Downward Trend of Salaries Could Fuel New Wave of Bankruptcies

Downward Trend of Salaries Could Fuel New Wave of Bankruptcies

A new wave of bankruptcies may hit in 2010, as higher income Americans find themselves unemployed or unable to find work with a comparable salarywe may see more of those individuals seeking bankruptcy protection.

Many whom experienced a decrease in their earnings were hoping for a recovery. They delayed filing bankruptcy because they thought that if they could just hold-on for a few months they would find a new job and be able to repay their debts. Unfortunately, this was not the case for many Americans; who discovered that they may be staying at their lower paying positions longer than they had hoped. And, mortgage payments and credit card debt that was sized for their initial higher income now must be discharged in bankruptcy if they ever hope to get a fresh start, which is possible even with a lower salary.

For many, filing bankruptcy is devastating, but it doesn't need to be thought upon this way.Bankruptcy can offer an excellent opportunity for those who have been "downsized" to get back on their feet and begin enjoying life again without the burden of substantial debts. Only bankruptcy offers that type of second chance.

KALIS & KLEIMAN, P.A. is recognized and experienced in Bankruptcy Law Neal R. Kalis, M. Scott Kleiman and Edward Paez pride themselves on not just being lawyers, but being lawyers and trusted counselors. The firm's personal attention to its clients' needs and desired results produces a customized approach that this firm delivers to each case. Our Lawyers are AV-rated, which indicates that an attorney has reached "the height of professional excellence" and is recognized for the "highest skill and integrity." They have more than 50 years of combined experience, and they have participated in thousands of transactions, settlements and trials. KALIS & KLEIMAN will help you through the entire process in order to help you reach an outcome that is the most beneficial to your financial future. KALIS & KLEIMAN has earned a reputation of legal excellence and a history of successfully managing Bankruptcy cases.

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