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HomeBankruptcyTampa Student Loan and Bankruptcy Attorney Blog — April 14, 2022

Tampa Student Loan and Bankruptcy Attorney Blog — April 14, 2022


inflationLife Isn’t Meant to be Lived Paycheck to Paycheck

I know there’s been lots of press about the 8.5% inflation rate that was announced this week.

I also know that many people don’t believe that number.  Why not?

Well, the U.S. Bureau of Labor Statistics has been consistently modifying their methodology for tracking CPI – moving that goal post further and further over the years to make things look better than they really are.

Using the Flexible Price Consumer Price Index Model located here, the real figure is likely closer to 25% when adjusted on a 3 month annualized basis.

So how does that effect our practice?  We’re starting to get more calls from consumers who don’t know how they are going to dig themselves out of the hole.  They have good jobs, but they can’t make ends meet.  Every unexpected expense goes on the credit cards.  One credit card has become five or more credit cards.  All with high interest.  Rents are going crazy in Tampa Bay, with no signs of going down.  There is a saying I’ve always liked:  Life Isn’t Meant to be Lived Paycheck to Paycheck.

Bankruptcy does truly represent a fresh start.  A chance to start anew – wipe the slate clear of debt so you can begin again to save, invest, build…

One thing I’d like to mention, many people who wanted to fight inflationary pressures over the past few months, have bought crypto.  If you have invested in crypto or digital assets, many of these assets have declined in value by 50%, sometimes more.  However, there’s a good chance they may be worth much more in 2023 or 2024.  Perhaps filing bankruptcy now to wipe your debts clean when your crypto assets are at a low value is a good idea.  You’ll likely be able to keep your investments in crypto due to the Florida law exemptions we can use to protect them.  If you wait until 2023 or 2024, the worth of  those assets may prevent you from filing bankruptcy, and you’ll end up using them to pay your debt.  Essentially, putting yourself back to square one.

At least schedule a free consult with a bankruptcy attorney.  See what your options are.  Take control of your finances to truly obtain the best result.

 

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