I don’t have to repeat how people are struggling due to the price of food, gasoline and every product that is sold since inflation is killing everything and destroying working people.
As a result of the inflation that has been the highest in 41 years, Americans incurred the highest balances on their credit cards in the second quarter of 2022 to $46 billion which is the highest spike in 20 years. As a result of the recession, Americans added $312 billion in mortgage and non-mortgage debt during the second quarter of 2022. The amount of delinquent credit card debt rose to 3.35% and delinquent auto loans increased to 1.81% from 1.61% one year ago. In addition, auto loan balances increased $33 billion during the second quarter of 2022. The data showed that the average price for a new vehicle was over $48,000. Mortgage interest rates for a 30-year fixed rate mortgage as of the end of July 2022 were 5.3% compared to 2.5% a year ago and 2/3 of new mortgages went to borrowers with credit scores of at least 760. See ABI Bankruptcy Brief, August 4, 2022.
At Taieb Law we have been a New Jersey Bankruptcy Lawyer for over 37 years and we have seen how people can feel overwhelmed when they are burdened with debt as a result of the terrible inflation and recession.
If you have gotten into a situation, where you have had to run up credit cards, personal loans or any other type of debt to survive, then you have to talk to Taieb Law about bankruptcy options, since you cannot afford to make outrageous payments each month where you are forced to borrow from Peter to pay Paul just to survive.
At Taieb Law, we have substantially reduced several of our clients’ monthly payments to a payment they can afford or even totally eliminated their monthly payments on credit cards and personal loans to help them truly get a fresh start.
If you are behind on your debts and are barely making it due to inflation and the recession, it is urgent that you contact Taieb Law for a FREE consultation so he can advise you of your rights under the bankruptcy code. Then you can file a New Jersey bankruptcy to help get a fresh start, clean the slate and protect your property from creditors.
Please talk to us at Taieb Law since we have been a New Jersey Bankruptcy Attorney for 37 years and can analyze the situation to protect your rights and save you from getting yourself even deeper in debt.
If you can’t sleep and are overwhelmed, call us and we will help you resolve your individual problem like we have helped over 7,000 people over the last 37 years.
If you are sick, stressed out, or losing sleep over your debt, we can help you save your property and get a fresh start by filing a New Jersey bankruptcy for you. For more information go to www.bankruptcywithcare.com or call us at (856) 600-0819 for your FREE initial consultation.
AGAIN, PLEASE NOTE WE ARE OPEN FOR BUSINESS TO HELP YOU EITHER IN OFFICE OR VIRTUALLY. PLEASE ALSO NOTE THAT STEVEN N. TAIEB, ESQUIRE HAS BEEN VACINATED. ALSO, CREDITORS MEETINGS ARE BEING CONDUCTED VIA TELEPHONE OR ZOOM AT THE PRESENT TIME.
Steven N. Taieb, Esquire has been a New Jersey Bankruptcy Attorney for 37 years and is board certified in consumer bankruptcy law by the American Board of Certification which is accredited by the American Bar Association.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy Code.