August 2012 Archives

Pressures on the middle class force alternate financial solutions

A study conducted by the Pew Research Center reveals that the middle class is shrinking. While many members of the middle class blame Congress for the demise, few are willing to take personal responsibility for their financial problems. However, personal responsibility can significantly improve the financial situation for many, including those in Mississippi. When a person attempts to combat his or her individual debt, a host of remedies, like personal bankruptcy, are available.

Mississippians, it is not just your imagination.

The middle class in the United States is becoming increasingly poorer as 85 percent of those surveyed reported that in the last decade it was more difficult to afford the lifestyle of the middle-class. This is according to a new study conducted by the Pew Research Center's Social and Demographic Trends Project. In fact, the survey shows that for the first time in several decades going back as far as World War II, families considered middle-class completed the first decade of the 21st century with lower incomes than were reported ten years prior.

Mayor of Southaven has his wages garnished

The auditor of Mississippi recently announced that the state will garnish the Southaven mayor's paychecks to help recover funds that the mayor was ordered to repay last year. This decision demonstrates that few people can escape the law when they have failed to make payments pursuant to a court order. Although the mayor may not be financially devastated by having his wages garnished, his situation is a lesson for many individuals in Mississippi. It reminds people that wage garnishment can result in financial ruin if they are unfamiliar with the law and do not respond quickly and appropriately to possible garnishment.

Credit card use declines as consumers face financial challenges

Mississippi residents should realize that they are not alone in their fears about credit card debt and other financial challenges. In fact, the Federal Reserve just released a report indicating that United States consumers cut back on their credit card use this summer. However, consumers' attention to credit card debt is not distracting them from their crucial needs. Recent statistics also show that consumers continue to borrow money for automobile and education loans. The current financial situation is a bit of a roller coaster ride as consumers grapple with managing their expenses and other financial challenges.

Struggling with debt? Chapter 7 bankruptcy may be the answer

After struggling with debt, the 1986 Major League Baseball American League rookie of the year and 1988 league MVP, Jose Canseco, recently filed for bankruptcy protection. Mr. Conseco specifically filed for Chapter 7 bankruptcy, which offers individuals relief from most of their debts through asset liquidation and debt discharge allowing for a fresh financial start.

Should you file bankruptcy or let the bank repossess your car?

The question of whether to file for bankruptcy or let the bank repossess a car has many answers, all of which require serious consideration. One reader of a debt advisory column asked which of the two options would be less damaging to her credit score. But there are other options she may not have considered. The scenario, which could apply to any Mississippian, is that there are two car loans of which the reader states she is only having a problem making payments on one of the loans.

Office Location

7160 Tchulahoma Road Suite A5
Southhaven, MS 38671

Toll Free: 888-341-8136
Phone: 662-655-1605
Fax: 866-267-5360
Southhaven Law Office Map

Review Us

REACH US BY PHONE