Three quarters of Americans regret not having enough savings tucked away for emergencies, a widely shared sentiment especially in the wake of the pandemic. Having adequate savings for periods of unemployment or to cover unexpected expenses is something all too many Americans lack.
Millennials and Gen Xers in particular have little tucked away in savings compared to people 55 and older, who have had more time to set funds aside for emergencies. Even so, most savers often come up short; it is difficult for people of all ages to keep up with daily expenses while trying to increase their savings.
As the pandemic winds down, many Americans look forward to rebuilding a brighter financial future to include more savings – a goal many intend to stick to having lived through so much uncertainly over the last year.
Many individuals, families and small business may even consider bankruptcy protection as a strategy to get back on their feet, discharging debt that accumulated so that they can quickly rebuild, not just simply dig out of debt.
- Chapter 7 helps individuals and families who qualify to discharge unsecured debt such as credit card balances and medical bills so that they can start with a clean slate.
- Chapter 13 is a repayment plan over a 3 to 5 year period that allows individuals and families to catch up while retaining more of their assets. At the end of the repayment plan, most remaining debt is discharged.
- Chapter 11 business bankruptcy is a good strategy for small businesses to get back on their feet so they can get a running start as the economy opens back up.
Wondering if bankruptcy protection is the right strategy for your financial situation? Contact Peoria bankruptcy lawyer Charles E. Covey for answers to your questions. Bankruptcy is your right; start your debt relief today at 309-674-8125.
