Effects of the Great Recession have not Passed

               When watching TV or listening to the radio, you might get the feeling that the Great Recession is over and everything is back to normal and great. While there have been some improvements with respect to the economy, unemployment, and the stock market, but is the regular every day “Joe” or “Jane” getting the benefit? According to the Report on the EconomicWell-Being of U.S. Households in 2013, which was released in July of 2014, the answer may be a resounding NO!

Are You Better Off Today Than You Were 5 Years Ago?

               According to the Report 30% reported that they were either somewhat better off or much better off than 5 years ago. Great news! If you are thinking to yourself, “I don’t think I’m doing better,” you are not alone. 34% said they were about the same, with another 34% reported they were somewhat worse off or much worse off than 5 years ago. 68% OF THE POPULATION IS DOING THE SAME OR WORSE THAN 5 YEARS AGO! But there is hope right? If the economy is on the upswing the majority of people are going to start feeling the benefits right?

Is There A Raise In My Future?

               Probably not. 21% reported that they expected a raise in the next 12 months. Oh the joys a getting a raise! The wonderful thoughts of how you are going to spend the money. Are you going to pay off some debt? Buy a car? Can you finally afford the house you have wanted? Or are you going to buy the new ultra super hyper mega high definition TV you have been eyeing, or some other luxury your heart desires? But not everyone gets to dream about extra income coming their way. Unfortunately, 61% reported they expected their income to stay the same. But hey, no news is good news because 16% expected their income to decrease in the next 12 months. The majority of this country is going to have their economic situation stay the same or get worse. So are people just living paycheck to paycheck or are they able to save for a rainy day or emergency?

How Is My Savings Account Looking?

               You are going to have to answer this question for yourself. It seems that you are either saving or you are not. 55% of respondents said they were saving, but 45% said they did not save any portion of their income. 15% said that they were living beyond their income.

Why Am I Not Able To Save?

               Again you are going to have to answer this question for yourself. Do you spend money until it is gone or have you gotten into debt that you just can’t seem to get out of? Bills and debts can pile up for many different reasons and not all of which come from what society would call “bad decisions.” There are unexpected medical bills, layoffs or loss of employment, divorce, unpaid taxes, and many many more everyday circumstances that cause people to fall into financial distress. Is there a way out?

Is Bankruptcy A Good Option For Me?

               Sometimes plugging along and having a plan to get out of debt is enough, but sometimes plugging along is not enough and bankruptcy may be an option. Without knowing the facts about your individual situation there is no way to tell if bankruptcy is a good option for you. At the Richards, Brinley & Richards Law Group, PC we offer FREE consultations where we can look at your situation and help you evaluate your options. There are ways to file for bankruptcy protection with NO MONEY DOWN. If you are one of the many people in the country that are still struggling from the effects of the Great Recession please give us a call at (801)621-7443 and set up a FREE consult to see if bankruptcy is an option for you.