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Archive | James H MaGee

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I’m newly graduated, are there any jobs out there for me?

New census data recently revealed states that Americans between the ages of 20 and 40 have become a “lost generation” of unemployed and underemployed.

The once American dream of going to college, obtaining a degree, finding a career, and making it on your own, is now gone. The Associated Press says that only 2.4% of college graduates find a job that motivates them enough to move out of the state they grew up in. The other 97.6% of graduates will move back home and live with their parents. It is estimated that 5.9 million members of this so-called “lost generation” will finish school, and move back in with their parents. That number is 25% more than during the last recession the U.S. went through.

The even more frightening aspect of all this is that only 55.3% of this generation will ever start a career. Most will continue to work various odd jobs, just like they did when the first left school. That being said, the entire American process of growing up, getting married, buying a house, and having kids is delayed. Marriage among the “lost generation” has reached a new low of 44.2%, and homeownership fell from 67.3% in 2006 to 65.4% in 2010.

On top of all this, economists have squashed the idea of “things will get better soon”, by claiming that this trend will continue for at least the next ten years, and when it’s finally over, it will take another ten years for this generation to fully recover.

When the “lost generation” is finally “found” again, they will be older, but none the wiser, as they will have little experience and absolutely no assets to speak of.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Bleak Midwinter – The Economist reports on unemployment

Many economic downturns have been accompanied by a good dose of anti-immigrant sentiment, as I have reported in this blog on other posts.

It looks like more anti-immigrant sentiment is "on order"…

December 18, 2010, The Economist reported that unemployment remains high. Unfortunately, as of today Saturday, October 29, 2011, nearly 10 months later, very little has changed.

I don’t really see wages going up; I don’t see housing prices increasing and I don’t see evidence of much increase in job creation. If you expect positive changes to the economy to radically improve your ability to pay off your debts, please reconsider. You may wish to consider lightening your load with a bankruptcy reorganization and debt discharge.

Here is where we were on December 18, 2010 and the economy is not any better.

Where were you at financially with paying off your debts on December 18, 2010? Have you substantially reduced your debt or paid down big chunks of your mortgage? Do you need my help?

Snapshot of December 18, 2010:

Fifteen million Americans are unemployed as of December 18 2010, with the rate edging up to 9.8%.

But there is something even more grim to the story: 6.3 million or 42% of those unemployed have been jobless for more than 26 weeks, effective 12/18/2010.

Even worse, these December 18, 2010 numbers do not include 2.5 million people who want a job but who have not looked for a month or more, or the 9 million people who want full-time work but can only find part-time openings.

COBRA is becoming a problem as of 12/18,2010, as that has an 18 month time limit for contining insurance, and 99 weeks is the longst that anyone can get unemployment compensation.

Once unemployment compensation is exhausted, little remains, except for food stamps for households that do not exceed 130% of the federal poverty guidelines, for example, $26,668 for annual income for a family of four. Usually, food stamps are only available for three months in a three year period for an unemployed able bodied worker.

Health care is a big problem. To receive Medicaid, a family of four would have to have a monthly income of less than $1,654 monthly.

TANF doesn’t provide much relief (TANF replaced Welfare in 1996), as for example a family of four in Ohio would receive only $536 monthly cash assistance on TANF.

I have had the humble and sobering experience of being of assistance to families and singles as far north as Snohomish County and Whatcom County, and as far south as Clark County, Washington and Skamania County, Washington. I have with pleasure helped many stressed-out people in Aberdeen, Hoquiam and Gray’s Harbor County, along with the Kitsap County area and the Key Penninsula; Tukwila, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; and Olympia, Washington; Federal Way, Washington; Bremerton, Washington; Gig Harbor, Washington; Silerdale, Washington; Bangor, Washington; and Tacoma, Washington.

I have helped thousands of people since the mid-1990s.

It doesn’t matter where you are in Western Washington. I regularly help stressed-out people in a diverse number communities in and around the Puget Sound area of Washington, including but not in any way limited to Seattle, Washington, Everett, Washington; Renton, Washington, Kent, Washington and Auburn, Washington.

Please don’t hesitate to give me a call if you find yourself in trouble with a home or investment property. We can set a brief no-obligation in-person consultation.

Don’t forget that it does not matter where you live in Western Washington, be it Bellevue, Olympia, Chehalis, Aberdeen, Olympia, Lacey, Graham, Puyallup, Orting, Fife, Milton, Edgewood, Pe Ell, Raymond, Onalaska, Tenino, Tumwater, Chehalis, Centralia, Gig Harbor or Tacoma., I can often be of foreclosure and/or short sale assistance. I offer a brief, thirty minute no obligation/no cost obligation. You have nothing to lose!

Remember, in Western, Washington, I am here to help you, regardless of where you are facing financial problems, be it Federal Way, Washington; Lakewood, Washington; University Place, Washington; Puyallup, Washington; Graham, Washington; Orting, Washington; Spanaway, Washington; Lacey, Washington; Burien, Washington; Seatac, Washington; Des Moines, Washington; Bremerton, Washington; Silverdale, Washington; Tacoma, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Federal Way, Washington; Renton, Washington; Auburn, Washington; Tukwila, Washington; Kent, Washington; Bremerton, Washington; Silverdale, Washington; or Olympia, Washington.

Just how bad off is the U.S. economy?

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With increasing signs that the economy is struggling, most economists agree that a short-term infusion of spending, or an extension of this year’s temporary cut in Social Security taxes, could help save the economy from another decline. Others however, think that there is no way to prevent the inevitable pending doom upon the U.S. economy, another recession.

Here’s a brief overview of some key stats on where the economy stands.

(Stats were taken from a U.S. Department of Commerce Bureau of Economic Analysis report)

  • · Annual rate at which the GDP grew this year: 1.3 percent between April and June, 0.4 percent between January and March
  • · Average annual GDP growth from 1998-2007: 3.02 percent
  • · Total jobs lost since January 2008: 8.7 million
  • · Total jobs recovered since January 2008: 1.8 million
  • · Recession technically ended: over two years ago, in June 2009
  • · Unemployment rate in July 2011: 9.1 percent
  • · The "natural unemployment rate": 5 percent
  • · Months that the unemployment rate has been around 9 percent or more: 28
  • · Number of unemployed people in July 2011: 13.9 million
  • · Number of long-term unemployed people in June 2011: 6.3 million, or 44.4 percent of the unemployed
  • · Number of long-term unemployed people in July 2011: 6.2 million, still about 44.4 percent of the unemployed
  • · Government jobs cut in July, federal, state, and local: 37,000
  • · Pace at which jobs were added throughout the late 1990s: 350,000 per month
  • · Jobs that the Bureau of Labor Statistics initially reported were added in June: 18,000
  • · Jobs that were added in July: 117,000
  • · Percentage of the population that’s employed as of July: 58.2%
  • · Percentage of the population that was employed at the end of the recession in June 2009: 59.4%
  • · Jobs the U.S. needs to create to 5 percent unemployment rate: 6.8 million, as of January 2011
  • · Years it will take to get back to an unemployment rate of 5 percent: four years if we’re adding jobs at 350,000 per month; 11 years if we’re adding jobs at the 2005 rate of 210,000 per month
  • · Unemployed workers per job opening: 4.64 as of May 2011, the most recent month for which data on job openings was collected (3.0 million job openings in May 2011; unemployed people in May 2011: 13,914,000)
  • · Number of people who weren’t in the labor force, but wanted work, as of June 2011: 2.7 million
  • · The last time the labor force participation rate was lower than it is now: 1984
  • · The amount of state budget spending that comes from the federal government: about 1/3, or $478 billion in 2010
  • · Increase in before-tax corporate profits in the first quarter of 2011: $140.3 billion
  • · Percentage of Americans’ total personal income that comes from federal funds: almost 20 percent
  • · Spending cuts in the proposed budget: at least $2.3 trillion over a decade from 2012-2021
  • · How long you can currently receive unemployment benefits: up to 99 weeks
  • · The number of those weeks funded to some extent by federal aid: up to 73
  • · People currently relying on federal unemployment benefits: 3.8 million
  • · How long you’ll be able to receive unemployment benefits if you lose your job after July 1, 2011: 20 to 26 weeks, depending on your state
  • · Recovery-funded jobs reported by recipients, according to recovery.gov: 550,621
  • · Amount of stimulus money left to be spent: $122.8 billion of the original $787 billion

For those of you who want some potentially “closer to home” statistics, here you go:

  • · 85 percent of college graduates are going to return home to live with their parents after college, according to a May 2011 poll by Twentysomething Inc.
  • · The national debt is 95 percent of our GDP (Total debt = $14 trillion. GDP = $14.66 trillion as of 2010)
  • · Just over 80 percent of "prime age" American men (between 25 and 54) are employed today, compared to 95 percent in the late 1960s. According to OECD data, the U.S. has the lowest labor force participation rate for prime age men of any G7 country.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at staff1. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

What can a creditor do if I default on my debt?

A common question that people considering bankruptcy have, is what will happen if they don’t pay back their debt. There is a time frame limiting the ability of a creditor to pursue the collection of a debt. That time frame is in between the time of default and the expiration of the statute of limitations.

After plenty of phone calls and threatening letters, your creditor will have to go to court and obtain a judgment against you. A judgment is simply the official decision of a court at the completion of a lawsuit. If in favor of your creditor, it can be thought of as a court order to pay your debt.

The first step to obtaining a judgment is filing a lawsuit. If a creditor has filed a lawsuit, you will receive notice. It is a legal requirement that you are served with paperwork notifying you of the hearing time and location. This is commonly known as a “summons”.

In the hearing, the judge will decide if the creditor should be allowed to collect the debt. If the debtor fails to appear, the judge has no choice but to decide in favor of the creditor and a default judgment will be issued against you.

If the court rules in favor of the creditor, the creditor then has the right to pursue collection of the debt in question. At this point, the creditor will most likely attempt to collect the debt from you voluntarily. If you do not voluntarily pay back your debt, the creditor will proceed with collecting the debt through other means. This could include requesting a wage garnishment, a levy on the debtor’s bank accounts, and/or a lien on the debtor’s property.

One thing to remember is that this takes time. The time period from your initial summons to collection of debt, is normally several months. All current and future actions by creditors to collect debt will cease immediately once your bankruptcy petition is filed. While I do not recommend waiting until the very last minute to file, you have the time to make an educated decision about your current financial situation, and what you want your future situation to look like.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Is Credit Counseling really going to help me?

We’ve all heard clients complain about the pre-filing credit counseling requirement and ask why they have to jump through this hoop when they know they’re going to end up filing for bankruptcy anyway. In many cases, we may be inclined to agree: a client facing foreclosure or repossession is in a hurry, and we know that there aren’t any other realistic options on the table.

However, a new study released by the University of Illinois Department of Agriculture and Consumer Economics and MMI, suggests that the credit counseling requirement does benefit those bankruptcy debtors after the fact. The study sought to measure two general areas: change in knowledge and change in behavior.

The educational value, based on pre-test and post-test scores, seems clear: the average score jumped from 77.1% to 85.9%. And an overwhelming percentage of participants surveyed reported that they felt more knowledgeable about their options and more confident in their ability to make financial decisions after the credit counseling briefing.

The other conclusion drawn by researchers–that credit counseling impacts future behavior–is less clear. That conclusion rests on participant reactions to a list of financial behaviors pre- and post-counseling. However, the pre-briefing questions related to actual current behavior, whereas the post-briefing survey asked which behaviors participants plannedto implement. Good intentions being what they are, we’ll need to see some data on actual post-briefing behavior before drawing any firm conclusions on that point.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Why is the National Association of Consumer Bankruptcy Attorneys so important to James H. MaGee and his clients?

I am proud of my longstanding membership in NACBA. As most consumer bankruptcy attorneys are solo or small firm practitioners, NACBA forums and Members Only Workshops give us a location to learn new materials, trends and tactics, and give us a refuge and available community of like-minded, caring professionals. This is crucial to professional advancement, avoiding professional isolation and aids much in problem solving for our clients.

NACBA is crucial. Failing to join and participate in NACBA is foolish and short sighted, in my opinion.

So, it is with great pleasure that I announce…….the following…….!!!!!

BIG NEWS! I am off to Colorado Springs to attend the prestigious (and awesome!) Members Only Workshop of the National Association of Consumer Bankruptcy Attorneys October 27-29th, 2011.

Last October 2010, I attended the same annual three day workshop in Puerto Rico and was humbled and energized by the quality of people I met there. NACBA (of which I am a proud member) is a group of attorneys; NACBA really care about the practice of bankruptcy. NACBA members have an overwhelming compassion for the suffering and hardships of individuals and families that find themselves in a bankruptcy situation.

The NACBA Members Only Workshop education is top-notch! Few other local lawyers calling themselves bankruptcy attorneys bother to join NACBA….and even fewer attend the Members Only Workshops. In 2010, only four attorneys from the entirety of Washington state bothered to travel to Puerto Rico for the incredible October 2010 Members Only Workshop educational opportunity. Failing to attend at least one Members Only Workshop per year is a huge mistake. NACBA schools lawyers on the present practice and the future trends in representing people in federal bankruptcy court. Those attorneys calling themselves bankruptcy attorneys who do not participate in NACBA Members Only Workshop education offer only dated and dangerous information and technology …. Practicing bankruptcy law without the guidance and assistance of NACBA Members Only Workshops may be like driving around at night, in the fog, without bothering to turn on the headlights. Just a bit dangerous, you think?

Demand the best….demand that your bankruptcy attorney be an active and current member of the National Association of Consumer Bankruptcy Attorneys NACBA and that he/she attend at least one NACBA Workshop event per year.

Upon my return from NACBA Colorado Springs, I will write you a compelling email newsletter and some blog posts (see www.washingtonbankruptcy.com or www.jameshmagee.info for blog access) introducing you to some of the exciting new technology and information that I learned at the National Association of Consumer Bankruptcy Attorneys’ – Members Only Annual Workshop. I can hardly wait to share these new developments with you! Chat with you in November!

Very truly yours, James H. MaGee, attorney

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Want to break out of the Credit Card rut this holiday season? – ask for retail layaway!

Retailers are meeting the challenge of "credit contraction" and consumer conservatism by reviving the lost art of consumer layaway.

What is causing the recent revival in layaway programs? How do layaway programs work and operate? Who is offering layaway programs? Should I use retail layaway programs? What other valuable lessons and benefits are offered by layaway programs?

The holiday hangover. Consumer aversion to the dreaded "holiday hangover" of large post-Christmas season credit card bills is one explanation offered by retail industry watchers for the explosive growth and revival of retail store layaway programs. For an anthology of collected media stories about the growth in layaway programs, visit www.layaway.com/company/media_relations.com.

Economic uncertainty. Another reason given is the uncertainty of employment and income perceived by many consumers. Shortly put, it is usually relatively painless to step out of a retail layaway commitment at the last minute….and purchase something more modest priced than the item originally placed on layaway.

Benefits of delayed purchase. Worried about the possibility of receiving a December layoff notice? Better to have that bigger ticket gift on layaway until the last possible minute – retreiving and paying for the item on December 23rd. If the layoff notice comes on December 22nd, then you can simply decline to complete the transaction….with little or no penalty.

Credit contraction. Were your credit card maximum allowable balances (credit limits) reduced so you no longer have "room" on your credit card balance to fit in the purchase? No problem…just place the item on layaway.

(Note: I do not recommend carrying a balance month to month on a credit card. I recommend timely payment of the full balance each and every month so as to avoid finance charges).

To my present knowledge, Sears, Walmart, Best Buy, Toys-R-Us, Marshalls, Burlington Coat Factory, T.J Maxx and KMart all offer layaway. Kohls offers a 3 day hold, but no layaway as of my latest internet inquiry. JC Penny may offer layaway at some locations. I don’t think Macy’s has a widespread layaway program, and I can’t find any indication that Nordstroms has a layaway program. (FYI, most of this information came from an online article, dated Sept. 28, 2011, at www.Bizmology.com.)

Interestingly, Walmart had scrapped its layaway program in 2006, yet revived it just a few years later, as reported October 13, 2011 in the NY Times, page B7 "Wal-Mart Sales Improve at its US Stores" by Andrew Martin.

So to answer the balance of questions about layaway:

Yes, I would recommend investigating layaway programs, but of course read the ayaway agreement fine print ahead of time to ensure there are no costs, fees or payment forfeitures for failing to complete the transaction.

No, I would not recommend layaway if the sole reason for doing so is to because you are already maxed out on other credit cards. Use layaway as a tool to minimize or avoid finance charges and do not use it as a desperate substitute for lack of available credit limit when other cards and accounts are maxed out.

Yes, I would teach your children about layaway. Financial literacy is a valuable lesson…almost as beneficial as the lesson in delayed gratification and financial discipline encouraged by the "save for it" nature of the venerable layaway program.

Happy shopping…and even if it is a bit early….Happy Holidays!

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Update: Mortgage Rates Fall To Record Lows Yet Again

Last Week it was reported that 30-year mortgage rates decreased the lowest this rate has ever been. The average rate for a 30-year fixed mortgage is now at 3.94%, and could continue to drop now that the Federal Reserve plans to try and lower long-term rates. For those who qualify, now is the time to refinance or buy.

The week before last, the average rate for a 30-year mortgage had fallen to 4.01%, the previous record low. Rate have been hitting record lows for more than a year now, but have not helped in increasing overall home sales. Even with this downward trend, many people don’t have the money, or the equity, to buy or refinance, and the one’s that do, are reluctant to take the financial risks involved with buying a new home in this economy. That being said, many homeowners with good, stable jobs have refinanced over the past year, saving them money on mortgage payments, giving them more financial freedom.

It has been shown that a drop in mortgage rates can help boost a sinking economy, by increasing home sales and lowering interest payments, but this past year has been amongst the worst for home sales in the last 14 years. High unemployment, low wages, and heavy debt loads, have kept people from buying or refinancing. Don’t let this be you. Consider bankruptcy to minimize your debt, and give you more financial security.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

Consumer prices are skyrocketing. Should I wait for the inflation to stop before filing bankruptcy?

Due to inflation, consumer prices have increased dramatically over the past 12 months. People are being forced to spend more money on everyday necessities. At the same time, increasingly more people have had their budgets limited due to pay cuts, or even unemployment.

Typically, inflation is healthy for an economy. It encourages consumer spending and investing, instead of people “sitting on their cash”. More spending means more money business revenue. This revenue allows for corporate growth, creating more jobs. However, inflationary pressures during a depressed job market, is actually hurting the economy that only started to barely grow during the first half of this year.

According to the Labor Department’s Consumer Price Index, consumer prices rose .4 percent this past month. Core prices for basic necessities like food, clothing, and energy, have increased .2 percent. However, that is nothing compared to the 12-month view of the price index ending in August. Core consumer prices have increased an entire 2 percent, the biggest year-over-year increase in the past three years.

When prices rise due to inflation, consumers cut back on big expenditures. A decline in consumer demand forces businesses to scale back. This causes them to hire less and lay off more employees. In August, the economy added zero net jobs to the current market.

Currently, the number of people applying for unemployment benefits has reached the highest amount it has in three months. Applications have also increased in three out of the four past weeks, showing that this trend may only get worse.

The current national unemployment rate is 9.1 percent. It has been above 9 percent for all but two months since May of 2009. The four week average was 419,500 applications. The applications need to fall below 375,000, indicating a rise in hiring, in order to lower the unemployment rate.

To answer your question more directly, some experts don’t expect to see prices increase significantly further. This is due to the fact that businesses are not hiring or giving out big pay increases. That being said, spikes in consumer prices have cut into consumer’s disposable monthly income, limiting their spending ability. With consumers trying to cut costs everywhere they go, business revenue is being cut in turn.

If businesses can’t bring in money, more layoffs will take place, and more layoffs will mean even less consumer spending. Mark Zandi, from Moody’s Analytics, sums it up quite nicely by saying, “unless spirits improve soon, businesses will ramp up layoffs, consumers will pull back, and the economy will fall back into a recession.”

With prices potentially continuing to increase, consumers will have less money to spend on everyday items, while trying to juggle their debt loads at the same time.

Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.

I can’t pay my mortgage payment, are there others like me?

An article published in KOMO News, reported that the percentage of homeowners who have missed at least one mortgage payment has increased yet again. This is the second straight quarter in which this percentage has risen, as stated by the Mortgage Bankers Association.

Officials at the trade group believe the sluggish economy may be to blame, as more and more people become increasingly distressed over financial obligations.

In a news release, the Mortgage Bankers Association’s chief economist, Jay Brinkmann, said, “It is clear that the downward trend we saw through most of 2010 has stopped.”

As of June 30, the second-quarter delinquency rate of homeowners missing at least one payment increased to 8.44 percent of all U.S. mortgages on one- to four-unit residential properties. That is up from 8.32 percent on March 31, 2011 and 8.25 percent on Dec 31, 2010.

Even though the delinquency rate has increased, long-term delinquencies – those with three or more missed payments – are declining. Additionally, the percentage of homes on which foreclosure proceedings began during the quarter was 0.96 percent, which is slightly down from the first quarter of this year.

To get back to your question, the answer is yes. There are many Americans out there that are struggling to make their mortgage payments. Banks and other lenders are beginning to respond to this by starting to make it somewhat easier to refinance or set up payment plans, but as I have reported in a previous posting, some homeowners will not be able to qualify for loan re-modifications. Instead, these homeowners will have to try and figure out other means to come up with their payment.

If you are having trouble with paying your mortgage, consider bankruptcy. Nothing is worse than losing your home to a foreclosure.

Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected]. To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.