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Bankruptcies On The Rise Due To Shrinking Household Incomes

Over the last few years the average median household income has dropped 4.8 percent to $50,964, according to a report by Sentier Research.  If you look at income since the start of the recession in 2007, income has dropped nearly 10 percent.

The reason income has dropped? People who lost jobs during the recession have taken pay cuts in order to get hired again. They are  averaging 17 percent less income in their new jobs.

News on the job front is not much better. Unemployment remains nearly 9 percent. The average time a person remains unemployed averages 40 weeks, the longest in more than 60 years.

We understand how frustrating it is to work just as hard as you did before, for less pay.   In addition to having debt collectors harass you about bills that you would pay if you could afford it, but can’t because you are either unemployed or working for less money.

If you are experiencing financial difficulties, you are not alone. Bankruptcy offers protection of your wages and assets from creditors.  Please give my office, The Law Offices of Todd M. Friedman a call today at (877) 449-8898 to discuss your options.