With the downward slope of the economy, the rising gas prices and the unemployment rate on the rise, many Americans have accumulated a large amount of debt over the last few years. The number of annual bankruptcies filed is just now beginning to decline. For the calendar year of 2011, 47,806 U.S. businesses filed for bankruptcy and 1,362,847 non-business bankruptcies were filed, coming up with a total of 1,410,653 bankruptcy petitions. Of that number, 406,084 filed for Chapter 13 and 992,332 filed for Chapter 7 bankruptcy. These numbers are down 11.5% from 2010, but hundreds of thousands of Americans are still struggling with debt today. There have been a high number of layoffs, home foreclosures, dwindling retirement accounts all the while food, health care and gas prices have been on the rise.
Americans of all ages are not exempt from this hardship. There are young college graduates who have accumulated thousands in student loans, young families who can no longer afford their mortgage payments, middle-aged people who are experiencing lay-offs or pay cuts and senior citizens who have depleted retirement accounts. Many have to carry around the stress of high debt and it can have a negative affect not only physically, but emotionally and mentally as well.
The truth of the matter is that money problems will always exist, but it should not run your life. Financial stress is one of the leading causes for divorce in America today. Finances are a definite area of contention and it has the deadly potential of ruining relationships. Not only can debt break apart a family and destroy relationships with loved ones, but it can also affect your body image, your confidence, your self-esteem and your moods. Stress leads to anxiety which can then disrupt your normal eating and sleeping patterns which are essential in leading a healthy lifestyle. Having a large amount of debt can affect your physical body in ways that you may not even be aware of. Debt-related stress ultimately leads to tense muscles, body aches, headaches, physical lethargy, migraines and overall exhaustion.
It is time to improve your mental, emotional, and physical health by taking back control of your finances. Don't let debt weigh you down any longer, by filing for bankruptcy you can fight your way back to financial freedom. Here at the Law Office of Jack G. Lezman, P.A., we can help you determine if bankruptcy is right for you and find a way to reduce your financial stress and hardships. Let us help you find a practical plan to eliminate your debt, bankruptcy may be your key to financial success.
Contact a Charlotte bankruptcy lawyer from our firm today to learn how we can help you discharge your debt.