Recession 2022 – is it coming, and what does it mean?
The Great Recession hit America hard from December of 2007 to the middle of 2009, millions of US residents lost their livelihoods and homes. It was the worst economic downturn since the 1930s and the Great Depression, and it took almost a decade for the labor market to fully recover.
There are very few people still alive who remember the Great Depression, so the recession in 2008 is the only true recession that most Americans have experienced. Sure, we hit a downturn when COVID restrictions locked everything down in 2020, but that was not a true recession.
Because most people have only experienced the recession of 2008, all of the predictions of a “major” recession in 2022 have most of the population freaking out – but recessions are a perfectly normal part of business cycles. Many economists agree that a worst-case scenario is not likely in 2022. (more…)
We can talk all day long about our experience helping local Dallas residents get a fresh start through bankruptcy, but sometimes our clients say it better than we do.
While most of our potential clients ask about what’s involved in a bankruptcy case, and what they need to do when they are filing, many forget to ask what NOT to do… And the things you shouldn’t do before filing are just as important as what comes afterward.
It is Halloween this weekend, so we had to share something scary here on the blog… and this time, we are sharing 4 Scary Ways to Damage Your Debt. Let’s face it – nothing is scarier than overwhelming debt that spirals out of control.
The proliferation of credit cards and the “gotta have it now” American lifestyle have lead to a problem: for many Americans, living with debt is par for the course. The changes in America’s financial landscape due to COVID and resulting lockdowns have only made things worse. In many cases, debt spirals out of control until filing for bankruptcy appears to be the only way out.
One of the most frustrating things about bankruptcy is that it is so misunderstood. You do not really care much about it until you are in a dire situation and need it – and then there is so much myth and misinformation, it becomes an incredibly daunting task to decide how you will proceed.
Most of our clients come to us, struggling with massive debts that have spun out of control. One unforeseen bump in the road (a sudden job loss, an accident, a medical condition) is all it takes to send most families into a downward debt spiral. We have shared lots of tips in the past for avoiding debt, but it is also important to get advice from a financial advisor or bankruptcy attorney before you decide to file.
One of the most common reasons that people file for bankruptcy is to stop foreclosure actions. Rubin & Associates help DFW area residents and property owners with cases like these quite often.
Filing for bankruptcy is a huge decision, and usually it has to be made under pretty extreme stress. Your circumstances are unique – so the best way to know if you should file is to call us at 214-760-7777 for a free consultation. The pandemic and ensuing lockdowns have made the situation even more stressful for many DFW area residents. This post will help answer a few high level questions, but it is always better to talk to an expert to get answers about your specific situation.