Economy Continues Sluggish Pace

Home Sales Continue to Weigh Down Economy

The housing numbers for July have been released and sales of new homes fell for the third straight month. If this pace continues then 2011 will likely be the worst year for home sales in nearly half a century. This report only reflects new homes which are only one-fifth of the housing market but even without being a huge chunk of the market they do have other affects on the rest of the economy. For example each new home built creates an average of three jobs and $90,000 in taxes which obviously has a large effect on the economy as a whole. This shows us yet again that the economic resurrection we have been told of is not here yet.

Personal Finances as Bad as National Finances

With the economy continuing its slow pace a lot of households are also still feeling the pinch on their budgets. Unemployment is still a big problem and people continue to loose their homes to foreclosure. If you are wondering how you are going to make it financially it may be good to look into some of your options right now. Although bankruptcy is usually the last step in trying to overcome financial struggles it can be important to know what bankruptcy entails to know when you need to pull the trigger. For individuals there are two different bankruptcy options Chapter 7 and Chapter 13. Chapter 7 is basically a liquidation of your assets to pay of your debts and chapter 13 is a reorganization of your debts so you can manage them.

Getting Help

If you are having financial troubles then it may be beneficial to you to talk to an attorney. The lawyers at Salcido Law Firm are experienced in bankruptcy proceedings and can help you understand what your options are. Call us today for a free consultation, we can answer all of your questions and help you make the right decision.

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