Illinois Bankruptcy Lawyers See Economic Growth, But Warn Road to Recovery Might Be Long
Something rare happened to me recently - I actually heard some positive economic news. In this day and age, that's reason for some (cautious) celebration.
So here's the happy newsflash. Proof has finally arrived that the $787 billion economic stimulus package passed in February was (no surprise) worth the money, according to a New York Times editorial. Last week, second-quarter economic performance results were released and, at long last, the economy seems to be shrinking at a slower rate. We're losing 1 percent a year instead of the more than 6 percent loss we experienced in the first quarter.
OK, so we're still at negative economic activity, but it's a lot closer to becoming positive. And there's another good sign: the majority of the stimulus money hasn't even been spent yet. That's due to happen between now and September.
But the outlook isn't all roses (you knew there had to be a catch, right?).
See, when the stimulus plan was designed, Uncle Sam didn't know how truly severe this recession was going to be (not to mention the Obama administration had enough trouble convincing certain naysayers to accept the current package, let alone a bigger one). So, as it stands, the stimulus may have been too little, too late.
Recovering from the recession isn't just about creating economic growth. We're in too deep a pile of you-know-what for it to be that simple. Even if growth does pick up, it will be limited by the subprime mortgage and the credit crunch - problems unlike anything our country has ever experienced before. Now, the government is attempting to tackle these problems, through a loan modification program aimed to encourage lenders to help homeowners facing foreclosure and new credit legislation that will protect consumers. But the learning curve is steep, and progress has been slow.
In summary, it's too soon to know if federal actions will be enough for a strong recovery. But back to the good news: you don't have to wait for Uncle Sam! There's a way to take matters in your own hands - bankruptcy. Filing for bankruptcy can bring an end to your recession woes. It can stop foreclosure and other repossessions, help you eliminate debt and give you a fresh financial start. And finding out if you're a candidate for bankruptcy has never been easier - or more affordable. To start, sign up for a free personal debt analysis with a DebtStoppers attorney in Chicago or Atlanta. So when the economy finally starts to pick up the pace, you'll be ahead of the game.