Economics Finance

Statistics show that a certain demographic is likely to file for bankruptcy and with the largest “reason” for filing being a loss of income; this demographic is highly likely to be filing in 2009 and 2010 as unemployment reaches into the double digits. We explore this demographic in greater detail and discuss three simple ways that people can fly “under the radar.”

Unfortunately, with rising unemployment it is quite likely that bankruptcy filings will continue to rise. According to national statistics released by the Administrative Offices of the Courts, US Chapter 7 bankruptcy filings were up 43% in 2008 (from the prior year). There is no reason to expect the trend to reverse dramatically for 2009.

With over 1 million filers each year, it should not come as much of a surprise that people are getting over-extended on their credit. And it makes sense, too. With an average age of 38, your typical Chapter 7 bankruptcy filer is also more likely to be a married couple. Continue reading ‘Married and in Your Late Thirties? Bankruptcy Might Be Around the Corner’ »

Jobs have been fleeting the last few years. Fortunately, unemployment benefits have provided a safety net for many people. Most people don’t realize that the taxability of these benefits is an issue.

The Great Recession has move through practically every financial industry and the end result has been huge increases in unemployment numbers. As I am writing this, the unemployment rate stands at just under 10 percent. That is staggering. It means roughly 1 in 10 people are without a job. Many others are working part time or reduced hours and thus are not counted as unemployed. All and all, it is a fairly dire situation and one can only hope business picks up and jobs start being created. Continue reading ‘Are Unemployment Benefits Taxable?’ »