It was recently reported in an article on Bloomberg that the Federal Reserve Bank of New York is reporting that household debt is increasing dramatically. FOR MORE INFORMATION SEE https://www.bloomberg.com/news/articles/2020-05-05/u-s-household-debt-reaches-yet-another-record-on-home-loans
The Federal Reserve is also reporting that lenders are tightening lending standards on auto loans, credit cards and other consumer credit. At the same time the Federal Reserve is also reporting that credit card delinquencies have risen to the highest level in 2 years.
The Corona Virus Pandemic and the resulting layoffs are creating havoc in the consumer financial world. From our law office in Green Brook, New Jersey we are receiving calls from persons in the surrounding communities including Plainfield, North Plainfield, South Plainfield, Middlesex, Bound Brook, Somerset and Warren and Watchung. Everyone is describing the same dramatic changes in their income and the same uncertainty about what the future holds for their personal and family finances.
The most common question is “will a Bankruptcy filing get me some relief?”
While we are unable to tell you what will happen in the future, we will be glad to explain the Bankruoptcvy process as well as the relief available.
If you are feeling financial stress and would like to explore a possible Bankruptcy filing please feel free to contact our office.
During these difficult times we are holding consultations over the telephone and through Zoom video conferences.
Stephen M. Goldberg, PC, 917 N. Washington Ave, Green Brook, NJ 08812 732-752-8834