Times certainly could be better. There has been some good news in recent weeks, as manufacturers are again hiring in the United States, including in Louisville, where GM has recently shifted some operations, The New York Times reports.
But for many others — more than 9 percent to be exact — finding a job hasn’t gotten any easier. For some families, a potential solution is to consider Louisville bankruptcy.
Our Louisville bankruptcy lawyers know that job loss is a terrible thing. It hits us in our pride and can cause emotional problems. More practically, it brings financial instability.
Some families can’t make payments on bills, they may miss a house payment, credit cards become much more of an everyday tool, and they may even opt to take out a loan. In the meantime, lenders are contacting these families by phone, e-mail and other means. They’ve probably hired collection agencies, attempting to get any kind of payment possible.
The good news according to Business Journal is that unemployment rates dropped in November in 351 of 372 metropolitan areas, including Louisville, according to recently released statistics. In October, the unemployment rate was 9.8 percent and a month later it was 8.8 percent.
Another report states that Kentucky’s unemployment rate overall dipped from 9.6 percent to 9.4 percent from October to November. Both of these are encouraging pieces of news.
The New York Times wrote a piece that looks at manufacturing jobs and the fact that while more American businesses are hiring again, they are bringing in people at much lower rates than in years past, even those represented by powerful unions. The guarantee of work these days has become more important than fighting for big raises or large benefits packages.
The article hits on the fact that General Electric’s factory in Louisville is now being used to create new water heaters, a process that previously was being done in China.
These are all encouraging bits of news for our state and local economy, but the bottom line is that more than 9 percent of people are still without work. At 9.4 percent unemployment, that means nearly 408,000 Kentucky residents are out of work, according to 2010 census numbers. So, where does that leave most people?
The bottom line is that filing for bankruptcy in Louisville can be an appealing prospect for some people who are out of work. The process is designed to help people get rid of debt that is making life difficult. Rather than continue struggling with minimum payments and constant reminders of the situation you’re in, bankruptcy can solve those issues.
After completing the process, those who file for bankruptcy typically get all or most of their debt cleared away. That means credit card debt, medical bills, other types of loans and other debt can be gone and the process of restoring credit scores and savings accounts can begin.