It’s no secret that people in Lone Tree and Littleton are spending more money as the economy gradually improves. More job availability and more income means more spending in Colorado. Yet, more spending can also mean more debt.
Aurora Bankruptcy: Consumer Expenditures (Expenses) Increasing
Spending more money is a reality for many Americans. Yet, too much spending can lead to excessive debt.
According to a Bureau of Labor Statistics survey, the average expenditures for 2014 among American families, single people living alone, two or more people living together with shared expenses or single people living with others but who are responsible for their own expenditures, was $53,495. This was a 4.7% increase from the expenditures from 2013. Not to mention that the total expenditures nearly amounted to the total average income of Americans.
In general, spending amounts increased for a wide variety of basic needs, such as housing and food. Yet, spending amounts also increased on expenditures such as food away from home, apparel, services and entertainment, between 2012 and 2014. More money was even spent on some of these expense categories than on basic need items. Aurora residents are spending more than they can afford for non-necessities.
Looking at this survey tells me how spending more money is a reality for many people in Aurora, Colorado and across the United States. Unfortunately, too often these excessive spending habits lead to the accumulation of debt.
Centennial Chapter 7 and Chapter 13 Bankruptcy for Debt Relief
This rapidly increased spending is why I offer solutions with both Chapter 7 and Chapter 13 bankruptcy in Centennial and Greenwood Village. It doesn’t matter how much debt you may be in—the goal is to give you financial relief.
If your income isn’t enough to stabilize the large amount of financial obligations in your household (credit cards, car payments, rent and medical expenses), you need an experienced bankruptcy lawyer. If your income has increased and led you into dangerous spending habits, you need an expert bankruptcy attorney.
Contact my office immediately to schedule a free initial consultation. We can discuss how Chapter 7 or Chapter 13 bankruptcy filings might be best for your unique financial situation.
If you are struggling with debt and are wondering about Chapter 7 or Chapter 13 bankruptcy filings in Aurora, Littleton or Denver, contact expert bankruptcy attorney Barry Arrington for a free consultation at 303-205-7870. He will help you get the best fresh start possible.