1 out of every 4 Tennessee workers have filed for unemployment this year and Tennessee is in bottom 10 of job recovery
Since mid-March, when the pandemic started shutting down businesses, over 800,000 Tennesseans filed an unemployment claim over the six months afterward. That equates to one out of every four Tennessee workers who previously held a job in February.
While many have gone back to work, in some capacity, Tennessee's unemployment rate is still more than twice the level of last year at this time. Combine that with workers finding their jobs may offer fewer hours, fewer benefits, and fewer opportunities for bonuses or advancement...and you soon realize times are still tough for most folks. In a story last week from WalletHub, Tennessee is among the 10 worst states for job recovery. (story here)
In addition, according to a story from CBS News, income inequality has become decidely worse during the pandemic. Current research shows nearly 40 million Americans are living in poverty, and up to 54 million may not have enough to eat this year. And while more than 29 million are collecting unemployment benefits, during this same time period, the net worth of over 600 billionaires in the U.S. grew by 20%. (story here)
Most families admittedly were already living paycheck to paycheck even before the crisis, and the 'new normal' isn't exactly a rosey picture. The fact remains the vast majority of Tennesseeans were unprepared for this crisis and as bank accounts dwindle, debts continue to mount, and bill collectors are determined to COLLECT...the average family's financial stress will soon become too much to handle.
Smart families should be preparing to take legal steps now.
If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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