It seems like there is less money going around than there used to be. All across Denver, Aurora, Westminster, and the Colorado Front Range, middle class Americans who used to be the backbone of society are beginning to disappear. Denver Chapter 7 or Chapter 13 Bankruptcy lawyers are intrigued by recent studies that show that the average middle class family that consisted of two working individuals and one dependent (meaning a family of three with two adults and one child), is making $4,000 dollars less than they were ten years ago (in inflation adjusted dollars). That means an average a family could be $40,000 poorer today than they would have been if historic trends had held. In today’s economy, $40,000 can go a long way. It is the difference between a college education for a child or none at all. It is the difference between reliable transportation and a “junker” car. It may even be the difference between a Chapter 7 or Chapter 13 Bankruptcy and a debt-free lifestyle.
The middle class family in Broomfield, Centennial, or Aurora struggles more to make ends meet in 2013 than they did in 2003 because income has decreased, but the cost of living and inflation has increased. The middle class does not mean the same comfort and security that it did ten years ago. People now know they have to work harder than they used to to secure a good life financially for their family.
The rise of student loans is another factor in middle class life struggles. Students may feel that since federal and private student loans offer a low interest rate, they can take more out and repay it after they find a job. With the economic downturn, many students that started families while anticipating the start of their dream job after graduation were sorely disappointed. Realizing they had wives, husbands, and children to worry about instead of just themselves, many people found themselves in a difficult position. The weight of outstanding student loans is very heavy on college graduates and makes their entrance into the middle class economic level very difficult.
A Chapter 7 or Chapter 13 Bankruptcy can help give a fresh start to discouraged middle class families who can’t make ends meet like they used to. Contact experienced Denver Bankruptcy attorney Barry Arrington at 303-205-7870 for your best, fresh start possible.