According to an article in the Star-Telegram, the Federal Reserve expects that unemployment will top 10 percent and remain high for the next several years.
The article said:
In fact, most Fed policymakers said it could take "five or six years" for the economy and the labor market to get back on a path of full health in the long term. And, most officials saw "the economy as still quite weak and vulnerable to further adverse shocks."
The high rate of unemployment is expected to have devastating effects on the economy; but also on the individuals experiencing job losses. Many unemployed workers are finding their job search to be nearly futile as some businesses cutback on hiring and many others consider their bankruptcy options. For unemployed homeowners facing foreclosure, this long-term financial crisis may be an opportunity to honestly reassess their financial position. Are they able to realistically afford their home and other debts without income from a job, or should they consider "returning" the home to lender and discharging other debts during a Chapter 7 bankruptcy? Chapter 7 bankruptcy may be an excellent option for homeowners and even renters who are experiencing prolonged unemployment, facing foreclosure and/or struggling to pay credit card debt or medical bills. To find out how bankruptcy can help you discharge your debts and get a fresh financial start, contact a Dallas-Fort Worth bankruptcy attorney today.