Indiana Lawyer for Bankruptcy’s Lessons from the News – Part #2

July 10, 2012 1:26 pm Published by

 

Since this week’s Bankruptcy in Indiana articles are devoted to making sense out of the news, I cannot think of a better topic to write about than Indiana jobs.

 Jobs and bankruptcy in Indiana are, needless to say, joined at the hip.  Not only is job loss one of the biggest factors leading to filing personal bankruptcy, the secret to successfully emerging from bankruptcy is income – from jobs!

As a longtime debt consolidation lawyer in Indiana, it’s my job to stay tuned to signals.  And right now, as I was saying to one of my Richmond bankruptcy attorney colleagues, the signals I’m getting from reading the news are mixed. Here are some examples:

 

 “Indiana Manufacturing Jobs Rebound, But Wages Lower”  “Factories are adding back some of the 100,000 jobs lost during the recession, but wages are often less than they were before the economic collapse.”  The true life stories I’m hearing from my colleagues in all five of the Zuckerberg bankruptcy law offices bear this out.  A couple might visit the office.  At last, both he and she are working again.  But their long, long period without a salary means they now need payday loan debt help…. 

Recent Graduates Enter Struggling Job Market”

“In the past year unemployment for grade under age 25 is at 8 ½%.” Mr. and Mrs. S., who struggled for four years helping their daughter pay college expenses, now must help her support herself.  The parents have missed several mortgage payments and are visiting my Indianapolis bankruptcy law office for help to stop foreclosure on their home…..

“Solar Company’s Bankruptcy Derails Indiana Plan”

Abound Solar, who had planned to employ 800-1000 near Tipton, Indiana over the next few years, filed bankruptcy two weeks ago, I learned.  Commiserating with my Anderson, Indiana bankruptcy attorney colleagues, we thought of all the income that could have helped our clients emerge from personal bankruptcy in Indiana.

On the positive side, my Richmond bankruptcy lawyer colleagues and I were happy to read the following headline:

“Covance, Inc. Expansion Could Create 450 Jobs Over the Next Five Years”

The drug development company’s planned expansion in Greenfield can be of great help providing regular income to hundreds of Hoosiers who are trying to make a fresh financial start.


So, what lessons am I hoping Bankruptcy in Indiana readers learn from all this job-related news?  For one thing, despite the Abound Solar disappointment, the general trend is up for workers in Indiana.  We actually live in the fastest-growing state in our region, according to the U.S. Bureau of Economic Analysis.

But after dealing with Indiana bankruptcy clients for more than twenty five years, I ask individuals a different question:  “What is YOUR trend?  Is your income trending upward, but hardly fast enough to keep up with your debt? “

Making sense out of job news may mean not getting mad, but through filing personal bankruptcy in Indiana, finally getting ”even” financially!

 

 


 

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This post was written by Mark Zuckerberg

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