Revised Projections Still Show Slow Economic Growth for 2013 Quarter One
Recently revised Federal Reserve growth projections for 2013 show 2.4 percent to 2.9 percent rather than the previously estimated 2.2 percent to 2.7 percent growth. Ben Bernanke, Chairman of the Federal Reserve, stated that the Fed would stay on their course of keeping interest rates low through 2014.
While these new figures would seem to indicate that the economic outlook isn’t as dismal as it first appeared, the decline in growth is nevertheless a sign that should not be ignored. What it means is that new US businesses are struggling and that American families will be digging deeper to make ends meet. This is a time to be cautious and keep a close eye on finances.
Unfortunately for many businesses and individuals, hard times can lead to increased borrowing. Creditors are anxious to lend, since they need to loan money to make money, and for the borrower, the intent is to keep the business and/or household afloat until the situation improves. Debt to income ratios can become dangerously high on the side of debt and this can lead to financial disaster.
For many, the downward spiral to bankruptcy can accelerate all too quickly and law firms like mine are often called in to handle the situation only after it’s too late to recover without bankruptcy proceedings. Even worse, often an individual will hire a firm that specializes in quick, cut-rate bankruptcies, without regard to alternative means of relief. These firms may actually do more damage to their clients’ financial situations and reputations in the long run, by neglecting to explore all the options or advise the individual of the proper steps to take after debts are discharged.
The bottom line is that, in these tough economic times, it’s easy to find yourself in over your head in terms of debt, especially if something occurs to lower your income. What I’d like readers of this post to realize is that even if you appear to have hit rock-bottom, there may be relief available without the need to file bankruptcy. Call for a free consultation and let’s work together to find the right solution for your financial problems. Even if we determine that filing Chapter 7 is the right course, I assure you, we’ll take the right steps to help ensure that the path leads to recovery, not ruin.
To find the best course of action for your situation, contact accomplished SUNCITY BANKRUPTCY LAWYER Jeff Larkin. To seek advice from MURRIETA BANKRUPTCY ATTORNEY Jeffrey Larkin, call 877.25.NEW.HOPE for a free consultation today or visit his BANKRUPTCY LAW FIRM IN CARLSBAD CA Google+ Local page.
By Jeffrey Larkin