Recession Continues With Higher Bankruptcy And Unemployment Rates

Everybody knows that the economy isn't too great right now

. A new report issued by the government claims that 500,000 people have claimed unemployment benefits. Even if many of these folks get their benefits, they will still probably have a tough time paying their bills.

A lot of smart people are claiming that unless more people are getting jobs, the economy isn't going to get better. The current layoff numbers point to the fact that the recession may be tougher to beat than we hoped. The worst part of all of it is how many Americans have lost their jobs because of outside circumstances. Is the jobless rate in the United States responsible for Missouri bankruptcy filings reaching some of their highest levels since 2005?

Nobody can say for sure what the objective reason is, but I know how many people come into my office every day because they lost their job and didn't know where to turn. A lot of these people were in the wrong place at the wrong time.

This touches on one of the little known facts about bankruptcy: so many folks go into bankruptcy after a horrible, life-altering change, like getting laid off, a bad sickness, or a pay cut. Bad things happen to good peopleand choosing to do something about those bad situations is a responsible decision.

Doing the right thing for your family might be the best way to find a new job. People always ask me, "Will someone hire me after I get out of bankruptcy?"?"

My response? Many people that I have helped through bankruptcy found a new job afterward. Here's why: if you lose your job and find yourself in an unmanageable amount of debt, you're not going to be able to focus on what is importantfinding a job. The stress of creditor calls and threats of foreclosure don't help someone find work. When you begin bankruptcy, you can have a fresh start without being harassed.

There are so many who come into my office because they were laid off or had an expensive medical emergency that put them in debt. But, also, I was there to watch them recover. A lot of times bankruptcy offers a new beginning for your family. As always, its not going to work if you don't try to fix it.

So, what's your next move?

by: Jim Brown

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