Inflation hitting you hard? Gas Prices high? Rent high? Putting some expenses on a credit card and then trying to make a payment on it that cover the amount you put on?
You aren’t alone. Before the pandemic, Americans were already living paycheck to paycheck. With the pandemic and the uneasiness that it has created, bills seems to be the least of our worries, but still keeps us up at night.
Inflation and the sky high rent has also impacted people in the Seattle area from just trying to get by. Economists have said that the rent moratorium hasn’t made rents cheaper, but in fact MORE. How is that possible? Most people who are renting are living pay check to pay check. Home prices in the Pacific Northwest have sky rocketed so much that it has forced some renters who had dreams of home ownership to remain where they are. That’s also driven up rent. Furthermore, it doesn’t look like people are leaving the Seattle-Bellevue area any faster, but in fact are still coming and looks like they’re here to stay.
Older landlords have also seen the sky high prices they could get for their homes. That’s driven an increase in sales, leading to less single homes for rent and you’ll likely end up in an apartment complex.
If you intend to stay in the area (and most of you do), and have looked at your finances, you can’t change the rent you are paying. However, you can manage your bills and plan for the future. Thinking about filing bankruptcy is a way to go if you find yourself with little to no money left after you’ve paid the bare minimum (rent, utilities, food) and saved for life’s instances (car repairs, doctor visits for you, your family, and your four legged dependents).
Please give me a call if you’re thinking about it. I’m happy to talk to anyone whose thought about bankruptcy and see if it’s a right fit for you. The important thing is that you at least know your options and what lies ahead.