Rise in Bankruptcy for Millennials and Generation X

Despite recent economic data reports showing a 29% increase in consumer confidence since November of 2023, LegalShield’s December Consumer Stress Legal Index displays a worrying rise in financial pressures. According to these documents, more consumers, especially Generation X and Millennials, are seeking legal help for bankruptcy and repossession than in previous years, marking a three-year peak.

The Bigger Picture

According to Newsweek, bankruptcy filings are up 24.7% for Generation X and up 40.1% for Millennials. This rise in bankruptcies is no coincidence. The economic strain on younger generations is clearly reflected in  broader economic data. American household debt has risen 1.3% in the third quarter of 2023, now at $17.29 trillion. This was due to marked increases in debt balances across the board, including mortgages, credit cards, auto loans, and student loans.

Why Bankruptcy Could Be the Answer

Bankruptcy can sound daunting, but it could be the answer to the financial burdens that younger generations are now experiencing. It can help clear credit card debts, auto loan debts, medical debts, and, in some cases, student loans.

These debts can be overwhelming financially by garnishing your wages and mentally by having various creditors banging at your door. Luckily, filing for bankruptcy can help with both of those problems. Not only will filing discharge your debt or put it into a repayment plan, but it will force garnishments and creditor calls to cease.

Bankruptcy can even help you in the case of repossession of your vehicle or other property. Repossession can be halted or prevented when you file a chapter 13. We achieve this through the initiation of an automatic stay. An automatic stay prevents your creditors from taking further action against you.

Is Bankruptcy Right For You?

Are you are interested in learning more about how bankruptcy can help you? Call us at the Law Offices of Dax J. Miller. We can set you up with a phone consultation – free of charge.

Meet Your Financial Goals With Bankruptcy

Two of the top new years resolutions for Americans this year are to build savings and pay off credit card debt. Unfortunately, under the current weight of high inflation and other unexpected financial strains, one might find it difficult to meet their goals this year. As a matter of fact, middle-income households are currently functioning on an average budget deficit of $2,500. It might surprise you to find out that filing for bankruptcy can be the key to making your resolutions a possibility.

Bankruptcy can help build your savings

Bankruptcy can help you meet your financial goal of saving money. In some cases, bankruptcy can completely discharge your debt, leaving you with more money from your paychecks each month to put towards your savings goals. Otherwise, it can stop unwanted advances from creditors and enter you into a repayment plan – which groups all of your debt into one payment. This can make it easier to budget each month as you won’t be getting multiple garnishments from various creditors.

Bankruptcy can pay off your credit card debt

Credit card debt is a common, yet devastating, issue in America today. In fact, according to USA today, the average credit card debt carried in an American household is $7,951. This could feel overwhelming, especially when paired with other common debts such as medical debt. Luckily, bankruptcy can help clear all of your debts, including those from your credit card company.

Let Bankruptcy Help You Meet Your Financial Goals Today!

Find out how bankruptcy can help you get the head start you need on your new years resolutions. Call The Bankruptcy Law Offices of Dax J. Miller today!

Foreclosure Filings are on the Rise

In 2023, 357,062 US properties were filed for foreclosure. That is 10% more than 2022 and a whopping 136% more than 2021. This reflects a correction from the volatility of the past few years, however, it might still sound alarming to the average American. Although this means more predictability for the housing market, a pro for future homeowners and investors, a foreclosure still can be devastating to the individual who owns the home. So what do you do when you get the notice that your home is being foreclosed on? The answer very well may be bankruptcy.

What is Foreclosure?

A foreclosure is the legal process that occurs when a homeowner defaults on their mortgage. In this process, the lender seeks to take possession of the property. Understanding the foreclosure process and the actions that you can take are vital in determining how best to move forward.

How Can Bankruptcy Help?

Bankruptcy can feel daunting to the average person, however, it can be a great way to save your home. If you file a chapter 13 bankruptcy, you can stop the foreclosure sale in its tracks. Bankruptcy gives you the opportunity to take the amount you are behind on the house and pay it off over the next 3 to 5 years. This leaves you caught up on your payments and no longer at risk of losing your home.

Even if saving your home isn’t the right move for you, a chapter 7 bankruptcy allows you to surrender your home, giving you a chance to move out. In this scenario, bankruptcy relieves you of the burden of paying off any personal liability for the mortgage debt on a house you no longer live in.

Let Bankruptcy Help You Avoid Foreclosure

Let bankruptcy leave you in charge of what happens to your home. Call The Bankruptcy Law Offices of Dax J Miller today to see how bankruptcy can help you.

Bankruptcy Restarts Your Life

You may have heard it before – bankruptcy restarts your life.  But what do people really mean when they say that bankruptcy gives you a fresh start? Here, we will discuss some of the most outstanding pros of filing for bankruptcy.

The truth about bankruptcy may surprise you.

Bankruptcy stops most collections

Many people remain unaware that bankruptcy stops most collections. Collections may come in the form of harassing calls from your creditor or garnishments on your paychecks. When you are filed for a chapter 7 or chapter 13 bankruptcy, it initiates an automatic stay, which stops collection efforts from creditors. In some cases, a bankruptcy attorney can even recover a refund of some of the garnishments you may have been subject to.

Bankruptcy eliminates most debts

Some people may be unaware that bankruptcy can eliminate many types of debts, including credit card debt. Credit card debt can feel overwhelming, especially when it comes from multiple sources.

Surprisingly, many people don’t know that bankruptcy can also discharge medical debt.  Medical debt is one of the most catastrophic types of debt to encounter.  It is almost never planned for and even when it is, the amount may exceed expectations.

Filing for bankruptcy may be able to help by either eliminating your debt or entering you into a repayment plan.

Bankruptcy cleans up your credit

A common misconception about bankruptcy is that it ruins your credit, however, it can actually give you a fresh start. Bankruptcy can provide an opportunity to rebuild your credit by removing overwhelming debts and leading you on a path towards financial stability.

Let Bankruptcy Restart Your Life Today

Don’t spend another day worrying about collections, debts and bad credit.  Call The Atlanta Bankruptcy Law Offices of Dax J. Miller today so we can help you find out how bankruptcy can restart your life!

Introduction: Foreclosure is a daunting prospect that can put your home and financial stability at risk. However, with the right knowledge and proactive measures, you can navigate this challenging situation. At The Law Offices of Dax J. Miller, LLC, we are committed to helping you protect your home and secure your financial future. In this blog post, we’ll provide an understanding of the foreclosure process, discuss your rights as a homeowner, and explore strategies to help you avoid foreclosure or mitigate its impact.

The Foreclosure Process: Foreclosure is the legal process through which a lender seeks to take possession of a property due to the homeowner’s default on mortgage payments. Understanding the various stages of foreclosure can help you take appropriate action.

  1. Pre-Foreclosure: This stage begins when you fall behind on mortgage payments. During this time, the lender may send you notices of default and provide opportunities to resolve the outstanding payments.
  2. Foreclosure Auction: If the default remains unresolved, the lender may proceed with a foreclosure auction. This is a public sale of the property, typically conducted by a county sheriff or a designated auctioneer.
  3. REO Properties: If the property does not sell at auction, it becomes real estate-owned (REO) by the lender. At this stage, the lender becomes the legal owner of the property.

Protecting Your Home:

  1. Open Communication: Maintain open lines of communication with your lender. Inform them of any financial difficulties and explore options such as loan modifications or repayment plans.
  2. Seek Legal Assistance: Consulting with an experienced foreclosure attorney can provide valuable guidance and protection of your rights. They can review your situation, negotiate with the lender on your behalf, and explore alternatives to foreclosure.
  3. Loan Workout Options: Your lender may offer various loan workout options, such as loan forbearance, loan modification, or a short sale. These options can help you avoid foreclosure and find a more manageable solution.
  4. Bankruptcy Protection: Filing for bankruptcy, specifically Chapter 13, can provide an automatic stay that halts foreclosure proceedings, giving you time to reorganize your finances and potentially save your home.

Conclusion: Foreclosure can be a challenging and stressful experience, but remember that you have rights and options available to protect your home. At The Law Offices of Dax J. Miller, LLC, we’re here to guide you through the foreclosure process, help you understand your rights, and explore strategies to safeguard your home and financial future. Contact us today for a consultation, and let us provide the support and expertise you need during this critical time.

Introduction: Repossession can be a distressing experience for individuals facing financial challenges. Whether it’s a vehicle or other property being repossessed, understanding your rights and available options is crucial. At The Law Offices of Dax J. Miller, LLC, we’re here to provide guidance and support during these difficult times. In this blog post, we’ll delve into the world of repossession, shed light on your rights as a consumer, and explore potential options to help you protect your assets.

Understanding Repossession: Repossession typically occurs when you fall behind on payments for a financed vehicle or other items used as collateral for a loan. Creditors may initiate the repossession process, but it’s essential to know that they must adhere to specific legal guidelines. Understanding your rights can help you navigate this process more effectively.

Your Rights During Repossession:

  1. Right to Notice: Creditors must provide you with prior notice before repossessing your property. This notice should detail the reasons for repossession, the timeline for taking action, and any opportunities for you to rectify the situation.
  2. Right to Cure: In some cases, you may have the right to “cure” the default by catching up on missed payments or resolving the issue that led to the repossession threat. This can help you regain control of your property and prevent further action.
  3. Right to Redemption: Even after repossession, you may have the right to redeem your property by paying off the outstanding balance. This option allows you to reclaim ownership, but it often comes with additional costs.

Protecting Your Assets:

  1. Communication with Creditors: Open lines of communication with your creditors can be vital. Exploring possible payment arrangements or negotiating a new repayment plan may help you avoid repossession altogether.
  2. Legal Assistance: Seeking legal representation, such as the services offered by The Law Offices of Dax J. Miller, LLC, can provide you with professional guidance and protection of your rights. An experienced attorney can review your situation, analyze any potential violations, and advocate for your best interests.
  3. Exploring Bankruptcy Options: Bankruptcy, particularly Chapter 13, can offer an effective solution to prevent or halt repossession. By filing for bankruptcy, an automatic stay is initiated, which provides immediate relief and stops creditors from taking further action against you.

Conclusion: Repossession is a challenging experience, but remember that you have repossession rights and options available to protect your assets. At The Law Offices of Dax J. Miller, LLC, we’re committed to helping you navigate the complexities of repossession and finding the best possible outcome. Contact us today for a consultation, and let us provide the guidance and support you need during these challenging times.

Introduction: Credit card debt can quickly become overwhelming, affecting your financial well-being and future plans. At The Law Offices of Dax J. Miller, LLC, we understand the challenges that come with credit card debt and the potential benefits of bankruptcy. In this blog post, we’ll explore effective strategies for tackling credit card debt, including the role of bankruptcy as a viable option for debt relief.

Understanding Credit Card Debt: Credit card debt arises when you accumulate balances on your credit cards and struggle to make timely payments. High interest rates and minimum payment requirements can make it difficult to escape the cycle of debt. It’s crucial to understand the scope of your debt and explore strategies for debt management.

Strategies for Managing Credit Card Debt:

  1. Evaluate Your Debt: Start by assessing the extent of your credit card debt. Compile a list of all your credit cards, their balances, interest rates, and minimum payment requirements. This will give you a clear picture of your overall debt situation.
  2. Create a Budget: Develop a realistic monthly budget that accounts for essential expenses and allocates a portion of your income towards debt repayment. Cut back on unnecessary expenses to free up more funds for debt reduction.
  3. Prioritize Debt Repayment: Consider different debt repayment strategies, such as the snowball or avalanche method. The snowball method involves paying off the smallest debt first, while the avalanche method focuses on the highest interest rate debt. Choose the approach that aligns best with your financial goals and motivations.
  4. Negotiate with Creditors: Reach out to your credit card companies to explore options for lower interest rates or repayment plans. Creditors may be willing to negotiate if they see your commitment to resolving your debt.
  5. Debt Consolidation: Explore the possibility of consolidating your credit card debt into a single loan with a lower interest rate. This can simplify payments and potentially reduce overall interest charges.

The Role of Bankruptcy: Bankruptcy can be a viable option for individuals facing overwhelming credit card debt. It offers potential benefits such as:

  • Automatic Stay: When you file for bankruptcy, an automatic stay is initiated, which halts collection efforts by creditors, including credit card companies. This provides you with immediate relief from harassing calls and collection actions.
  • Debt Discharge: In certain bankruptcy chapters, such as Chapter 7, eligible credit card debts can be discharged, meaning you’re no longer legally obligated to repay them. This offers a fresh start and an opportunity to rebuild your financial future.
  • Repayment Plans: In Chapter 13 bankruptcy, you may enter into a court-approved repayment plan that allows you to repay your debts over a specified period, often with reduced interest rates or manageable monthly payments.

Conclusion: Confronting credit card debt requires a proactive approach and consideration of all available options. By understanding your debt, implementing effective strategies, and exploring the potential benefits of bankruptcy, you can regain control of your finances. At The Law Offices of Dax J. Miller, LLC, we’re here to guide you through this process and help you make informed decisions. Contact us today for expert advice on managing your credit card debt and exploring the potential benefits of bankruptcy as a solution.

Introduction: Bankruptcy is a legal process that provides individuals and businesses with a fresh financial start. Unfortunately, there are common bankruptcy myths that prevent people from seeking the help they need. In this blog post, we aim to debunk some of the most common misconceptions and shed light on the benefits and possibilities that bankruptcy can offer. At The Law Offices of Dax J. Miller, LLC, we understand the challenges you face, and we are here to guide you through the process with professionalism and care.

Misconception 1: Bankruptcy ruins your credit forever. One prevailing myth about bankruptcy is that it permanently destroys your credit. While bankruptcy does impact your credit score, it provides an opportunity to rebuild your credit over time. By eliminating overwhelming debts and obtaining a fresh start, you can take steps towards financial stability and improve your creditworthiness.

Misconception 2: Filing bankruptcy means losing everything you own. Another common misconception is that bankruptcy forces you to relinquish all your assets. In reality, bankruptcy laws allow exemptions for certain assets, including your home, car, and personal belongings. With the guidance of experienced bankruptcy attorneys, you can navigate the process and protect your assets to the fullest extent possible.

Misconception 3: Bankruptcy leads to job loss. Many individuals fear that filing for bankruptcy may jeopardize their employment. However, the law prohibits employers from discriminating against employees solely based on bankruptcy filings. Your job security is protected, allowing you to address your financial difficulties without the fear of losing your livelihood.

Misconception 4: Bankruptcy prevents future credit opportunities. Contrary to popular belief, bankruptcy does not permanently prevent you from obtaining credit in the future. While it may impact your creditworthiness initially, many individuals are surprised to find that they can start rebuilding their credit soon after the bankruptcy process is complete. Taking responsible financial steps and working with reputable lenders can help you reestablish a positive credit history.

Misconception 5: Bankruptcy is an expensive process. At The Law Offices of Dax J. Miller, LLC, we understand that cost is a significant concern for those considering bankruptcy. That’s why we offer affordable payment plans for chapter 7 bankruptcy, allowing clients to get filed for as low as $399.00. Additionally, we handle chapter 13 bankruptcies at no upfront cost. We believe that everyone deserves a chance to regain financial stability, and we are committed to making our services accessible.

Conclusion: Bankruptcy is not a one-size-fits-all solution, and it’s crucial to have accurate information when considering this option. At The Law Offices of Dax J. Miller, LLC, we are dedicated to helping individuals and businesses understand the reality of bankruptcy and guiding them through the process with compassion and expertise. Don’t let common bankruptcy myths hold you back from exploring your options. Contact us today to schedule a consultation and take the first step towards a brighter financial future.

Indianapolis Bankruptcy Attorney

Filing for bankruptcy can be a difficult decision, but it can also be a powerful tool for getting a fresh start and regaining control of your financial future. If you’re considering bankruptcy in Indianapolis, there are some important things you need to know to make informed decisions about your options.

Bankruptcy in Indianapolis

First, it’s important to understand that bankruptcy is a legal process that allows individuals and businesses to eliminate or restructure their debts. There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy.  It involves the sale of assets to pay off creditors. Chapter 13 bankruptcy, on the other hand, is a “reorganization” bankruptcy that allows debtors to keep their assets and pay off their debts over time.

Bankruptcy Attorney Near Me

To file for bankruptcy in Indianapolis, you’ll need to work with a bankruptcy attorney who can help you navigate the legal process and ensure that your rights are protected. Your attorney will help you gather the necessary financial information, such as income, expenses, and debts, and prepare your bankruptcy petition. Once your petition is filed, an automatic stay goes into effect that stops creditors from taking any further action against you, such as wage garnishment or repossession.

Telephonic Hearing

You’ll also need to attend a meeting, known as a “341 meeting,” and complete a financial management course. If you file for Chapter 7 bankruptcy, remaining eligible debts will be discharged. If you file for Chapter 13 bankruptcy, you’ll make monthly payments to a trustee who will distribute the funds to your creditors according to a court-approved repayment plan.

At The Bankruptcy Law Offices of Dax J. Miller, LLC in Indianapolis, we understand that every client’s situation is unique, and we take a personalized approach to each case. We’ll work with you to evaluate your financial situation, explore your options, and guide you through the bankruptcy process. Our goal is to help you achieve financial stability and regain control of your life.

If you’re struggling with debt and considering bankruptcy in Indianapolis, contact The Law Offices of Dax J. Miller, LLC today to schedule a consultation and take the first step toward a brighter financial future. We’re here to help you get the fresh start you deserve.

Bankruptcy Trends

Bankruptcy trends typically predict other financial patterns in the U.S. economy.  Consumer bankruptcy is a legal process that allows individuals to eliminate or restructure their debts. It can be a difficult decision to make, but for those facing overwhelming debt, it may be the only way to get a fresh start. In recent years, consumer bankruptcy trends have been changing, with some surprising developments that could have significant implications for consumers and the economy as a whole.

Bankruptcy Filings Plumet

One bankruptcy trend that has been evident in recent years is a decline in the overall number of bankruptcy filings. According to the American Bankruptcy Institute (ABI), total bankruptcy filings in the United States fell by 29% in 2020 compared to 2019. This decline was largely due to the economic impact of the COVID-19 pandemic, as government stimulus programs and forbearance options allowed many consumers to keep up with their debt payments.

However, this trend is not necessarily a positive development. In fact, it may be masking underlying issues in the economy. As the ABI notes, “many households are still struggling to make ends meet, and may be delaying bankruptcy filings until after the pandemic ends or until government assistance programs run out.” This suggests that the true level of consumer distress may not be fully reflected in the bankruptcy data, and that we may see a surge in filings in the coming years as the economic fallout from the pandemic continues to be felt.

Who’s Filing For Bankruptcy

Another trend in consumer bankruptcy is the changing demographics of those who are filing for bankruptcy. In the past, bankruptcy was often seen as a last resort for older individuals who had accumulated debt over time. However, in recent years, there has been a rise in bankruptcy filings among younger generations. A recent study by the Consumer Bankruptcy Project found that the number of Americans aged 18 to 34 who filed for bankruptcy rose by 20% between 2016 and 2019.

The reasons for this shift are complex, but they likely reflect the changing nature of the economy and the challenges that young people are facing today. Many younger Americans are burdened by student loan debt, which can be difficult to discharge through bankruptcy. Additionally, rising housing costs and stagnant wages have made it harder for young people to build wealth and achieve financial stability. These factors may be contributing to the rise in bankruptcy filings among younger generations.

Income Disparity

Finally, it is worth noting that there are significant differences in consumer bankruptcy trends across different regions of the United States. For example, states with high levels of income inequality, such as Mississippi and Alabama, tend to have higher rates of bankruptcy filings. Similarly, states with high levels of medical debt, such as Tennessee and West Virginia, also have higher rates of bankruptcy. These regional variations suggest that consumer bankruptcy is not just a personal issue, but also a reflection of broader economic and social trends.

Bankruptcy Trends Stabilize

In conclusion, consumer bankruptcy trends are complex and multifaceted, reflecting a range of economic, social, and demographic factors. While the overall number of bankruptcy filings has declined in recent years, this may not necessarily be a positive development, as it may be masking underlying financial distress among households. Additionally, the changing demographics of those who are filing for bankruptcy, and the regional variations in bankruptcy rates, suggest that this is an issue that requires further study and analysis. As consumers continue to face financial challenges in the years ahead, it will be important to monitor these trends and ensure that policies are in place to support those who are struggling with debt.

Bankruptcy Consultation

If any of these issues keep you up at night, contact The Law Offices of Dax J. Miller, LLC to learn more.

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