The retail fallout is still going on, with more closings expected from Macy’s, Kmart, and Sears just to name a few. Mall stalwarts like The Limited and Claire’s are going out and leaving only darkened storefronts behind. Amazon, conversely, is expecting to add 100,000 jobs in the next year and a half. The brutal truth is that even after the Recession we were jammed to the rafters with retail in the form of malls. Going shopping is increasingly more likely to mean going online than going to a location, with even specialty retail holding a significant presence in e-commerce. Unfortunately all these closings mean that people who have been pinched by stagnant wages for years are losing their lifelines and now they need financial help.
The Debt’s Still Here
Whether you are a younger millennial still carrying a significant load of student debt, or a Gen X’er with a mortgage, even when your job goes away the debt does not. There are a number of steps that you can take to put student loans into forbearance or deferment, programs to help you adjust your mortgage, and even ways to negotiate with your credit card company to skip a payment or two, and even negotiate for a lower interest rate. You can trim expenses such as your cable package, subscriptions, and other luxuries – or even sell your car and rely on public transportation. However, when there is significant debt and not enough assets to even begin to cover it, you should consider what filing for bankruptcy could do for you.
By filing for bankruptcy sooner rather than later, you stand a better chance of walking away at least somewhat financially intact. If you are spending the last of your savings simply to keep up with minimum payments on your credit card, auto, or student debt, you could be digging yourself into a hole that will be tremendously difficult to get yourself out of. Gather your paperwork, sit down and figure out your financial position with regard to your debt and what you expect to have on hand. If the debt looks impossible to scale, and you would simply be maintaining it while paying interest, it may be time to take that step and file for either Chapter 11 or Chapter 13 bankruptcy.
Work with Us
At Van Horn Law group we work with you to reach the best solution for your unique situation. Bankruptcy, consolidation, credit counseling, and financial counseling are all on the table when it comes to working through your debt problems. We are open seven days a week, and your first consultation is free at either our Fort Lauderdale office or West Palm Beach. Call us today and let’s get started on working towards a brighter future for you and your family. The end of retail is not the end of the world, but a chance for you to have a new beginning.
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