131 million MORE slipped to low income category

While everyone is caught up in the 'wear a mask' or 'don't wear a mask' dilemma....the chatter over businesses looking for workers, and the question of whether or not government assistance is encouraging folks to just stay at home...the fact remains that the COVID-19 crisis dealt a huge blow to middle income America.

An article from Pew Research found that globally, the number of qualified 'poor' has risen 131 million MORE during the crisis. (story here)  The vast majority of those additional 131 million fell from the ranks of 'middle income'.   
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Last week we mentioned that the average 'working' wage in Tennessee is around $1,000 per week.  Here's a bit more information about income disparity depending upon your job (stats here).  Nationally, the average weekly wage for management and professional occupations is near $1,300. The average weekly wage for service and laborer occupations is closer to $650 a week (even less here in Tennessee/$550 here).  We can all agree that the majority of West Tennessee workers fall into the service and laborer category.  Those were also the first jobs impacted by the crisis. 
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Despite recent tax and benefits packages announced by the White House, there is no doubt that any relief is temporary and just enough to keep families from starving.
 
Many of those middle income, or formerly middle income families have found themselves in a paperwork and red tape nightmare as they try to survive their financial problems. 

We may have the solutions you need, either in addition to whatever government assistance you're receiving, or if you don't qualify for that assistance. At the law office of T. Verner Smith, we have helped thousands of families overcome financial difficulties through debt restructuring, negotiations with creditors, budget adjustments, and if required, bankruptcy. There are several remedies available, including legal options if needed.

​Call our office and schedule a free consultation. As the statistics have proven, you and your family are not alone in this struggle. Call us today and let's start charting a path to relief.  Our number is (731) 423-1888.