A disturbing statistic was reported at the end of the year. It seems that the number of middle class families still struggling financially has not improved. Things are generally not getting better for most middle wage earners.
This trough has continued since the financial disaster of 2008/2009. As reported, the number of persons filing bankruptcy has stayed at these historically high rates consistently.
It is possible that the lag in the housing recovery is what is causing this crisis to be extended. There has not been an employment resurgence or a re-elevation in the real estate market. Therefore, many hopeful distressed individuals simply can’t afford to keep living hand to mouth and have decided to start fresh by declaring chapter 7 or chapter 13 bankruptcy.
If this is something you are considering I would suggest you get all your options laid out in front of you. Bankruptcy is not something to be rushed into, or should be taken with a cavalier attitude. In most areas you can find a law firm that specializes in this area and arrange for a bankruptcy lawyer free consultation
Let’s hope that the job picture recovers and housing prices start to make a steady, continuous rebound. A lot of people have their retirement and savings tied up in their homes. The fact that many mortgage holders are now underwater makes it impossible for them to think about retirement. Delaying retirement of the older working generation reduces the opportunities for young workers in this tight jobs economy.
To learn more about your options, consumer proposals and the details of various types of bankruptcy you can visit this site: smartbankruptcyguide.com