Economic Downturn A Busy Time For Bankruptcy Lawyers

Economic Downturn A Busy Time For Bankruptcy Lawyers

Santa> certainly have understandable cause for alarm. It is very unfortunate that Santa Ana bankruptcy lawyers are busiest and most profitable when the economy is at its worse. The recent national employment rate is at a staggering 10.2% and that has been consistently increasing. There is definitely a correlation between the unemployment rate of a specific area and that area's bankruptcy rate as Santa Ana bankruptcy lawyers can probably attest to. A lot of information can be revealed from reviewing an area's unemployment, bankruptcy, and foreclosure rates. If a person is laid off from his or her job then the ability to financially support themselves, their families and the lifestyles that they could, almost easily, maintain when they were still working. These people may be eligible to receive unemployment benefits and services but that will only last for a specific period of time and even then, it still may not be enough to cover the basic bills. For people in situations like this, bankruptcy becomes a more attractive option. Just as there is a relationship between unemployment and bankruptcy rates, there is also a similar connection between bankruptcy rates and foreclosure rates. It almost goes without saying that if a person can no longer afford to pay make their mortgage payments then their concern for paying their miscellaneous bills may not be so much of a priority at all. Even though the mortgage is likely to be the most expensive bill for many, it is the most important so sometimes the smaller, miniscule bills are sacrificed or compromised for the sake of the mortgage payment. And if things come to a head to the point that one's ability to meet the monthly mortgage payment is irrevocably compromised then personal bankruptcy is a very probable next move.

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