It’s been a tough couple of months for the economy, and many people are out of work. It’s hard to find new jobs or bring home any sort of income at all. That may mean that a lot of bankruptcy filings are on the way if the economy does not recover quickly.
You can track the risk in a lot of different ways, but let’s just look at job postings. On ZipRecruiter, a popular job posting site, the total number of listings has plummeted by a staggering 48% since January. There are few more clear indicators that the job market just isn’t there.
When asked about it by Fortune magazine, many legal professionals said that they definitely thought a wave of filings was in the works. They were preparing by hiring more staff, though they admitted that they did not know how soon it would begin happening or exactly how many new cases they would see.
What this really shows, though, is that bankruptcy is often something that people cannot control. It’s sometimes a controversial topic because people act as if you should have avoided bankruptcy or as if you made poor choices to bring you to that point. Often, nothing could be further from the truth. Most of the time, outside factors cause people to go bankrupt even when they have done nothing wrong at all — which is exactly what is happening right now, with medical concerns and the economic recession.
These are tough times, and you may be facing financial hardship. The good news is that you do have options. Be sure you explore all avenues to find the financial relief that you need.