Showing posts with label gas prices. Show all posts
Showing posts with label gas prices. Show all posts
Friday, March 18, 2011
Rising Gas Prices Impact Debtors in Bankruptcy
Rising Gas Prices Impact Debtors in Bankruptcy
Debtors in bankruptcy are required to disclose all household income and expenses. While the debtor’s income is often relatively easy to determine through pay stubs and bank records, calculating expenses can be more elusive. When completing your bankruptcy schedules it is important to be realistic. Often changes in the economy can significantly affect your budget. The recent spike in gas prices has impacted the budgets of American families, and changes calculations within your bankruptcy case.
The U.S. Energy Information Administration recently determined that the average price for a gallon of regular unleaded gas in the United States is $3.567. That is a change of almost $.78 from the same time last year. Many economists believe that the national average will climb to over $4.00 per gallon. In fact, in some states (notably California) gas is already over the $4.00 mark.
It is important to account for this increase in your family’s budget. If you drive 12,000 miles per year and your car averages 25 miles per gallon, you use 480 gallons of gas per year, or 40 gallons per month. At the national average price of $3.567 per gallon, you spend almost $143 per month on gas. That is already $31 more per month/per vehicle than a year ago. If gas prices climb to $4.00 per gallon, the additional cost to a two income, two car family will be approximately $97 per month more than last year.
Higher gas prices have also contributed to an increase in food prices. According to the U.S Department of Agriculture, food prices for a family of four with school-aged children averaged $1184.50 during the month of January. That's $26.20 per month more than the same time last year.
While not every budget increase will necessitate a change in your bankruptcy schedules, any significant change that occurs after you sign your bankruptcy schedules should be brought to the attention of your bankruptcy attorney. While only a small percentage of cases will be affected by increases to a debtor's expenses, it is important to keep your attorney apprised of changes in your finances during your case.
Sunday, February 3, 2008
Gas Prices = Calls to my office
I have notice a correlation over the last few years. It seems when gas prices spike so do calls to my office for Bankruptcy consultations. It is awful that people are living that close from pay check to pay check, but these are today's realities. Thankfully, over the last week or so it seems like gas prices have been on the decline. It has not been a huge decline but at least for now gas is under $2.90 a gallon. However, I have been reading articles predicting gas prices to be around $3.50 to $3.75 a gallon this summer. Hopefully, these predictions do not come true. While I do not think an increase in gas prices even to the $3.50 plus level alone will push most households into Bankruptcy. What could push households into Bankruptcy is when food, clothes and other basic needs increase in price due to increases in delivery costs this may force people into Bankruptcy. If you are living paycheck to paycheck, and are seeing an increase in necessary expenses that are increasingly getting harder and harder to make, Bankruptcy maybe a solution to your problems. I offer a free consultation to discuss your financial situation and my fees start at $675.00 plus filing fees and cost. Feel free to contact my office at 850-607-2222 to setup your free consultation.
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
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16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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