WEST COVINA, CA / ACCESSWIRE / January 8, 2021 / Borowitz and Clark exists to help California families get out from under the crushing burden of credit card, payday loan, student loan and other types of debt. Over the years, it’s been an honor to have had the chance to help over 40,000 Angelenos get a financial fresh start.
For some of our clients, the financial conversations we have in our offices are the first time they have spoken with a lawyer and the first time they have discussed their finances without it resulting in a shouting match. We focus on getting our clients out of debt as well as their hopes for the future.
After the tragic events that unfolded this year in Minneapolis, we have a clearer picture of what that future must look like and how our law firm can play a small part in creating an even better Los Angeles.
Systemic racism is rampant in our financial system. We see it everyday as bankruptcy attorneys. The burden of debt is crushing for us all, but especially so for communities of color. A family that falls behind on even a small loan can find itself in a never ending cycle of payments and shame.
According to the Brookings Institute, the next few years will see the Black-White debt gap more than triple to a whopping $25,000. The NAACP’s report on credit card debt in the African American Middle Class reports that seventy-one percent of African American middle-income households had been called by bill collectors as a result of their debt, compared to 50 percent of White middle-income households.
According to the same report, when asked to describe their credit score, only 42 percent of African American households reported having “good” or “excellent” credit, compared to 74 percent of White households.
As a leading consumer bankruptcy firm, we feel we must do our part to strive to make changes for a fairer society. That process starts within our own office as we scrutinize our own internal processes to fight even harder for the financial freedom of Angelenos from all walks of life.
This is why we are proud to announce our membership in the Law Firm Antiracism Alliance (LFAA). As an LFAA member, Borowitz & Clark joins an effort to identify policies, laws, and practices in the U.S., and within the legal industry itself, that carry out racial inequity and to work collaboratively as a change agent to dismantle its causes. As a consumer protection law firm, we are uniquely positioned to do this work. Our efforts will be focused on the following core initiatives:
- Enhance financial literacy education for all clients
- Review clients’ credit reports for errors free of charge post bankruptcy and vigorously prosecute errors under the Fair Credit Reporting Act (FCRA)
- Devoting pro bono work to people of color and underserved communities
All of these and more will be done with the intention of reducing the effects of systemic racism, and increasing financial empowerment, in communities of color.
Contact Name: Barry Borowitz and Erik Clark
Business Name: Borowitz & Clark Law Firm
Address: 100 N. Barranca Street, Suite 250, West Covina, CA 91791
Phone Number: 626-332-8600
Website Link: https://www.borowitzclark.com/
SOURCE: Borowitz & Clark Law Firm
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