Many Americans living paycheck-to-paycheck

Finances are a complicated matter. It can be difficult for a Mississippi resident to juggle income, expenses and savings -- especially when income is low or unstable and costs are constantly on the rise. The situation is only further complicated when solutions, like personal bankruptcy, are unfamiliar.

A recent report by the Corporation for Enterprise Development focuses in on the financial challenges of Americans, particularly those in economically insecure areas like Mississippi. Although the federal government is reporting steady, positive growth in the employment sector, the CFED has found that nearly 50 percent of Americans are living paycheck-to-paycheck.

The report refers to such individuals as "liquid asset poor" and further highlights that about 40 percent of families of four have less than $6,000 in savings. As result, if future, high expenses should arise for such families, they will face serious financial challenges.

Fortunately, there are legal remedies that are available to Mississippi families with little savings who face unpaid bills and one of these remedies is filing for bankruptcy. Because bankruptcy is a legal tactic, it can often seem out-of-reach or confusing to many Mississippians. However, it is a solution for those living paycheck-to-paycheck.

Generally, bankruptcy is a procedure that takes place in the federal courts, including those in Mississippi, which helps those struggling with debt to possibly wipe away their debt and also satisfy their creditors.

Working with a bankruptcy attorney can shed light on the best options for a family struggling with debt. For instance, there are ways to try to save personal belongings, like the family home, all while in attempts to eliminate debt.

Source: Time, "Nearly Half of America Lives Paycheck-to-Paycheck," Christopher Matthews, Jan. 30, 2014

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