for bankruptcy, speak with a Denver bankruptcy attorney at Wink & Wink. We serve the greater Denver area and have helped hundreds of clients get a fresh financial start.
The Sagging Economy’s Effect on Small Businesses
If you run your own small business, it can already be challenging to compete with huge businesses. Add onto that a struggling economy, and things can look quite bleak.
Maybe consumers no longer want to spend as much in your particular sector. Maybe they simply can’t afford to anymore.
Or maybe the price of the goods you buy for your business is skyrocketing, making it hard to turn a profit or even afford the goods in the first place.
This could make debt pile up for your small business, and filing for bankruptcy for small businesses may be necessary to solve the problem before it gets worse.
If you run a small business that is suffering under heavy debt, speak with Denver bankruptcy attorneys Wink & Wink to understand your options.
Speak With a Denver Bankruptcy Lawyer Today!
The sagging economy affects everyone. If it’s making your financial life become unbearable because of debt, it’s time to speak with a Denver bankruptcy lawyer.
Don’t wait. Speak with Wink & Wink, a Denver bankruptcy law firm, to find out how you can get much-needed debt relief. Call us today at (303) 410-1720, or contact us online. You can also get instant advice by filling out our online questionnaire.