20% of Recent College Graduates Unemployed

Employment news seems to be getting more grim.  20% of recent college graduates are now unemployed.  This will undoubtedly have generation-long repercussions.  Unless a real job creation mandate is set in place, America’s future workforce will fall even further behind their international counterparts.  Combined with non-dischargeable student loans, the default rates are surely to skyrocket and probably result in the next financial crisis (mortgage and tech bubble being the last two).

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Double-Dip Recession Looming

There has been some debate whether we are still in a recession or if we have already recovered.  Statistics and bloviating politicians are not required to assess what most Americans already know: the economy has not improved since 2008.  In fact, signs of a double-dip recession are manifesting themselves.  This means more people will find it difficult: to stay in the homes which are losing equity, to find a job and to pay back debts which have accumulated due to the 3+ year recession.  Bankruptcy is an option where individuals severely affected by the recession can use in order to get a Fresh Start and hopefully relieve the burden of unmanageable debts caused by circumstances out of their control.

Unemployment Rate Rises to 9.2%

Further proof that the economic recovery seems one-sided (for the ultra-rich), the government released a “dismal job report” and the unemployment rate rose to 9.2%.  What this means is that despite an individual’s good faith effort to pay off their debts, economic factors out of their control have prevented millions of Americans from doing so.  Recently there was some seemingly good news of bankruptcy filings falling by 5%, however reasons for the drop may not be so great.  Due to unemployment, many individuals can not AFFORD to file for bankruptcy.  In the NYC Metro area, bankruptcy attorney fees + court fees typically range around $1500-$2500.  Also, due to the credit crunch that began in 2008, the amount of available credit, and therefore debt, has also fallen.  A decrease in foreclosures may be temporary due to a stricter review of foreclosures causing a backlog of cases courts must handle.  If you are thinking about filing for bankruptcy, speak to your attorney to see if an affordable payment plan can be reached.