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June 2017 Archives

Is the ACA tied to a significant dip in bankruptcy filings?

Personal bankruptcy filings have been on a steep decline in the last six years, and that's a great sign for many Americans across the country that have been in -- and know -- stressful financial situations. In the last six years, personal bankruptcy rates have dropped roughly 50 percent. But what is driving this decline in bankruptcy filings?

Discussing Chapter 7 bankruptcy

People can be in a good financial position and still lose control of it very quickly. Consider this: you have been working hard and saving up for months on end. After accruing a solid amount of savings, you prepare to make a big purchase. But all of a sudden, your car breaks down; and then coupled with that, your work tells you that across-the-board pay cuts need to be made.

We have reached same levels of household debt as 2008

The Federal Reserve Bank of New York released new information recently that shows that American households have now surpassed the 2008 level of debt. In that fateful year, households accumulated a peak of roughly $12.68 trillion in debt. Today, that number sits around $12.73 trillion, with about 71 percent of that debt being tied up in housing itself (mortgages and home equity loans). The remaining 29 percent of the debt was listed as student loans (10.6 percent), auto loans (9.2 percent), credit cards (6 percent) and "other" (2.9 percent).

Should I do debt consolidation or file for bankruptcy?

If you are in over your head financially and struggling to make ends meet in Louisiana, you may be tired of wondering if you are going to lose your house and cars. You may find yourself wondering if debt relief/consolidation is a better option for you than bankruptcy. Although both options can improve your situation, you should take a hard look at your situation to determine the answer. 

McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Fax: 318-445-8066
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