2010: Joblessness Most Dire Since Great Depression Causing 1.5 Million Americans to File Bankruptcy

Posted on January 10, 2011

Over this last year, the number of people filing for bankruptcy in the US rose by 9%. This is the first time that total number of people filing for unemployment has been greater than 2005. That year is when the bankruptcy laws were changed making it more difficult and expensive to file. This is a strong indication on how desperate people are in the current economy.
Recently, there has been a growing trend of more families with incomes above $60,000 and college degrees being forced into bankruptcy. In addition, there has also been more elderly filing for bankruptcy because they have been forced to take on their medical care in credit cards. It’s even affecting people who are around others who have been hit hard by the economy. For example, a construction company has to stop building and the Mom and Pop store down the street has to close down and file bankruptcy. In addition, many whom still have jobs are being forced to work fewer hours and in some instances being reduced to part time jobs.

The sharp increase in long-term joblessness—the most dire since the Great Depression—has worsened the situation. More and more families are forced to rely on credit cards to pay for food, utilities and other basic necessities, in addition to picking up the cost of their health insurance.

This economy crisis is not over and is being felt in almost every part of the country.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

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