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Economic Stress for Those Trying to Avoid Bankruptcy

The lingering effects of the Great Recession continue to be felt by many. While several news articles report that the economy is on the upswing, this recent large scale study says otherwise. The first comprehensive study to assess American’s financial status was conducted by the U.S. Central Bank. Unfortunately the results aren’t good, with at least one-quarter of American households still under economic strain. The stressors that the population continues to deal with include delaying marriage, purchasing a home and entering into retirement.

Read more here: http://www.reuters.com/article/2014/08/07/us-usa-fed-households-idUSKBN0G71UJ20140807

As the article points out, three-fourths of American households expect their income to be the same or less a year from now. While some may be able to hang on and keep their economic footing, others may not be so fortunate. For those that find themselves slipping financially, bankruptcy may be a thought that enters their minds more than once. While some qualify for bankruptcy, many do not or wish to avoid bankruptcy altogether.  If you have overwhelming credit card debt, medical bills, personal loans or private student loans, debt settlement done by an experienced attorney is a great alternative to bankruptcy. A qualified debt settlement attorney can negotiate for large reductions in your debt without the need for bankruptcy. Search for an experienced attorney in your area that focuses the majority of their law practice in this area.

Author: Kevin Fallon McCarthy

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.