• Is Your New Job Making it Harder to Pay Bills?

    On September 12, 2012, the US Census Bureau released a report that further indicated the number of American families still struggling after the Great Recession. As noted in this PBS NewsHour video, roughly 46 million Americans are now living poverty, median household income slid for the second year to $50,000-the lowest level since the mid-1990s-and earnings fell 2.5 percent.

    At the end of August, a CNNMoney story began, “Sure, the economy is adding jobs these days … but most of those positions pay pretty poorly.” CNN said that a report from the National Employment Law Project showed 58 percent of the jobs created during the recovery have been low-wage positions, such as “retail salespeople, food prep workers, laborers and freight workers, waiters and waitresses, personal and home care aides, office clerks and customers representatives.” Many of these low-wage jobs pay less than $13.83 an hour, and the adjustment is additionally difficult for the 60 percent of Americans who lost previous jobs during the economic downturn that had been classified as mid-wage.

    Have you been struggling to make your mortgage payment ever since accepting a lower-paying job? Has making less led you to accumulate so much credit card debt that it has become unmanageable? Filing Chapter 7 or Chapter 13 bankruptcy could help you discharge unsecured debt or create a plan to pay back secured debt with respect to your current wages and cost of living. Our Chicago bankruptcy lawyers can tell you all of your options when you fill out the form located on this page or contact our firm at (866) 930-7482.

    Benjamin Brand Services – Chicago bankruptcy lawyers

  • Credit Card Debt, Borrowing Fall as CFPB Takes Aim at Add-On Costs

    July as consumer debt declined, even as Americans boosted their spending by the most in five months. The Post said it was the first time that Americans cut back on borrowing in nearly a year, adding that the drop in credit card debt offsets “a small rise in a measure of auto and student loans.”

    This came less than a week after the Detroit Free Press said that more credit card holders and consumer groups could also be saying good riddance to very costly add-on products, such as so-called “credit-protection plans.” This is because the Consumer Financial Protection Bureau (CFPB) is putting multiple institutions on notice about misleading debt-protection products and consumer insurance. These plans are under fire from the CFPB for deceptive marketing practices, and the Free Press reported that one settlement with regulators resulted in Capital One Bank refunding about $150 million to 2.5 million customers as well as paying $60 million in penalties.

    While these are all encouraging developments that can hopefully help more individuals avoid the burden of credit card debt, there are still other concerns that we will discuss in our next blog post. Are you currently overwhelmed with credit card bills? You should know that filing Chapter 7 or Chapter 13 bankruptcy can end calls from debt collectors and may be able to give you a fresh start by wiping out the credit card debt or allowing you to only pay back a fraction of what you owe. Fill out the form located on this page or contact our firm at (866) 930-7482 to see what our Chicago bankruptcy lawyers can do for you.

    Benjamin Brand Services – Chicago bankruptcy lawyers