“John”, a builder in Louisville, just finished his most recent million dollar home. But when, his contract fell through, he found himself facing a financial fate he’d never anticipated. Overnight owing a $100,000.00 payment on a construction loan.
This is the new face of bankruptcy. The recession, the worst in 70 years, pushed more used to be rich people into bankruptcy than in previous recessions.
Bankruptcy filings were up over a third in the first half of 2009 from the same period the previous year. Experts predict the number of bankruptcies will keep rising even as the economy gets better.
Studies show that more and more middle class folks are feeling the pinch. Personally, I’ve notice three times as many of my clients earn more than $50,000.00 than a couple of years ago. Experts blame the increase on slumping real estate prices and job losses, which have cut deeply into professional positions. Right here, I see a lot of builders, Ford workers, and professional people.
Bankruptcy isn’t just for the poor. More and more working people need bankruptcy than ever before.
Call us, we can help.
Wantland Law
Serving Louisville, Bullitt County, and surrounding areas.