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West Palm Beach Bankruptcy & Business Attorneys > > Bankruptcy in Florida > Gas Prices Rising and Consumer Debt Relief

Gas Prices Rising and Consumer Debt Relief

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There does not seem to be a lot of optimism that prices at the pump with go lower any time soon. According to Michael Green, a spokesperson for AAA, which issues daily reports on nationwide gas prices, “If the situation (in Iraq) continues to get worse, American consumers can expect to pay more at the pump.”

Food Prices On The Rise Too

Other consumer costs, like those for food, have also jumped in recent months. The most recent Consumer Price Index showed food prices rose by 0.4 percent in March compared to overall prices, which rose by 0.2 percent. The biggest increases are being seen in staples such as eggs, milk, butter, oranges, ground beef, pork, and poultry. Another factor that contributed to the overall increase in consumer prices was the increased cost of shelter, electricity, and airline travel.

Predictions by the U.S. Department of Agriculture (USDA) indicate that there is unlikely to be any relief for consumers in the near future. The USDA believes food prices will rise between 2.5-3.5 percent this year.

Bankruptcy Can Provide An Option For Consumer Debt Relief In West Palm Beach

The Bankruptcy laws allow consumers to create a payment plan or liquidate their assets to pay their debts. It helps consumers get a fresh start when they can no longer pay their creditors.

Under Chapter 13 bankruptcy, which is also called a wage earner’s plan, individuals with a regular income can develop a plan (usually with the assistance of an experienced bankruptcy attorney) to repay all or part of their debts.

A Chapter 7 bankruptcy case though does not involve a repayment plan. Rather, the debtor is allowed to keep certain assets (called “exempt” assets, which can include things such as a homestead, insurance benefits, checking or savings accounts, vehicles, support benefits, and other personal property to ensure that the debtor has enough to meet basic living needs), with the debtor’s non-exempt assets being sold to pay creditors.

Help With Getting Debts Under Control

Although this is a short summary of how consumers can be helped by the bankruptcy laws, an experienced bankruptcy attorney at Kelley, Fulton & Kaplan can provide a full explanation of your options. If you are considering filing for bankruptcy in the West Palm Beach area and would like to learn more about Chapter 13 and Chapter 7 bankruptcy possibilities, please call us today at (561) 203-8357 or contact us through our firm’s website. We would like to help you.

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