Unemployment Rate on the Rise

The metroplex continues to feel the pain of unemployment as updated stats were announced today in the Denton Record-Chronicle.  The City of Denton and Denton both experienced significant increases in their unemployment rates.   The article stated:  “Denton County’s unemployment rate reached 7.6 percent in June, up a full point from 6.6 percent in May. The city of Denton’s unemployment rate rose to 6.6 percent in June, increasing more than a full percentage point from 5.4 percent in May.”  The overall unemployment rate for the Dallas-Fort Worth area is now up to 8.2 percent.  Increases like these have placed a strain on the ability of the Texas Workforce Commission to respond and fund unemployment claims.

On the national level, the news isn’t much better.  The unemployment rate in fifteen states has now crept pasted the dreaded 10% mark.  Several companies are beginning to show signs of recovery and moving forward.  Citigroup posted a $3billion second-quarter profit.  Bank of America also reported second- quarter profits.  Even with glimmers of recovery like these, the high unemployment rate continues to plague businesses and consumers.  Bank of America, for example, recorded $13.4 billion in loan losses related to unemployed consumer, even though they posted an overall profit.  The same category of losses was only $5.8 billion a year ago.  Even if markets do continue to improve and more companies continue to improve their bottom lines, the forecast for the job market is not enthusiastic.  Many predict that it will take anywhere from five to six years for the labor market to fully recover.

Unfortunately, when your house and car are at risk, you may not have five or six years to recover before you lose everything. If you are faced with job loss and high debt, considering seeking additional help from a qualified bankruptcy attorney.  In these times, many people are seeking jobs in different areas and at lower pay than they have in the past… essentially relying on the adage that something is better than nothing.  This is not the case with a bankruptcy attorney.  When you are seeking an attorney, treat it like you were doing a serious job hunt.  Learn something about the person that you are seeking to hire.  A good starting point is the State Bar web site.

Even though only small pieces of information are available, they are still extremely valuable to you in making a good decision.  A profile will usually give you general practice areas for the attorney.  If you see that their usual area of practice is something other than bankruptcy, you may not get the fullest amount of advocacy that your case deserves.  Look for an attorney that is experienced in bankruptcy law and practices in the area where you will file your bankruptcy.  This site will also tell you about any general issues that other clients may have had with the attorney.  The decision to file bankruptcy is a significant decision for most people.  Who you hire to help you with that decision is just as important.  Their expertise and dedication to your case will directly impact how your case will be handled and progress through the bankruptcy process.

Speak to a bankruptcy attorney today