608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Americans continue to fall behind on certain debt payments
In the midst of a global pandemic and economic hardship, it is not surprising to hear that many Americans are struggling financially. This is a difficult time for many Tennessee consumers, and many families are unable to make payments on some of their monthly expenses. Studies find that people are falling behind on their auto loan payments, credit card debt and other obligations.
Even after many received stimulus checks from the government, it is becoming more difficult to get ahead and pay off credit card balances. You may be one of the millions who are having a hard time right now, and you may be wondering if there will ever be an opportunity to regain your financial footing. For some overwhelmed consumers, there are some legal options available.
Growing financial concerns
If you are out of work, unable to pay some of your bills and falling more behind each month, you are not alone. Even in the last month, statistics indicate that more consumers are behind on their auto loans and credit cards. Consider the following facts:
Overwhelmed consumers may seek some help through certain types of forbearance programs and relief programs offered by creditors. These can be beneficial, but it may not be enough for those with significantly reduced monthly income and other types of financial obligations.
A way out
If you cannot pay your bills, there may be a way out for you. Through consumer bankruptcy, you may be able to discharge certain types of debt and secure a better financial future. This may not be your first choice, but it does offer an organized way to address your debt problem while protected from creditors and debt collectors.
To learn more about what type of bankruptcy is best for you, it may be helpful to seek a complete evaluation of your case with an experienced attorney. An assessment can allow you to understand your legal options and determine if filing for bankruptcy is a beneficial way forward for you.
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608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
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