The most recent employment figures from the federal Bureau of Labor Statistics (BLS) indicate that the recession is continuing to have a direct impact upon employment. "Total nonfarm payroll employment declined by 131,000 in July, and the unemployment rate was unchanged at 9.5 percent, the U.S. Bureau of Labor Statistics reported today. Federal government employment fell, as 143,000 temporary workers hired for the decennial census completed their work." Private-sector payroll employment increased by 71,000. Thus, the number of unemployed nationally has increased. The Bureau of Labor statistics reported that the June 2010 unemployment rate for Oregon held steady at 10.5 percent. The Bureau of Labor statistics reported that the June 2010 unemployment rate for Oregon held steady at 8.9 percent.
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This is coupled with a still teetering housing market. Realtytrac reports that "a total of 97,123 U.S. properties received default notices in July, a 1 percent increase from the previous month but a 28 percent decrease from July 2009." Realtytrac also noted that "Default notices in July were down 32 percent from their peak of 142,064 in April 2009." Additionally, Realtytrac reported "Foreclosure auctions were scheduled for the first time on a total of 135,248 U.S. properties in July, an increase of 2 percent from the previous month but a decrease of 2 percent from July 2009. Scheduled auctions in July were down 14 percent from their peak of 158,105 in March 2010. Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009."
This dire economic data has caused some to speculate that the economy is facing a "double dip" recession, that is, a second drop in economic growth, and the subsequent weakening in job growth and increase in unemployment. It seems likely that this second economic dip will force more families that are already hanging on by a thread so to speak into financial calamity. Many of these people will consider bankruptcy as an option. It should be noted that unemployment can significantly affect the type of bankruptcy that a consumer can file, and the overall outcome of that bankruptcy proceeding.
Chapter 7 liquidation is the most common type of bankruptcy. Since significant changes to the bankruptcy law went into effect, it has been more difficult to qualify for Chapter 7 bankruptcy. This is due to a provision of the bankruptcy code called "means testing." This essentially looks at a household's income and liabilities and determines whether the debtor falls below certain paramaters in order to qualify for Chapter 7 liquidation. On the other hand, many people seek Chapter 13 wage earner repayment plans. In order to qualify for this type of plan, the debtor must be employed, and demonstrate to the Court and Trustee that he or she can make the monthly payments under the plan. In between Chapter 13 repayment and Chapter 7 liquidation is a potential no-man's land, in which the debtor previously earned too much income to qualify for a Chapter 7, but no longer qualifies for a Chapter 13 repayment plan due to unemployment. A good bankruptcy attorney can assist debtors in pre-petition planning to ensure that the proper type of case is filed. This may involve reviewing income, assets and liabilities also referred to as "means testing" or reconsidering the timing of filing a petition.
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