Bankruptcy Alert | John Gibson66

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John Gibson66 Bankruptcy Alert (Pennsylvania)

Banks, credit card companies, collection agencies and other powerful interests are lobbying to change the bankruptcy laws so that the average person has no way out of massive debt. So who files bankruptcy? Average age: 38; 44% of filers are couples; 30% are women filing alone; 26% are men filing alone; Slightly better educated than the general population; Two out of three have lost a job; Half have experienced a serious health problem; Fewer than 9% have not suffered a job loss, medical event or divorce; Highest bankruptcy rates: Tennessee, Utah, Georgia, Alabama. Source: The Fragile Middle Class: Americans in Debt; Elizabeth Warren, Harvard Law School; Smith Business Solutions The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt. Federal Reserve (1997). If you've lost your job or have medical bills or legal bills you are unable to pay, call a lawyer before you consider debt consolidation or credit counseling. Debt Counseling and consolidation services may have you paying on debts that are not valid or barred by the statute of limitations and if you are unable to complete the payments for any reason you may not be able to get a fresh start later on.

Professional Designation: Attorney (Juris Doctor)

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