If you’re one of the hundreds of thousands of Americans working for state and local governments or other agencies, you may be one of the many wondering why so many so-called “financial experts” are saying the economic recovery is all around us. For you, it likely feels like the same old lingering economic malaise—especially as news emerges that your job may be on the chopping block in 2011, with even more cuts slated for 2012.
In fact, according to a new report from Reuters, times may get tougher on the state and local level before they get better as even larger government layoffs are expected next year. “Around 450,000 people who work for U.S. states, counties, cities, towns and villages could get pink slips in fiscal 2012, sharply up from the 300,000 positions shed this year, a report said on Monday. The number of job cuts will rise mainly because the federal stimulus program is ending while the cost of Medicaid is "spiraling," said the report by UBS Investment Research.”
With billions of bucks in federal stimulus drying up in areas like education and Medicaid, states are now forced to divert funds away from their spending to supplement these areas, with cuts hitting hardest to services on the same state and local levels, meaning layoffs are looming on the horizon for more and more people in the public sector.
This forecast comes as some 45,000 folks in North Carolina alone, all of which are long-term unemployed workers, wait impatiently as they watch their own benefits run out even as state government continues to punt attempts to pass legislation to extend them. Many of these out-of-work Tar Heels are among the state workers who’ve already been laid off with many more on the way post the government’s July 1 fiscal year shortfalls.
With so many out of work and without proper unemployment benefits, and so many more looming layoffs in our state’s fiscal future, you might be wondering what you can do to stay out of serious financial trouble, even as you find yourself drowning in debt.
In these uncertain financial times, fraught with tough economic realities even as prognosticators only see “recoveries,” it has never been more important to understand all of the tools you have at your disposal for dealing with unexpected debts related to post-recessionary joblessness. One arrow in your financial quiver can be the benefits of a personal bankruptcy. Whether you’re in dire need of a Chapter 7 liquidation filing to dispense with unwieldy unsecured debt, or a Chapter 13 repayment plan to hold on to your assets while making good on your repayment options, bankruptcy can provide a safe and secure way to help you get through your own financial meltdown—whether it comes during the recession or after it.
So, if you’re interested in the process of recovering your personal wealth and securing a better financial future in North Carolina through the safe havens of bankruptcy, remember that contacting an experienced bankruptcy attorney can help you conquer your creditors and face even your worst financial fears. In particular, the bankruptcy professionals at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181, or after business hours, you can make your own appointment online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button and see what a savvy financial state you can live in, no matter where you work.