Amarillo is considered one of the lowest ranked cities in the nation for bankruptcy cases, but a record number of bankruptcy filings are expected to hit Amarillo courtrooms this year. Forcing some credit counseling agencies and lawyers to brace for a change.
Attorney Troy Blackwell says more people are experiencing rough economic times. "It's not getting easier to pay these bills the creditor companies are raising the our min payments canceling our cards and lowering our limits, Blackwell said.
One out of every hundred households in Amarillo is expected to file bankruptcy. It's no surprise to Cathy Jacobson that more people are looking to file bankruptcy. "Not necessarily surprised because of the significant increase in the expenses gasoline, groceries utilities everything has went up, Jacobson said. Both agree that researching bankruptcy is your best option.
"I think a lot more people exploring those options. People are having to look at they may not be able to pay certain commitments that they may have been able to pay before, Blackwell explained. "It's not legal advice basically telling what chapter 7 is and what chapter 13 is and what to expect and how it will affect their credit score their report, Jocobson says explaining some of the Consumer Credit Counseling services.
Filing Bankruptcy can be a bold and hard decisons for some, but a decision that some say can follow you for seven years or give you a fresh start to financial freedom.