This recession is looming longer than predicted. Its now “predicted” to last until at least 2012. It is very common during this economic downturn to have issues of divorce include negative equity in homes, job losses, major losses to stock portfolios and deferred compensation accounts. These are truly frightening times. However, the economy has not slowed the number of new divorce cases being filed each month, from what I can see. It almost appears to be increasing slightly. Maybe these tough economic times have people thinking that its better to jump ship and either sink or swim alone, but whatever the reason, we divorce attorneys are as busy as ever.
What saddens me is the frequency at which I am seeing very responsible people, people who lived life right – they were investing in real estate, putting away in their retirement accounts and investment accounts – these people are losing everything they’ve worked for and are having to make tough decisions about whether to short sale or foreclose, whether to file bankruptcy…and losing their employment. Most of these people would have prided themselves on their high FICA scores only two years ago, their meticulous credit that they spent years polishing and refining…Only to now realize that filing bankruptcy might not be such a bad option after all.
None of us are immune to this economy. This is no time to feel ashamed or to feel that something better or wiser could have been done. No one could have predicted and prepared for this severe of an economic turn…except maybe Noah. There are a lot of fly-by-night professionals cashing in on the much-needed services right now such as loan modifications, bankruptcies, short sales. My best advice if you are in need of any such assistance, is to go to the professionals that have been in these businesses for a long time – find authentic practitioners. Be willing to pay for a short consultation if necessary so that you can obtain “quality” advice and help.