Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Filing for bankruptcy when "the economy is good"

Plenty of myths surround our personal struggles with debt and the state of our national economy. One largely-unspoken myth is that everyone is "doing well" financially -- or at least doing better -- when the economy is said to be in a good place. By certain measures, the American macro-economy has been healthy in 2018, but millions of Americans are still struggling to pay their bills.

Should the notion that the economy is "good" influence your decisions about debt relief?

Macro and micro economics

The truth is that stats on economic growth, the Dow, and unemployment numbers mean little, practically speaking, to individuals and families struggling with serious debt. Many debt problems originate with a medical event or illness, a job loss, a business problem, a divorce or another significant life challenge.

In some cases, bankruptcy can help solve the debt problem and alleviate the stress. It can be helpful to consider the following facts that relate to the economy and personal bankruptcy:

  • Debt created by a major income reduction -- like that from a layoff or job loss -- can linger for years. (For many people who get another job a few months after losing one, there may be credit card or loan debt accumulated during lean months when they were out of work.)
  • Divorce can create many financial difficulties, even for people who are earning more than they've ever earned.
  • Although your house may have greatly increased in value in recent years, that equity may be unavailable to help you pay bills and deal with debts.
  • Discharging or reorganizing debt through Chapter 7 or Chapter 13 can allow many consumers to reboot financially -- and start saving and taking advantage of other benefits of a robust economy.

Get the advice you need

If you're considering bankruptcy as a debt relief option, you need good, reliable advice. Reading the news and talking to friends and family members may not be enough. Talking to an experienced bankruptcy attorney can clarify things and help you understand the choices you have.

No Comments

Leave a comment
Comment Information

We Look At Your Case From Every Angle To Find The Solution That Is Right For You

Bankruptcy help for everyone, from the most simple to the most complex cases.

Call Us Now To Schedule A Free Initial Consultation

Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

Get Legal Help Now

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
Nashville Law Office Map

Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
Cookeville Law Office Map

Back To Top