Statistics About Jobs and Filing Bankruptcy in Indiana

May 5, 2012 4:13 pm Published by

I can tell you, all the Indianapolis bankruptcy attorneys who work in the Zuckerberg bankruptcy law offices were happy to read the Indianapolis Business Journal article explaining that “the Indianapolis jobs picture is brighter than previous reports indicated.” 

This won’t be the first time I’ve emphasized 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).

“But problems persist,” adds the IBJ. “There’s been no increase in the number of high-paying manufacturing jobs since early 2011….New jobs here tend to be lower-paying service jobs, meaning average wages aren’t keeping pace with inflation.”

Since every day we’re working with people who need payday loan debt help, student loan debt help (more about that topic next time), and help to stop foreclosure, we lawyers for bankruptcy are happy for each job announcement.  Two recent good-news items are:

  • Steering manufacturing company ThyseenKrupp Presta in Terra Haute, Indiana, is expanding its manufacturing facility and plans to create 120 jobs over the next two years.
  • Cummins  announced it’s building a new office building and warehouse in Seymour, Indiana, and plans to add 290 jobs over the next three years.
     

Statistics are moving along this kind of hopeful track as well, with the number of Indiana bankruptcy “terminations” increasing (meaning people emerging from bankruptcy to make a fresh financial start). Bank loan statistics are increasing as well.  In other words local bankers are seeing an increase in loan demand by Hoosier business owners, according to the IBJ. Since Indiana is home to so very many small businesses, their expansion is good for those who need to find jobs.

For all these reasons, I’ve considered it part of my job, part of offering Indiana bankruptcy information, to write about jobs in our state and to gather bankruptcy statistics. Here we are at the beginning of May, and the latest statistics that I’ve found going through the month of March. After more than 25 years practicing Indiana bankruptcy law, I know that March and April tend to be high months for bankruptcy filings (partly because of tax refunds providing cash for filing fees).
 

When it comes right down to it, for the process of Indiana bankruptcy – individual or small business bankruptcy in Indiana – to succeed, it takes jobs!

 

 

 

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This post was written by Mark Zuckerberg

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