If you are overwhelmed by debt, you are not alone. It is a widespread issue, albeit one that many do not like to talk about. The cost of housing and living has risen sharply over the years, whereas wages have not.
A recent report put the difference between the Tennessee minimum wage and a living wage for a single adult in the state at $6 per hour. If you are a single adult with a child, the deficit rises to $19.05 per hour. You need to make up that shortfall from somewhere, and like many, you may have turned to loans and credit cards to get by.
The problem with credit is that it costs you more in the long run. If you rely on it to put food on the table or pay household bills, then, barring a miracle, your chances of escaping it are low. Your monthly repayments will only grow as you accrue interest.
How can bankruptcy help?
Filing for bankruptcy will not get you the wage rise you need to make life more comfortable. It will not remove the fact that making ends meet on close to minimum wage is tough. Yet it will prevent you from wasting money on interest and penalty fees. It will give you a chance to start from scratch and apply all the lessons you learned along the way. Even if you still need to make a chicken stretch over three days, bankruptcy gives you the relief that you are keeping your head above water by doing so rather than sinking further into debt.
Debt is an unhealthy place to operate from. Instead of focusing your energy on raising your kids or ways to bring in extra income, you spend it worrying about bailiffs and creditor demands. Finding out more about filing a personal bankruptcy could be the step you need to a more hopeful future.