Underbanking in Mississippi

Many different economic and financial factors impact a Mississippian's financial state. Sometimes no matter how much responsibility an individual takes on to rectify the situation, pulling oneself out of a bad financial situation seems nearly impossible. This is when personal bankruptcy can come into play.

Recent figures about American households were compiled and set forth in the Assets and Opportunity Scorecard. The Corporation for Enterprise Development, an organization that studies household finances and relates them to public and business policies, compiled the figures. The figures reveal that Mississippi ranks in last place all of out the states with respect to household financial situations, noting that many of the Magnolia State's households are in a persistent state of insecurity.

One of the issues contributing to Mississippians' devastating financial situation is underbanking. Underbanking is the situation in which individuals may have a meager checking or savings account but primarily rely on other services like payday loans or money orders to supplement their financial condition. Underbanking is bad news for both the individual as well as the economy.

One way that a Mississippian can begin to take control over the situation of underbanking is by seeking an attorney's advice and filing for bankruptcy. Federal law governs bankruptcies throughout the United States, including in Mississippi. A bankruptcy attorney can help consumers with questions such as whether they qualify for bankruptcy as well as what bankruptcy process may be most suitable to their situation.

Whatever option is selected, there is one goal: eliminate debt. Personal bankruptcy can certainly bring this relief.

Source: newsreview.com, "Sluggish," Dennis Myers, Feb. 13, 2014

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