Middle Class Filing Bankruptcy on the Rise
Did you know that Bankruptcy has steadily risen among the middle class? The USA Today reports that in 2008 nearly 1.1 million consumers filed bankruptcy! A study by Elizabeth Warren (Harvard law), Leo Gottlieb (Professor of law), and Deborah Thorne (Ohio State professor of sociology) found that personal bankruptcy has become a middle class phenomenon. Specifically, most filers are college-educated and home owners.
If you live in San Jose or the greater Bay Area, consider yourself middle class, and filed bankruptcy in 2007 you’re not alone. In 2007 100,000 middle class families filed for bankruptcy every month! Bay Area consumers in debt should also know that college education and home ownership may not be enough to guarantee financial security. Even more alarming, the issue itself may be systemic. Specifically, the above study found that many Americans instead of graduating from college with upward mobility find themselves overwhelmed with debt.
Bankruptcy attorneys across the nation note that many middle class Americans who had a good paying job are struggling with debt, and trying to makes ends meet working at Home Depot or Lowes. Many simply won’t address the issue. They are ashamed and embarrassed. Thankfully for those willing to seek help there are avenues to a Fresh Start.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
