Making the Most of Your Stimulus Check
With the roll-out of the stimulus checks, we’re sure many of you are wondering how you should spend that hard-earned money. Put it in a rainy day fund, pay off those credit card bills, buy yourself a Nintendo Switch, and a plethora of games to entertain yourself during the shutdown. These are all valid options but for many Nevadans, the $1200 stimulus deposit will be spent on basic living necessities faster than the local grocery store running out of toilet paper.
Consider this: the average household in Nevada is made up of 2.68 people. The average Nevadan household has about $7871 in credit card debt. Combine this with the ever surmounting medical debt and payday loans that many people struggle to pay off, it is no surprise that the average debt per capita in Nevada totals $40,110.
Now take that average household size and say it’s composed of a single mom and her two kids, who have just received a combined $2200 for their stimulus deposit. Mom has been laid off from her job due to the corona virus and even before this was using payday loans to get by. Her children are too young to work to help pay for expenses. Sure, $2200 could help her get by for the month to pay rent, buy food, and cover her utilities. But what about next month, when she is still behind on her credit card payments, receives a bill in the mail from the hospital because one of her children got sick, and the payday loan companies have started garnishing her checks.
Now, what if we told you that for the price of one person’s stimulus check, we could erase their debt and wipe away all that worry?
For many people that come across our fees, paying $999** in attorney fees + $335 for the court filing fee, for bankruptcy can sound like a lofty upfront cost. But when compared to the amount of debt that can be erased, it is a small price to pay for a fresh start and peace of mind. Contact us today for a free consultation.
Sources:
https://www.census.gov/quickfacts/fact/table/NV/PST045219
https://www.businessinsider.com/average-credit-card-debt-in-every-state-ranked-2018-8#15-washington-37
https://www.lendingtree.com/debt-consolidation/#placesmostdebt
**Fees for an under median Chapter 7 bankruptcy
