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It's important for people with debt to understand that there are more options than they might realize.
LEXINGTON, KY, May 20, 2017 /24-7PressRelease/ -- Consumer debt has been on the upswing, with recent numbers from the Federal Reserve Bank resembling those seen in the wake of the Great Recession in 2008. Bunch & Brock, a Kentucky bankruptcy law firm, said that consumers should be aware of the options afforded to them by bankruptcy.
"Debt is truly a living nightmare for many Americans," said Matt Bunch. "Endless mail, foreclosure notices and phone calls from collectors takes a toll on a person. It can feel as if there's no way out, but it's important for people with debt to understand that there are more options than they might realize."
Several types of debt are fueling the increase, including credit card debt and auto loan debt. The firm said that these forms of debt can be addressed by filing for bankruptcy.
"Bankruptcy can be a life raft for someone with more debt that they're able to pay off," said W. Thomas Bunch II. "It's not a cure-all, nor is it always the best path forward for every situation, but for many people who will not be able to meet the demands of creditors, it is the best tool to re-establish themselves financially."
In the final quarter of 2016, the number of bankruptcies dropped 4 percent from the same period the year before. The firm said this message was an important one for consumers to hear, because even though debt has surged, bankruptcy filings were down.
"Not everyone facing severe debt has considered bankruptcy, even though it might be the best path forward," said Caryn L. Belobraidich. "At the very least, people should consider all options."
The attorneys said that bankruptcy can help debtors regain control of their finances, protect their future income and ensure the stability of their family's financial future.
About Bunch & Brock:
Bunch & Brock have been assisting people and businesses filing for bankruptcy since 1976. They represent clients across central Kentucky. Find out more about their services by calling them at 859-759-4681 or by visiting their website http://www.bunchandbrocklaw.com/
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