Are things getting better or worse? Is it more likely that you’ll need to file for bankruptcy in the future, or less likely?
It’s hard to know the answer to these questions. But below are some articles that may serve as indicators of which way the wind is blowing.
1. “The ugly reality of lowering debt by default” (Fortune.com)
http://money.cnn.com/2010/09/28/pf/consumer_debt_default.fortune/
The article notes that while consumer debt levels are down, this is not necessarily because Americans have discovered a new-found sense of frugality and financial discipline. Rather, it’s because so many people are defaulting on their mortgages and credit card debt. And this is potentially an ominous red flag of more problems to come.
2. “Foreign Developers Circle the U.S.” (Wall Street Journal)
http://online.wsj.com/article/SB10001424052748704791004575520304277331306.html?mod=googlenews_wsj
Japanese developer Sekisui House Ltd. apparently bought a tract of housing properties in the Houston area recently. And real estate investors from Canada and Australia have been asking the National Association of Homebuilders about which markets in the U.S. are poised to recover soonest. This could be taken as an indication that U.S. housing prices have reached bottom and investors are ready to start jumping back in, which in itself would be a stabilizing trend for the U.S. economy.
3. Economic Stress Map: Measuring Financial Strain Across the U.S (A.P.)
http://hosted.ap.org/specials/interactives/_national/stress_index/
This map provides a nice visual of the economic stress levels in the U.S. Plus, as you pass your pointer over the map, statistics pop up automatically for unemployment, stress level, foreclosure and bankruptcy rates. According to the map, New York seems to be doing relatively well (emphasis on “relatively”) when compared to areas like California, Nevada, Michigan and Florida.
Of course, just because New York is less stressed than Nevada has nothing to do with whatever financial stress you’re facing on a personal or business level. If you need bankruptcy help or have questions about the process and how it can be of benefit to you, please contact me for a free initial consultation.
Contact Bruce Weiner, Esq.
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