Businesses bankruptcies headed for 10 year high, are personal bankruptcies are next?

According to a new article (here) from MarketWatch, business bankruptcies are on the way to a 10 year high with over 400 companies having filed so far this year.  Some of the well known names include Remington, J.C. Penney, Neiman Marcus, Hertz, 24 Hour Fitness, and Men's Wearhouse.

Categories hit hardest include:

• restaurants
• construction
• real estate
• healthcare
• and retail. 

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Those business categories are some of the largest service-industry employers in the nation, and is an indicator of the personal bankruptcies that are soon to follow, as businesses have reduced hours, furloughed or fired many of their workforce during this crisis.

Until now, families have been relying on government stimulus programs, expanded unemployment benefits, personal savings and credit cards to stay afloat. Those options are soon ending or are running out.

​The handwriting is on the wall, and smart families are pre-planning their next steps, including debt resolution or bankruptcy choices.

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!