Everyone is talking about the economy. In the past few years we have seen a considerable rise in bankruptcy filings, which is unsurprising considering the financial state the country is in and the high unemployment rate. However, for the first time in several years, this fall has marked a dip in bankruptcy filings in Lake Worth and throughout the country.
Despite the decrease in bankruptcy in Lake Worth and in other parts of the country, reports are also showing that the poverty rate is on the rise nationally. This suggests that the number of people filing bankruptcy could easily increase again. Levels of debt are rising and the unemployment rate is at a standstill and even worsening in some parts of the country. Lake Worth currently has an unemployment rate of 7.1 percent, which is one percent lower than the average unemployment rate reported throughout the rest of the U.S.
Since the economy tanked, according to the U.S. Census Bureau more than 40 percent of Americans have been forced to seek out some form of debt relief program. These statistics include bankruptcy. Americans are struggling to survive under growing piles of debt, and the situation does not seem to be improving. Nearly twenty percent of Americans are living below the poverty line. Many Americans are reducing their expenses as much as they can, but regardless, the average debt for most American families ranges from $10,000 to $20,000, which is an insurmountable mountain to pay off for many people. This is a vicious cycle. Decreased consumption ultimately has bad implications for the economy nationwide as it means that with less revenue, job creators are not creating jobs.
Many families in Lake Worth are facing dire financial straits. If you are struggling with debt and are having difficulty making ends meet, you are certainly not alone. More than one million Americans sought bankruptcy last year. Bankruptcy is a safe, comprehensive source of debt relief and stress relief for many families facing financial ruin. If you file for bankruptcy, you may be able to eliminate many of your debts, including medical expenses, credit card debt, and personal or payday loans.
Bankruptcy can’t fix a stagnant economy. Bankruptcy cannot create jobs. Bankruptcy cannot make healthcare more affordable. It can, however, offer individuals in Lake Worth and everywhere who are facing tough financial circumstances a fresh start and some much-needed relief from financial burden.
Bankruptcy Lake Worth – Considering bankruptcy in Lake Worth? Sean Koplow is a bankruptcy attorney in Lake Worth who has been practicing bankruptcy law for more than 15 years. Known for his compassion for the underdog, Sean has helped thousands of people just like you through the bankruptcy process so they can have a fresh start in life. If you are in need of legal counsel, please call to schedule an immediate consultation in our Lake Worth office.
