Panama City, Florida. – At the start of 2020, the number of bankruptcy filings began to decline and continued to do so as the coronavirus pandemic swept the world. At any rate, local debt consolidation lawyers Lewis and Jurnovoy theorize that despite low filing numbers throughout 2020 and 2021, rising credit balances last year could signal a dramatic shift in the other direction in 2022.
Many people didn’t want to risk taking out new loans or increasing their debt levels with the stability of the economy in question for most of 2020. However, Erica Giovanetti, personal finance reporter for Fox Business, said in a article early February that “as the country’s economy comes back to life and unemployment rates return to pre-pandemic levels, consumers are returning to old borrowing habits. Revolving credit balances increased nearly every month of 2021, from $961.5 billion in January to $1.04 trillion in November. This suggests that consumers have higher balances on their credit cards, car loans and personal loans. »
With credit balances soaring and eviction bans and foreclosure moratoriums no longer in place in 2022, Lewis and Jurnovoy speculate that the country could see the number of bankruptcy filings start to rise d shortly.
For those who need help with debt relief, Lewis and Jurnovoy offer free appointments to anyone considering filing for bankruptcy. the experienced bankruptcy attorneys at Lewis and Jurnovoy can help you with many different types of debt, as well as a variety of financial levels. They work tirelessly to find the best financial solution for each client. For more information on bankruptcy help in or around Panama City, call Lewis and Jurnovoy at (850) 913-9110 or visit them online at www.LewisandJurnovoy.com.
For more information about Lewis & Jurnovoy, PA – PCB, contact the company here:
Lewis & Jurnovoy, Pennsylvania – PCB
2714 West 15th Street
Panama City, Florida 32401