The New Economics
(Bankruptcy Options)
As a bankruptcy attorney for the last 29 years, I have seen the various upturns and down turns of the economy. Recessions in early 80’s, and the early and late 90’s created some impact in various sectors of the economy. Rich and poor came into my office for advice. In most cases we were able to the client to financial recovery and the economy marched on.
Now there is a different and troubling set of clients with urgent and deeply scarred financial and personal psyches. These are the betrayed middle class.
As they march into my office six days a week, they are mistrusting. They have been beaten down by a system that has worked for them all their lives. They have lost their retirements, their jobs, and generally exhausted all funds to keep a home they have either already lost or are on the verge of losing.
They are angry at a $750 billion bailout package that helped only the financial institutions. They are angry at a mortgage modification system that has been bumbling and inept since its inception. Their stories of lost documents, wrong advice, broken promises, and extreme fear and frustration, have caused many to have physical and emotional problems. Many require medical care for prescriptions and counseling – all directly related to their financial stress that has no resolution.
Many blame themselves for their financial problems. This is where the more experienced bankruptcy attorneys step in. The clients all need to know that the millions of people who are trying to save their home or otherwise keep financially afloat, are going through the same embarrassing, disrespectful, stress inducing experience. There is no self blame here, only economic blunders at the highest level that have now ricocheted down to the middle class, with devastating effects (Record bankruptcy filings and record foreclosures in 2010).