As the summer of 2013 draws to a close, it is time to take another look at the nation’s unemployment rate. The unemployment rate now sits firmly at 7.4 percent, the lowest it has been since 2008. However, this number does not tell the whole story to Stockton residents.
The unemployment rate only calculates the number of people who are currently seeking jobs. Just under 40 percent of adults in the United States do not have jobs and have stopped seeking work. This percentage of Americans can be broken into four major categories. The first group consists of retirees; the second group of people is composed of college students. Due to the dismal job market, people are returning to school in record numbers. These students are having a hard time finding part-time employment and some have given up their job search. A third group has decided that the cost of child care is just too high and has opted to stay home and care for their children.
The last group consists of those who cannot find employment. More than two million Americans have been looking for work but have been unsuccessful in landing a position. Unemployment takes a huge toll on the financial health of an individual. Bills that were once paid promptly are buried under a mountain of late fees. Without a steady job prospect, it can be difficult to maintain even the most humble of lifestyles.
Filing Chapter 7 bankruptcy can be a beacon of light to these individuals. This type of bankruptcy can provide a fresh financial start to Stockton residents who file. A bankruptcy attorney can help their clients determine all their legal options to get on the road to eliminating debt.
Source: www.npr.org, “4 Reasons Why Millions Of Americans Are Leaving The Workforce,” Lisa Chow, Aug. 2, 2013.