It’s true. After 25 years as a debt consolidation lawyer offering Indiana bankruptcy help, I’ve seen the effects of the past few years’ recession up close and personal in the numbers of owners filing small business bankruptcy in Indiana. I’ve also seen the effects of downsizing of the work force, and how many people have been forced into filing individual bankruptcy in Indiana.
But what I’ve also seen is small businesses and individuals emerging from bankruptcy and rebuilding themselves. Why, every one of the good bankruptcy attorneys in Indiana who works in the Zuckerberg bankruptcy law offices has success stories to tell. Some of those stories tell how they helped individuals and small business owners prioritize payment of expenses and negotiate with lenders, with the result that they avoided bankruptcy! Other success stories involve emerging from bankruptcy to take advantage of the fresh financial start offered through Indiana bankruptcy law.
As I’ve often said in these Bankruptcy in Indiana articles, though, there’s one common thread that almost always appears in a success story, and that thread is jobs. There’s no escaping the fact that, while filing personal bankruptcy in Indiana can offer immediate relief from debt problems (whether it's bankruptcy Chapter 7 in Indiana or whether the person files under Chapter 13 bankruptcy law), no bankruptcy can be successful in the long run without steady, ample income, and that means jobs.
I’ve been collecting articles about the current job market in Indiana. I asked all of the Anderson, Richmond, Bloomington, Indianapolis, and Columbus bankruptcy lawyers to pass along to me any article about jobs that they find. Here are three I think important to share:
Indiana economist Morton Marcus talks about JOLTS, which are statistics (JOLTS stands for Job Openings & Labor Turnover Survey) produced by the U.S. Bureau of Labor Statistics. There are currently 3.2 million job openings in private sector here in the U.S., Marcus points out, which is 400,000 more than a year earlier.
PRNewswire reports that U.S. auto industry jobs are up nearly a quarter million since 2009.
In a fascinating article, Sharita Forrest demonstrated that during any economic slump, the number of households with stay-at-home fathers increases. As this recession wanes, however, she predicts that more of those dads will stay put – at home, allowing their wives to be the breadwinners.
My reason for collecting the articles? To reinforce to Bankruptcy in Indiana readers how crucial it is for those who’ve filed personal bankruptcy in Indiana to have regular, sufficient income from jobs. That holds true not only for those debtors who file under Chapter 13 bankruptcy law in Indiana (who must have income to keep up with their 3-5 year debt repayment plans), but even for those who file bankruptcy Chapter 7 in Indiana (who need to keep the bills paid and re-establish their financial lives).
When it comes right down to it, income from jobs is what gives the “jolt” to bankruptcy’s fresh financial start!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg