1.4 Million Personal Bankruptcy Total Mirrors the Unemployment Benefits That Will Soon Run Out for 1.5 Million People
In the summer of 2009 analysts have fearfully projected that 1.5 million people collecting emergency unemployment benefits would be put out on the streets. Every individual can be eligible for up to 79 weeks at about $300 per week. This is bad news for those on the brink of bankruptcy, especially since the total number of bankruptcy filings this year is estimated to surpass 1.4 million.
The Senate is still moving to stretch that to 4 additional weeks for all states, and 13 additional weeks for the 27 hardest hit states (those with unemployment above 8.5%), including Michigan, California and New Jersey. This isn’t the first lenient act Congress has taken in providing a bail-out for unemployed citizens: in March 2009, Congress put a suspension of the federal tax on the first $2,400 of every individual’s received unemployment compensation.
Analysts believe that there will be a much smaller influx of newly unemployed people and (bankruptcy filings), as companies have laid off enough employees to prevent further collapse. Still, the current 9.8 percent unemployment rate definitely affects sales, which are expected to inch slowly toward recovery by the middle of 2010. For many, unemployment is just a means of federally funded survival, as many elderly individuals used it as a supplement to the pittance of their social security checks.
If you have lost your job or are coming to the end of your unemployment, you may need to seek bankruptcy as a solution to your financial troubles.
You’re not alone in your struggle. On average this year, 5,900 personal bankruptcies are filed each day, (according to the 1.4 million filings estimated this year). We’re well cultured in bankruptcy law and are here to help.
Contact Legal Helpers at 800-260-1402 for a free bankruptcy evaluation with one of our skilled attorneys. Don’t wait till things get too far out of hand. Call us today.
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