If Unemployment Remains High Until 2016, Are You Ready?

Submitted by Jen Jones on Mon, 01/31/2011 - 11:28am

If Unemployment Remains High Until 2016, Are You Ready?

Maybe you feel you’ve avoided financial calamity during the major years of the American economic meltdown: You’ve managed to avoid foreclosure and credit card debt, stave off a major medical injury or illness, without cutting into savings or retirement plans. You’ve possibly even avoided being fired or laid off from your job. As a result, you’ve been able to do it all without the benefits of bankruptcy—benefits that have already helped millions during the Great Recession keep their homes, dispense with unsecured medical or credit card debt, secure retirement savings, all while they kept working or continued to look for work.

But are you financially prepared for five additional years of high unemployment and job insecurity?  According to the nonpartisan Congressional Budget Office, you may need to be, as the CBO forecasts that unemployment rates will remain above 9 percent in 2011, 8 percent in 2012, and remain above a more “natural rate” (above 5 percent) until 2016.

As the CBO report says, "The recovery in employment has been slowed not only by the moderate growth in output in the past year and a half but also by structural changes in the labor market, such as a mismatch between the requirements of available jobs and the skills of job seekers, that have hindered the reemployment of workers who have lost their job.”

While experts disagree on whether, as the CBO states, slow climbs in hiring are based on deficient skills of a workforce unprepared for the jobs of today, what is becoming clear if that if you are unemployed, you are more likely than not, will remain that way for significant periods.  Around 6.4 million people—44.3 percent of the total 14.5 million unemployed—have been out of work for six months or longer, and 1.4 million have been out of work for two years or longer—the country’s worst long-term unemployment since the Great Depression.

"Workers who are unemployed for long periods may face even greater obstacles in finding a new job," the CBO report says. "Some employers may assume that long-term unemployment is a signal that a worker is not good at his or her job."

Even if you’re not unemployed and facing discrimination from employers, the CBO’s recent prognostication means job insecurity may remain high for the next five years. Are you prepared?

In these uncertain economic times, it’s important to understand all of the financial tools you have at your disposal for dealing with unexpected debts related to a sudden loss of work, diminished income, or unexpected costs. A personal bankruptcy, whether it is a Chapter 7 liquidation filing or a Chapter 13 repayment plan, can provide a safe and sure way to help you get through your own financial crisis—whenever it arises. Specifically, Chapter 7 is a quick path to deal with credit or medical debts that may have spiraled out of the control during this rough economic climate. A Chapter 13 plan, in as little as three years, can help save your home, your car, and thousands of dollars that could be used for savings, retirement and/or your child’s education.

So, now more than ever, getting to know a qualified bankruptcy attorney can be the first best step to help any unemployed or financially insecure person conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure next five years and beyond.  The bankruptcy experts 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 +1-919-646-2654, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

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