Category Archives: Bankruptcy

Sader Law Firm can help financially troubled individuals and businesses file for Chapter 7, 11 and 13 bankruptcy to erase and restructure debts.

Bankruptcies Increasing Among Gen X and Millennials Potential Signal of Debt Crisis

Despite recent positive data regarding consumer confidence, LegalShield saw a concerning rise in financial constraints in the December Consumer Stress Legal Index (CSLI). The result was a peak in consumers seeking out bankruptcy help and other legal assistance. The data for the index draws from more than 35 million legal service requests and is forecasting a dip in the previously optimistic consumer confidence. This trend of consumers seeking help filing for bankruptcy showed a disproportionate impact on younger generations and reflects a potential credit crisis. A report from Newsweek stated that this is reflected in the broader U.S. economy, as household debt rose 1.3% in the third quarter of 2023. The Federal Reserve Bank of New York attributes this to increases in mortgages, auto loans, credit cards and student loan balances. As consumers take on more debt, they are beginning to look into options to relieve this financial burden. LegalShield…
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Americans Starting to Feel Inflation Cooling

Inflation rates are now lower than they were a year ago, according to the U.S. Department of Labor (DOL). Consumer inflation expectations are also moving lower. A recent report from the DOL showed that consumer prices rose a seasonally adjusted 0.3% in December from November, resulting in prices being up 3.4% from 2022. Price increases were up 3.1% year over year in November. However, the main difference comes when looking at core prices, which exclude food and energy products that are more unpredictable. Looking at the changes for core prices show that for the first time since May 2021 prices rose less than 4% year over year, with prices rising 3.9% YOY in December. This trend of inflation easing up is likely to continue, especially when considering housing costs for both renters and owners. Rent prices have been cooling, based on new data from sources such as Zillow as well…
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The IRS Announces New Free File Guided Software for Taxpayers

The Internal Revenue Service (IRS) recently announced that its Free File guided software service is ready for taxpayers to use ahead of this year’s tax season. This will allow millions of taxpayers to file using free technology. Offered through a partnership between the IRS and Free File, Inc., IRS Free File is one of many options available for taxpayers for filing their returns online or in person. Eight partner organizations are available to help taxpayers with an adjusted gross income (AGI) in 2023 of $79,000 or less with their filing. Those with an AGI over $79,000 can use the IRS’s Free File Fillable Forms (FFFF), the electronic version of IRS paper forms, beginning January 29. IRS Free File providers will accept completed tax returns and hold them until they can be submitted electronically on January 29, when filing season begins. “The IRS continues its partnership with Free File Inc. to…
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