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For those of us (this blogger included) who are mathematically challenged, consider this simple equation: 0.8 – 0.4 = Debt.  In September 2011, consumer spending rose 0.8% while personal income climbed 0.4%.  How will American families bridge the gap between the two figures?  We will borrow the money.  And, with personal income growth expected to be relatively flat for the foreseeable future, the debt situation will not improve very much.

If you are caught in the income/expense trap, there are only two ways out.  You can increase your income, or decrease your debt.  Increasing income may not be an option, as “a cloud of uncertainty” hangs over the economy.  Decreasing your debt, on the other hand, is a very viable option.

Both Chapter 7 and Chapter 13 bankruptcy are the fastest, cheapest, and easiest vehicles for debt reduction.  And, in most cases, the result will be debt elimination and not merely reduction.  If you have more bills than you can pay, please do not wait and hope that the situation improves.  Take control of your own financial future.  Call the law office of Henley and Henley for your free consultation.