Study Finds Bankruptcy Filing Increases Annual Earnings and Reduces Stress

Are you in the Columbus, GA area and find yourself experiencing mounting debt?  If so, the bankruptcy lawyers of Carmichael Law Group LLC want you to know you have options to address your bill problems once and for all.  Moreover, according to a study released in the National Bureau of Economic Research, economists Will Dobbie and Jae Song:

‘[E]xamine 500,000 bankruptcy filings in the United States to measure the effect of bankruptcy laws on consumers. They found that the bankruptcy code is an incredibly effective social insurance policy. According to their findings, getting approved for Chapter 13 bankruptcy protection ‘increases annual earnings by $5,562, decreases five-year mortality by 1.2 percentage points, and decreases five-year foreclosure rates by 19.1 percentage points.

The paper’s authors argue that bankruptcy protection helps workers earn more by removing the disincentive to work resulting from creditors garnishing worker’s paychecks. If a person’s wages are garnished to the point that it didn’t pay to continue working, they often decide to stop working altogether.

The study also found that bankruptcy helps people live longer, due likely to the fact that dealing with debt problems, rather than letting them fester, significantly reduces stress. Chapter 13 bankruptcy also allows people to stay in their homes because it is designed specifically to allow borrowers to avoid foreclosure.’

As you can see from the economist’s report, a bankruptcy filing could actually improve not only your finances but your health.  For a free consultation, call our Bankruptcy Attorneys [Columbus, GA] today.  We want to help you get the relief and peace of mine that you deserve.