Bankruptcy Indiana

"It's the economy, stupid!" was a phrase we heard a lot of during the Bill Clinton presidential campaign against George H.W. Bush, and the implication was that the incumbent president had not adequately addressed the recession. 

Were I to coin a campaign slogan for today, I'd substitute the word "jobs" for "economy". I see tracking statistics and news about jobs in the state of Indiana as a very important aspect of my work as a bankruptcy lawyer.  I continue to emphasize to my blog readers, my colleagues, and my Indiana bankruptcy clients that jobs and bankruptcy are very closely related. That's because, while the bankruptcy process may result in certain debts being discharged, individuals who emerge from bankruptcy must be able to rebuild their financial lives, and income from well-paying jobs is the key to their being able to succeed.

Just last week a headline in the Indianapolis Star read "Jobless Rate in State Expected to Climb Higher".  According to that article, experts predict Indiana double-digit jobless rates could persist into next spring. There are some signs of improvement in the overall economic picture, the article stresses.  Indianapolis' commercial real estate market has not collapsed, and in certain fields, employers have begun to hire. The stimulus money is beginning to fund projects around our state. 

Rebuilding financial lives after bankruptcy, whether for companies or individuals, is a tall order under any circumstances, and it's especially challenging when layoffs and downsizing are the order of the day.  Rebuilding is what my work as a bankruptcy attorney is all about, but I keep coming back to the reality of "It's the job markets, Stupid!"