A local paper, Gazzette.Net reports that there has been a decline in individuals and businesses filing bankruptcy due to a strengthening economy. Specifically, bankruptcy filings by both individuals and businesses fell by 8.5 percent last year in Maryland. For more on the story click here.
The jobs market while anemic has experienced a steady increase in jobs over the past year. While the numbers are nowhere near where economist say we need for a healthy economy it has helped more individuals get jobs.
Anecdotally, some of my clients have suffered recent job losses that have devastated their finances. Recently, a middle aged couple was hit with the news that the wife would lose her job at the end of the month joining the husband who has been out of the workforce for over 2 years.
Other clients have jobs but are barely treading water. As result, their debt continues to mount and the high interest rates keep pilling the dough for the lenders.
As aMaryland bankruptcy lawyer, I continue to see folks in desperate need of a fresh start on a steady basis. We have been lucky to be able to guide many of these folks to a new life with a brighter future for their families.
We all hope for a stronger economy that lifts the financial well being of all of us, but until then as your Maryland bankruptcy lawyer I will continue to protect my clients’ wages from garnishments, homes from foreclosure and retirements savings from greedy creditors.
This is a general overview and is not meant as a comprehensive discussion. For this reason and others, it is always a good idea to speak with a knowledgeable Maryland bankruptcy lawyer to get answers specific to your situation.
Joseph K. Githuku
Maryland Bankruptcy Lawyer
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Disclaimer: This article is provided for informational purposes only and should not be construed in any way as legal advice. This article does not create an attorney-client relationship.